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Full-Text Articles in Insurance

The Economic Realities Of Replacing The Affordable Care Act, Hanming Fang Mar 2017

The Economic Realities Of Replacing The Affordable Care Act, Hanming Fang

Penn Wharton Public Policy Initiative

Using simulations based on a new economic model, this brief empirically examines the pivotal mechanisms of the Affordable Care Act, such as the individual mandate, employer mandate, and premium subsidies, to inform the debate over repealing and replacing the Affordable Care Act. The research suggests that the ACA, if left intact, in the long run significantly reduces the uninsured rate. The simulations also suggest that the employer mandate is not a crucial pillar for the success of the ACA. The analysis indicates it is the premium subsidy, rather than the employer mandate or the individual mandate, that is crucial for ...


Insurance Against Extreme Events: Pairing Short-Term Incentives With Long-Term Strategies, Howard Kunreuther Oct 2016

Insurance Against Extreme Events: Pairing Short-Term Incentives With Long-Term Strategies, Howard Kunreuther

Penn Wharton Public Policy Initiative

Consumers tend to purchase too little insurance or purchase it too late. Consequently, taxpayers wind up bearing substantial burdens for paying reconstruction costs from extreme events. The 2005 and 2012 hurricane seasons alone cost taxpayers nearly $150 billion. There is much that can be done to better facilitate the role that insurance can play in addressing losses from extreme events, both natural and man-made.


Ssdi Reform: Promoting Return To Work Without Compromising Economic Security, Jagadeesh Gokhale Sep 2015

Ssdi Reform: Promoting Return To Work Without Compromising Economic Security, Jagadeesh Gokhale

Penn Wharton Public Policy Initiative

With the Social Security Disability Insurance (SSDI) trust fund on the verge of depletion, Congress must enact structural reforms to the SSDI program that address and counter the rapid growth in SSDI enrollments in recent years. This brief details a work incentive program for SSDI beneficiaries, called the Generalized Benefit Offset (GBO), which would help get SSDI recipients back into the labor force, enhancing their own economic welfare while increasing economic output on a societal level.


Is There A Future For Employer- Sponsored Health Insurance?, Mark V. Pauly Mar 2015

Is There A Future For Employer- Sponsored Health Insurance?, Mark V. Pauly

Penn Wharton Public Policy Initiative

Over the next five years, the effects of the ACA on employer-sponsored insurance will be modest. In the longer run, there is greater potential for disruption, depending on how firms respond to the subsidies available on the exchanges for low-wage workers. In all, only about 15% of the workforce likely will be affected. The impacts of the ACA on firms will vary widely based on three main factors: 1) the size of the firm, 2) the average compensation within the firm, and 3) the degree to which wages within the firm are homogenous or heterogeneous. Keeping in mind that employees ...


Only Too Human: Understanding Health Insurance Markets When Consumers Lack Information, Jonathan T. Kolstad Sep 2014

Only Too Human: Understanding Health Insurance Markets When Consumers Lack Information, Jonathan T. Kolstad

Penn Wharton Public Policy Initiative

When the state and federal health insurance exchanges were introduced in 2013, much attention was paid to the logistics of their launch. Nearly a year later, policymakers should now be looking at a different question: how can we collect and use data from the exchanges to understand how consumers think about insurance choice, so as to make the exchanges function better?


Options Facing Congress In Renewing The Terrorism Risk Insurance Act, Howard Kunreuther, Erwann Michel-Kerjan Jul 2014

Options Facing Congress In Renewing The Terrorism Risk Insurance Act, Howard Kunreuther, Erwann Michel-Kerjan

Penn Wharton Public Policy Initiative

The Terrorism Risk Insurance Act (TRIA) is set to expire at the end of 2014 and is currently under debate in Congress. Renewing TRIA may limit the amount of disaster relief the federal government would contribute after a terrorist attack, but the different options under which TRIA might be renewed carry implications for how losses from any attack would be spread between commercial policyholders, insurers, and taxpayers.


Optimizing Outcomes On The Health Insurance Exchanges, Tom Baker, Jonathan T. Kolstad, Amanda Starc, Kevin G. Volpp Nov 2013

Optimizing Outcomes On The Health Insurance Exchanges, Tom Baker, Jonathan T. Kolstad, Amanda Starc, Kevin G. Volpp

Penn Wharton Public Policy Initiative

The success of the new health insurance exchanges will depend greatly on the quality of the enrollment decisions that consumers make. Choosing the wrong insurance product can translate into billions of dollars in wasteful spending at the national level. Faculty at the University of Pennsylvania have contributed to several studies outlining important ways that the exchanges can be made to work better for consumers—and for the larger economy.


Implementing The National Flood Insurance Reform Act In A New Era Of Catastrophes, Howard Kunreuther, Erwann Michel-Kerjan Oct 2013

Implementing The National Flood Insurance Reform Act In A New Era Of Catastrophes, Howard Kunreuther, Erwann Michel-Kerjan

Penn Wharton Public Policy Initiative

The United States has entered a new era of catastrophes, of which floods have been the most devastating. Through its 2012 reform (Biggert-Waters Act), the 45-year old federally-run National Flood Insurance Program has an opportunity to highlight the role that risk-based premiums can play in encouraging individuals to undertake loss reduction measures. But the implementation of this reform is now being challenged due to concerns that residents cannot afford risk-based premiums. The authors of this brief propose that this can be overcome by successfully combining risk-based pricing, required insurance, means-tested insurance vouchers, and mitigation loans, so that individuals reduce their ...


The Urgency Of Reforming Entitlement Programs: The Case Of Social Security Disability Insurance, Mark Duggan Aug 2013

The Urgency Of Reforming Entitlement Programs: The Case Of Social Security Disability Insurance, Mark Duggan

Penn Wharton Public Policy Initiative

Enrollment in the Social Security Disability Insurance program has risen significantly since the late 1980s; consequently, program expenditures have far outpaced revenues and the SSDI trust fund is projected to hit zero in 2016. Moreover, the SSDI program, as currently administered, discourages applicants and recipients of benefits from seeking and returning to work, thereby reducing federal tax revenues at a time when deficit reduction is critical. The SSDI program can and must be reformed. Reconsidering the medical eligibility criteria for benefits, promoting earlier medical interventions, allowing for SSA representation at appeal hearings on benefit decisions, enacting time limits for some ...