If the probability Jane will develop a health problem is greater than that of Adriana, and if they buy insurance from the same provider, then Jane will MOST likely pay:
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- The goal of health insurance is to O spread financial risk over a large group of people O equally distribute the probabifity of loss over a large number of people collect sufficient premiums to cover all possible losses O equalize the availability of medical care across population groups O redistribute income from the sick to the healthyIn the RAND study, two plans had full coverage for spending within the hospital, but one had a $150 deductible for ambulatory care. Th e plan with the ambulatory care deductible had a lower probability of hospital admission (0.115) per year than did the plan with full coverage for everything (0.128), even though both plans covered hospital care fully. (See Table 5.4. Page 120 of the Textbook: Health Economics Charles) What does this tell you about the use of hospital and ambulatory. Table 5.4. Hospital use in HIS Plan Admissionsper Year Inpatient Cost(1984 Dollars) C = 0 0.128 409 C=0.5 0.092 450 C=0.95 0.099 315 $150 individual deductible 0.115 373Consider an insurance company offer a "standard contract" with the premium r= $100 and payout q=$500 to anyone who will purchase it. Peter has healthy-state income IH $500 and sick-state income Is $0. He has probability of illness p=0.1. Is the standard contract fair and/or full for Peter? If he ends up getting sick, what will his final income be? (please show all your calculations)
- 12. True or False? Medicaid is a U.S. federal- and state- government-sponsored insurance program that provides insurance to people under age 65 whose incomes fall below a certain threshold (level). O True O FalseIn the RAND study, two plans had full coverage for spending within the hospital, but one had a $150 deductible for ambulatory care. Th e plan with the ambulatory care deductible had a lower probability of hospital admission (0.115) per year than did the plan with full coverage for everything (0.128), even though both plans covered hospital care fully. (See Table) What does this tell you about the use of hospital and ambulatory. Plan Admissionsper Year Inpatient Cost(1984 Dollars) C = 0 0.128 409 C=0.5 0.092 450 C=0.95 0.099 315 $150 individual deductible 0.115 373Suppose that there are 2 types of plans available to you. Plan A has a deductible of $500, with 10 percent co-insurance rate for many health care services. Plan B has a deductible fo $1000, with 35 percent co-insurance rate. Plan A costs $200 per month in premiums while Plan B costs $80. Discuss characteristics of people who would choose Plan A versus Plan B. Assuming that both plan types exist in the market, who would likely choose Plan B over Plan A? What plan would you choose?
- A producer collects he initial premium for a healih policy and gives he applicant a conditional receipt. In lhis situation lhe policy becomes effective at which of the following limes? A.When he premium is received in lhe insurance company's home office B.When the policy is delivered C.When the conditions of the receipt are met D.When the premium check clears the bankNO CHATGPT. In the US, private health insurance is usually purchased by groups rather than individuals. For example, most people are insured through their employer or their spouse’s employer. Which type of distortion does the insurance company need to worry about with individuals purchasing insurance versus groups? Why is group insurance preferable for the employer? Why is this preferable for the individual?For 11-18: GIVEN TREATMEN T CHOICES Treatment COST LIFE Treatment D $15,000 31 Treatment $17,000 29 W no treatment EXPECTANCY Treatment B $7,000 18 Treatment C $11,000 26 Treatment Y $9,000 19 Treatment X $13,000 23 Treatment A $3,000 10 Treatment Z $5,000 16 $0 2 11. Which of the following is true? A) X OD C B) W is OD by C C) COD W D) W is OD by D B) X only C) X and W D) W only years years years years years years years years years E) all the choices are true 12. Identify all the obviously dominated treatments A) A and Z 13. Name all the obviously DOMINATING treatments. (only the treatments that obviously dominate other treatment(s) A) Y and B B) X and W C) C only D) C and D E) A,Z,B,Y,Z,D: all these treatments that are not obviously dominated, obviously dominate some treatment
- LIVING IN SPAINJackie moved to Spain to work for a public relations firm. She had health insurance from herprevious employer, but she was surprised to learn that her new employer in Spain did notoffer healthcare coverage. When she asked about this, she was told that more than 90percent of Spaniards use the public healthcare system, which was mostly free. However,her new employer did provide supplementary private health insurance that would allow herto receive quicker care from a private hospital if she desired.Jackie learned that she would be paying 4.7 percent of her salary and her employerwould pay 23.6 percent of her salary to the government for health insurance. She was given a Tarjeta Sanitaria Individual health card to prove that she had health insurance. With this,she could get free care at public hospitals and doctors’ offices. However, before seeing adoctor, she would need to register with a local primary care physician and decide whethershe would use public or private…An insured is employed by a manufacturing company that provides group health coverage for its employees and their dependents. If the insured dies, the company must allow theinsured's spouse and children to continue their group heallh coverage for a maximum of how many moriths according to COBRA? 36 B.18 C.12 D.6A consumer’s demand for a medical service is as follows: Q = 100 – P, where P is theout-of-pocket price she actually faces. Assume this medical service has a market price of $70.This consumer is considering four different insurance options: no insurance, full insurance, a 50% coinsurance plan, and a copayment plan with a $25 co-pay Calculate the deadweight loss under each insurance scheme and show iton each graph. What do you observe?
