Actuarial Pricing of Health Insurance for Breast Cancer Patients Using Markov Chain Method
DOI:
https://doi.org/10.15575/kubik.v11i1.55191Abstract
Breast cancer is a critical illness frequently experienced by women and requires high treatment costs. This can become a significant financial burden, especially if treatment continues over a long period. Health insurance serves as a financial protection solution to mitigate this risk. This study aims to calculate the net single premium for health insurance for breast cancer patients using the Markov chain method. A multistate model was built with five states: stage I, II, III, IV, and death. Patient transition data was obtained from the medical records of the Abdul Moeloek Regional General Hospital for the years 2023–2024. The results show that the net single premium increases with the extension of the coverage period. The net single premium for breast cancer patients over a 5-year period is . For periods of 6, 7, 8, 9, and 10 years, the premiums are 4,68 times, 9,08 times, 14,06 times, 19,48 times, and 25,25 times larger, respectively, compared to the net single premium for the 5-year period.premium.
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