Respond to discussion post:
Brianna Hart
Discuss the impact of co-pays and deductibles on demand for health care services for insured individuals.
Co-pays vary between cities, states countries and even continents; they can make or break a company or an individual. If someone is insured and pays for insurance monthly and anytime they need to be seen they have to pay a co-pay, it may deter that particular individual from seeking healthcare depending on that individuals financial situation. In that aspect, the company wins, however if an individual wants to be seen and is financially well off a co-pay should not be an issue, therefor the company loses especially if it’s an expensive visit. Economic theory predicts that co-payment may reduce the individuals demand for health care services by increasing the price paid by the consumer at the time they rendered services. (Houlberg, 2013)
Deductibles are another way to indirectly limit healthcare access by capping it at a certain number. Once an individual caps out and meets the maximum dollar amount allowed, or if they are getting close, they tend to back off the appointments a little bit. However this can cause an adverse effect on less-healthy individuals because by limiting deductibles it inadvertently limits care. Some people are so worried about it they even avoid free services such as mammograms and colonoscopies, mainly because they could be uneducated and not realize these service are free. Without receiving these free services/tests it could potentially lead to more costly services. (Maas)
4. What is adverse selection? How do insurance companies minimize its impact on premiums?
Adverse selection is a situation in which individuals of different risk types decide whether or not to buy insurance (Economics, Chapter 16). People who are may have a high-risk job or at more risk to get a type of cancer is more likely to want health insurance but individuals who are considered low risk are less likely to voluntarily buy health insurance.
Health insurance from an employer gives generous employer premium subsidies that lead to higher participation rates, which leads to a larger risk-pool (UMGC, n.d.).
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