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Lecture Issues in economics today - Chapter 20

After studying this chapter you will be able to understand: Explain why falling birthrates mean that we are not likely to run out of natural resources, describe why using a mix of energy sources is efficient, even if some of them are quite costly, discuss why running out of oil would not mean running out of energy, show how the profit motive can encourage resource conservation, relate how to use property rights to prevent deforestation and species extinction. | Chapter 20 Health Care Chapter Outline WHERE THE MONEY GOES AND WHERE IT COMES FROM INSURANCE IN THE U.S. ECONOMIC MODELS OF HEALTH CARE COMPARING THE U.S. WITH THE REST OF THE WORLD The Money 14% of GDP spent on health care (1.2 trillion of 10 trillion) 43% spent by governments (Medicare, Medicaid etc.) Government Health Programs Medicare public insurance in the U.S. which covers those over age 65 $214 billion Medicaid public insurance in the U.S. which covers the poor $186 billion Where the Private Money Comes From Private Insurance $355 billion Out-of-Pocket Patient Expenses $187 billion Where the Money Goes Hospitals $391 billion Doctors $269 billion Prescription Drugs $100 billion Research $22 billion Insurance Coverage 84% covered all year 11% covered part of the year 5% without any insurance all year Insurance Types Private Group Insurance 168 million Private Individual Insurance 22 million Medicare 36 million Medicaid 28 million Why People Buy Insurance People who believe that | Chapter 20 Health Care Chapter Outline WHERE THE MONEY GOES AND WHERE IT COMES FROM INSURANCE IN THE U.S. ECONOMIC MODELS OF HEALTH CARE COMPARING THE U.S. WITH THE REST OF THE WORLD The Money 14% of GDP spent on health care (1.2 trillion of 10 trillion) 43% spent by governments (Medicare, Medicaid etc.) Government Health Programs Medicare public insurance in the U.S. which covers those over age 65 $214 billion Medicaid public insurance in the U.S. which covers the poor $186 billion Where the Private Money Comes From Private Insurance $355 billion Out-of-Pocket Patient Expenses $187 billion Where the Money Goes Hospitals $391 billion Doctors $269 billion Prescription Drugs $100 billion Research $22 billion Insurance Coverage 84% covered all year 11% covered part of the year 5% without any insurance all year Insurance Types Private Group Insurance 168 million Private Individual Insurance 22 million Medicare 36 million Medicaid 28 million Why People Buy Insurance People who believe that their insurance premiums will be less than their expected health care expenditures will buy insurance. People who are risk averse (they would rather pay more than their predicted expenditures to limit their risk of large expenses) will buy insurance. A person who is risk neutral (they would not pay more than their predicted expenditure to eliminate uncertainty) would not buy insurance. Vocabulary of Insurance Deductible the amount of health spending a year that you have to pay before the insurance company pays anything Co-payment either a set amount or the percentage of the bill after the deductible has been taken out that you have to pay Maximum out-of-pocket the most that a person or family will have to pay over a year for all covered health expenses Lifetime maximum the most that an insurance company will pay on your health expenses over your lifetime Types of Insurance Plans Fee-for-service Health Maintenance Organization (HMO) Preferred Provider Organization (PPO) Controlling .