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15. Principles of Economics (Brief Edition)_2e (10)

Chapter 10: Using Economics to. Make Better Policy Decisions.1. Describe how the Scarcity Principle applies to. choices involving health.2. Use the Incentive Principle to explain why health. care costs have been rising so rapidly.3. Discuss pollution taxes and effluent permits as a. means to reduce the cost of improved air quality.4. Illustrate why free trade is often politically. controversial even though it promises to increase. total income.5. Assess the economic pros and cons of various. components of the social safety net. McGraw­Hill/Irwin Copyright © 2011 by The McGraw­Hill Companies, Inc. All rights reserved. Health Care Delivery.• Health care spending has grown faster than income. – Up from 4% of national income in 1940 to 16% in 2010. – Part of the increase is due to improved quality of tests,. procedures, drugs, etc – Part is due to the third-party payment system. • Growth in use of insurance for payments (Employer-provided. and government-provided).• Cost-benefit test assures efficient allocation of health care. – Perform a service only if the benefit exceeds the cost.• Costs are easy to measure.• Benefits are complicated. – Usual measure is willingness to pay marginal cost. • Some patients are unable to pay for basic services. (government-provided insurance). – Confused by third-party payment system. 10­2 Health Care for Employed.• Employer pays insurance. on behalf of employee Medical. Employer. Provider. – Employees pay part of. the insurance premiums.• Medical provider cares for Insurance Patient /. patient / employee Company Employee. – Patient co-pay.• Medical provider bills insurance. – Insurance company pays provider.• Insurance company periodically reviews employers. policy and adjusts rates. 10­3Insurance, Demand, and Waste.• Amount of waste from full insurance depends on. the price elasticity of demand for medical. services.• Research compared patients with first dollar. coverage to those with $1,000 deductibles. – First-dollar coverage pays all expenses for the. insureds health care. – $1,000 deductible pays all expenses after the. patient has paid $1,000. – Deductible patients spent 40 – 50% less on health. care and had the same health outcomes. 10­4 Policy Implications.• Research shows that when individuals pay for. their health care, they consume less.• A more efficient system can be designed. – Adopt a system of high deductible health insurance. – Use stipend payments for the poor.• An efficient policy will increase the size of the. health care pie. 10­5 Health Maintenance. Organization (HMO).• A Health Maintenance Organization is a group. of physicians that provides health services for a. fixed annual fee. – Reduced incentives to prescribe expensive tests. • The doctor receives no additional fee for prescribing. and interpreting tests.• In most cases, diagnoses and treatment will be. the same with conventional health insurance and. with an HMO. – HMO costs less than conventional health insurance 10­6 US Health Insurance.• In 2007, 47 million Americans had no health insurance. – Cost of a policy for a family of 4 generally exceeds annual. health spending for the family. – Stigma of being irresponsible is fading. – Adverse selection problem. • If the healthy opt for no insurance, the insured are those with. known health problems or risks (Raises costs for remaining. insured)