Assume that Alabama starts mandating all insurance companies to cover all expenses for any psychological testing for people covered by health insurance policies. Discuss what happens to premiums in the next cycle and beyond. Make sure to describe any assumptions necessary to conduct your analysis.
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Assume that Alabama starts mandating all insurance companies to cover all expenses for any psychological testing for people covered by health insurance policies. Discuss what happens to premiums in the next cycle and beyond. Make sure to describe any assumptions necessary to conduct your analysis.
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- You have been recruited as an expert in health economics to recommend what is the best therapy for a group of patients. In the image below you will find the decision tree showing the probabilities for different health states and outcomes for patients undergoing two possible treatments, No drug therapy and Drug therapy. Based on the expected cost, which therapy would you recommend as the least expensive? Explain how you arrived at your recommendation and show your calculations the space provided. No drug theraphy ? Drug theraphy ? HEALTH STATES PROBABILITIES Remain in Good Health 0.5 Develop disease A 0.2 Develop disease B 0.2 Die 0.1 Remain in Good Health 0.53 Develop disease A 0.16 Develop disease B 0.22 Die 0.09 OUTCOMES (Costs) $0 $400 $300 $200 SO $800 $500 $0Suppose consumers consume and gain utility from two types of goods and services – (1) health care and (2) all other goods & services. Using this information, derive the demand curve for health care.How do economic evaluations in Healthcare inform policy and other decision makers
- Explain how each of these situations will affect the quantity demanded of health insurance: d) New technologies that enable medical illness to be predicted more accurately. e) A tendency among buyers to become less risk, on average.Health Care Demand An individual's demand for physician office visits in a given year is given by, Q = 11-0.045P, where Q is the number of office visits and P is the out-of-pocket price paid by the individual for each visit. Assume the market price of an office visit is $180. Use this information to answer the questions below. Questions: 1. Without insurance, how many office visits will the individual make in one year? NOTE: Enter a formula to calculate the number of visits, rounding your answer to the nearest whole number. 2. Suppose the individual has insurance and pays only a $40 copayment for each visit. How many office visits will the individual make in one year? NOTE: Again, enter a formula, rounding your answer to the nearest whole number. 3. What is the moral hazard and deadweight loss (DWL) associated with having insurance? NOTE: Enter formulas in the respective boxes below. Moral Hazard: DWL: 4. Based on the Nyman model, suppose the value the individual places on each visit…Describe Grossman's Improvement Model of Health. How does Grossman reconcile health as both something in demand and something produced by individuals?
- Demand studies in health care have provided estimates of both income and price elasticity. Estimates of income elasticity are usually above +1.0. Estimates of price elasticity typically range between -0.1 and -.75 (with hospital services at the lower end and elective services at the upper end). What information do these estimates convey? What does the price elasticity of demand estimates imply for government policymakers, insurance companies, and medical providers' decisions? What does the income elasticity of demand estimates imply for government policymakers, insurance companies, and medical providers' decisions?Which statement about health insurance in the US is false? Question options: 1) Going back to 1940, only about 10 percent of the US population had any health insurance 2) The share of the under-65 population with private health insurance rose until the 1970s and then plateaued—it remained virtually constant until the implementation of the Affordable Care Act 3) Early on, the health insurance market was dominated by Blue Cross plans, which practiced community rating in setting premiums 4) Measured in percentage points, the drop in the uninsured rate in the nonelderly population between 2013 and 2016 was larger than the increase in the share with private insuranceOne of the most robust, fundamental “facts” of health economics is the SES and health gradient. a) Define the SES and health gradient. b) Give three ways in which the SES and health gradient is robust. c) Provide evidence that some of the gradient is correlational (i.e., give a potential confounder) and evidence that the gradient is in fact causal. d) i. Give an interpretation of Figure 1 below in layperson terms. ii. What pattern do you see for men vs women? iii. “The education and mortality gradient does not depend on healthcare spending or whether the country has universal healthcare.” Use Figure 1 to support or refute this claim.
- improvement in technology usually result in lower cost of production or new and improved consumer goods and services .Assume that an improvement in medical technolgy result in an increase in life expectancy for people 65 years and older . How would this technolgical advance be likely to affect expenditure on health care?Draw a graph and an argument about how increases in health due to one medical innovation can lead to improvements in health that are not directly affected by that innovation. Does it matter the demographic properties of those individuals whose health is improved by the initial innovation?What is the difference, if any, between “Pharmacoeconomics” and “Health Economics”? Explain how microeconomics and macroeconomics are relevant to this field of study and support your answer with plausible examples. Based on your answer, illustrate why studying Pharmacoeconomics has become inevitable and remarkably essential in healthcare provision nowadays.
