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Regulation of private health insurance markets: Lessons from enrollment, plan type choice, and adverse selection in Medicare Part D / Florian Heiss, Daniel McFadden, Joachim Winter.
- Format:
- Book
- Author/Creator:
- Heiss, Florian.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w15392.
- NBER working paper series no. w15392
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Regulation of private health insurance markets
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2009.
- Summary:
- We study the Medicare Part D prescription drug insurance program as a bellwether for designs of private, non-mandatory health insurance markets that control adverse selection and assure adequate access and coverage. We model Part D enrollment and plan choice assuming a discrete dynamic decision process that maximizes life-cycle expected utility, and perform counterfactual policy simulations of the effect of market design on participation and plan viability. Our model correctly predicts high Part D enrollment rates among the currently healthy, but also strong adverse selection in choice of level of coverage. We analyze alternative designs that preserve plan variety.
- Notes:
- Print version record
- October 2009.
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