In a standard economic analysis, setting a higher copayment rate per day of hospital care 1) Has the beneficial effect of discouraging unnecessarily long stays 2) Has the harmful effect of subjecting the consumer to more financial risk 3) Shifts some of the costs of care from the insurance premium to out-of-pocket payments 4) All of the above
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Q) In a standard economic analysis, setting a higher copayment rate per day of hospital care
1) Has the beneficial effect of discouraging unnecessarily long stays
2) Has the harmful effect of subjecting the consumer to more financial risk
3) Shifts some of the costs of care from the insurance premium to out-of-pocket payments
4) All of the above
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- Q) In a standard economic analysis, setting a higher copayment rate per day of hospital care 1) Has the beneficial effect of discouraging unnecessarily long stays 2) Has the harmful effect of subjecting the consumer to more financial risk 3) Shifts some of the costs of care from the insurance premium to out-of-pocket payments 4) All of the above Solve it early I upvote choose option correctlyHealth insurance is normally seen as a good that is most valuable to sick people, since health expenditures are highest for the sick. Yet, in the basic insurance model discussed in this chapter, actuarially-fair health insurance is worth nothing to people who are certain to become sick (p = 1). Why does the standard model produce this result? How is this different from the way real-world insurance markets work?Individuals will prefer to fully insure against a potential adverse event if A. individuals are risk-loving and insurance is priced at an actuarially fair rate. B. individuals are risk-averse and insurance is priced at an actuarially fair rate. C. individuals are risk-loving and insurance is priced above the actuarially fair rate. D. individuals are risk-averse and insurance is priced above the actuarially fair rate.
- Patient cost sharing is now a permanent feature in almost all health insurance contracts. The insurers introduce patient cost sharing with the goal to reduce adverse selection. reduce risk aversion. reduce consumer demand. increase consumers’ medication compliance. use those funds to guarantee full coverage of catastrophic events.The size of the uninsured and underinsured population in the United States has become an indication of the access problems in the US healthcare system.TrueFalse Health economics can be defined as An examination of factors that impact healthcare An explanation of theories, models and tools that can be applied to understand costs, access, and quality One way to understand how best to compare and contrast alternatives Help healthcare leaders understand the costs and consequences of options All of the aboveThe difference between retrospective versus prospective reimbursement is that: a. Prospective reimbursement is cost-based and payments are based on each healthcare services/goods done or given; retrospective reimbursements are based on set standards such as DRGs in the case of hospitalizations. b. Retrospective reimbursement is cost-based and payments are based on each healthcare services/goods done or given; prospective reimbursements are based on set standards such as DRGs in the case of hospitalizations. c. Both payment systems practically mean the same thing since it is a way to reimburse providers of health care services on the services they have already given to patients. d. None of the choices are correct
- Most hospitals and nursing homes, and some insurance companies, do not aim to maximize profit but aim instead to maximize other more altruistic goals such as the number of covered lives. Group of answer choices True FalseThe size of private health insurance premiums depends on all of the following except prices. expected utilization volume. administrative costs. profit margin. number of carve-outs in a plan.Use a two-state model with clearly marked labels to show the following statements: a) People with different risk profiles (ie., risk-secking vs. risk-neutral vs. risk-averse) have different expected utility curves. b) A risk-neutral person can be indifferent to a full insurance (compared to no insurance). c) A risk-seeking person does not like the idea of diversification d) For-sure outcomes with higher payoffs are preferred to for-sure outcomes with lower payoffs.
- The fact that most medical care purchases are financed through insurance: a. has no effect on health care consumption because aggregate costs are the same regardless of payment method. b. reduces the amount of health care consumed by raising the price of additional units of care. c.has decreased health care costs and therefore reduced aggregate health care expenditures. d. increases the amount of health care consumed by reducing the price of additional units of care.Hospital has the following treatment options to reduce the incidence of Ventilator-Associated Pneumonia: For Treatment X (status quo), it would cost 50,000 with 40 percent effectiveness, For Treatment Y, it would cost 100,000 with 85 percent effectiveness, For Treatment Z, it would cost 75,000 with 65 percent effectiveness, and For Treatment V, it would cost 80,000 with 68 percent effectiveness. Is there any treatment option that is not economically rational? Explain. If the hospital’swilling to pay is $1000, which treatment optionwould it choose? Explain With technical innovation, suppose Treatment V increased its effectiveness to 75 percent, would your answer to question (a) above change?Consider two treatments. Treatment 1 saves six years of quality adjusted life at a cost of $90,000. Treatment 2 saves three years of quality adjusted life at a cost of $60,000. Which treatment is preferred from a cost utility analysis perspective?