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Plan Selection In Medicare Part D: Evidence From Administrative Data, Florian Heiss, Adam Leive, Daniel Mcfadden, Joachim Winter Dec 2013

Plan Selection In Medicare Part D: Evidence From Administrative Data, Florian Heiss, Adam Leive, Daniel Mcfadden, Joachim Winter

Health Care Management Papers

We study the Medicare Part D prescription drug insurance program as a bellwether for designs of private, non-mandatory health insurance markets, focusing on the ability of consumers to evaluate and optimize their choices of plans. Our analysis of administrative data on medical claims in Medicare Part D suggests that fewer than 25% of individuals enroll in plans that are ex ante as good as the least cost plan specified by the Plan Finder tool made available to seniors by the Medicare administration, and that consumers on average have expected excess spending of about $300 per year, or about 15% of ...


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 ...


Can Consumers Make Affordable Care Affordable? The Value Of Choice Architecture, Eric J. Johnson, Ran Hassin, Tom Baker, Allison T. Bajger, Galen Treuer Jul 2013

Can Consumers Make Affordable Care Affordable? The Value Of Choice Architecture, Eric J. Johnson, Ran Hassin, Tom Baker, Allison T. Bajger, Galen Treuer

Faculty Scholarship at Penn Law

Starting this October, tens of millions will be choosing health coverage on a state or federal health insurance exchange as part of the Patient Protection and Affordable Care Act. We examine how well people make these choices, how well they think they do, and what can be done to improve these choices. We conducted 6 experiments asking people to choose the most cost-effective policy using websites modeled on current exchanges. Our results suggest there is significant room for improvement. Without interventions, respondents perform at near chance levels and show a significant bias, overweighting out-of-pocket expenses and deductibles. Financial incentives do ...


Following English Footsteps? An Empirical Study Of Singapore's Reported Insurance Judgments And Disputes Between 1965 And 2012, Christopher C. H. Chen Jul 2013

Following English Footsteps? An Empirical Study Of Singapore's Reported Insurance Judgments And Disputes Between 1965 And 2012, Christopher C. H. Chen

Research Collection School Of Law

This article presents an empirical study of the development of Singapore’s insurance contract law in relation to English law. The gene of Singapore’s insurance law is very English. The empirical data show a lack of momentum in driving insurance law forward by case law. This may justify further legislative reform to address not only the known doctrinal issues inherited from English law but also the specific problems facing consumer insurance. Singapore’s competitiveness in the global insurance market will be an instrumental factor to determine how far Singapore continues to follow English law in the future.


Competing Life Insurance Purchasing Strategies: Whole Life Versus Buy Term Invest The Differences, Jordon Hastings Jun 2013

Competing Life Insurance Purchasing Strategies: Whole Life Versus Buy Term Invest The Differences, Jordon Hastings

Honors Theses

Financial experts have been conflicted for decades in regards to the most effective strategy for purchasing life insurance. Specifically, is buying an expensive whole life insurance policy the most appropriate solution, or is purchasing cheap term insurance and investing the rest of the money in a side fund more effective? These strategies were compared side by side across a variety of scenarios with varying account allocations, time horizons and tax treatments. Based on our results, buying term and investing the difference is the most appropriate solution across the majority of the scenarios that were tested. This was due mainly to ...


Insuring Future Climate Catastrophes, Howard Kunreuther, Erwann Michel-Kerjan, Nicola Ranger May 2013

Insuring Future Climate Catastrophes, Howard Kunreuther, Erwann Michel-Kerjan, Nicola Ranger

Operations, Information and Decisions Papers

The combined influences of a change in climate patterns and the increased concentration of property and economic activity in hazard-prone areas has the potential of restricting the availability and affordability of insurance. This paper evaluates the premiums that private insurers are likely to charge and their ability to cover residential losses against hurricane risk in Florida as a function of (a) recent projections on future hurricane activity in 2020 and 2040; (b) insurance market conditions (i.e., soft or hard market); (c) the availability of reinsurance; and (d) the adoption of adaptation measures (i.e., implementation of physical risk reduction ...


Behavioral Economics And Insurance Law: The Importance Of Equilibrium Analysis, Tom Baker, Peter Siegelman May 2013

Behavioral Economics And Insurance Law: The Importance Of Equilibrium Analysis, Tom Baker, Peter Siegelman

Faculty Scholarship at Penn Law

Because choosing insurance requires consumers to assess risks and probabilities, the demand for insurance has proven to be fertile ground for identifying deviations from rational behavior. Consumers often shun the insurance against large losses that they rationally should want (e.g., floods); and they are attracted to insurance against small losses (extended warranties, low deductibles) that no rational individual should purchase. But the welfare consequences of behavioral anomalies in insurance are complex, because consumers’ irrational behavior takes place in a market profoundly shaped by informational asymmetries. Under some conditions, deviations from rational behavior may actually generate insurance market equilibria that ...


Improving Health Outcomes For Children (Ihoc): Summary Of Pediatric Quality Measures For Children Enrolled In Mainecare Ffy 2009 - Ffy 2012, Nathaniel J. Anderson Ms, Mph, Tracey Meagher Apr 2013

Improving Health Outcomes For Children (Ihoc): Summary Of Pediatric Quality Measures For Children Enrolled In Mainecare Ffy 2009 - Ffy 2012, Nathaniel J. Anderson Ms, Mph, Tracey Meagher

Population Health & Health Policy

his report, authored by USM Muskie School research staff, presents the results of the 16 CHIPRA Core Measures that were collected using MaineCare claims or Vital Statistics data and reported in the State of Maine’s FFY 2012 CHIP Annual Report to the Centers for Medicare and Medicaid Services (CMS). Also included in this report are an additional three measures from the Improving Health Outcomes for Children (IHOC) project’s Master List of Pediatric Measures. In addition to presenting results in graphs and narrative, this report also provides measure definitions and background information about each measure topic.

The goal of ...


Global Budgets, Payment Reform And Single Payer: Understanding Vemont's Health Reform, Trish Riley Apr 2013

Global Budgets, Payment Reform And Single Payer: Understanding Vemont's Health Reform, Trish Riley

Population Health & Health Policy

The Muskie School of Public Service hosted two health policy colloquia this April to promote informed discussion throughout the state regarding MaineCare coverage options under the ACA and the implications of Vermont’s move toward a single-payer system.The series, sponsored by the Muskie School Board of Visitors, offers community conversations in which experts from various disciplines and perspectives inform and engage the broader public to explore and debate critical policy issues. On April 22, community and sector leaders joined for Global Budgets, Payment Reform, and Single Payer: Understanding Vermont's Health Reform. Participants discussed Vermont's recent movie toward ...


Examining Mainecare’S Coverage Options Under The Affordable Care Act, Erika C. Ziller Phd, Trish Riley Mar 2013

Examining Mainecare’S Coverage Options Under The Affordable Care Act, Erika C. Ziller Phd, Trish Riley

Population Health & Health Policy

The Affordable Care Act (ACA) was designed to achieve nearly universal access to health coverage in the United States—in part by standardizing Medicaid eligibility across the country so that each state’s program would cover individuals with incomes below 138% of the federal poverty level (FPL), or $15,856 for an individual and $32,499 for a family of four in 2013 (see Figure 1).i However, in June 2012, the U.S. Supreme Court determined that states could not be required to broaden Medicaid and retained the decision as a state option. States that choose to participate may ...


Federal Health Care Reform: An Overview, Andrew F. Coburn Phd Feb 2013

Federal Health Care Reform: An Overview, Andrew F. Coburn Phd

Population Health & Health Policy

This policy brief discusses three of the main components of the Patient Protection and Affordable Care Act (ACA), also known as "Obamacare". These components are helath insurance coverage, delivery system improvement, and cost containment. The policy brief highlights some of the provision of the law that have already been implemented and those where importnat implementation decisions will have to be made. The brief is authored by Dr. Andrew Coburn, PhD, Professor of Public Health and Director of the Population Health and Health Policy program at the USM Muskie School, and was presented at the Maine Policy Leaders Academy Health Care ...


Report On Collaboration Of Dr. Diane Horn With Dr. Michael Mcshane As Part Of The Climate Change And Sea Level Rise Initiative, Diane Horn, Michael K. Mcshane Jan 2013

Report On Collaboration Of Dr. Diane Horn With Dr. Michael Mcshane As Part Of The Climate Change And Sea Level Rise Initiative, Diane Horn, Michael K. Mcshane

CCSLRI Reports

No abstract provided.


Implications Of Off-Farm Income For Farm Income Stabilization Policies, Simon Jette-Nantel Jan 2013

Implications Of Off-Farm Income For Farm Income Stabilization Policies, Simon Jette-Nantel

Theses and Dissertations--Agricultural Economics

This dissertation examines to what extent off-farm diversification may be an appropriate and accessible tool to mitigate the adverse effects from market failures and incompleteness in the crop and farm income insurance market. While the influence of the nonfarm sector has long been recognized as a primary force in shaping farm structure, off-farm income is rarely acknowledge as a risk management tool for operators and households of commercial farms. The dissertation develops a dynamic model that includes capital market imperfections, economies of scale in farm production, and the presence of adjustment costs in labor allocation decisions. The model provides a ...


The Prediction Racket: Constructing, Characterizing And Governing Florida’S Hurricane Risk, Jessica L. Weinke Jan 2013

The Prediction Racket: Constructing, Characterizing And Governing Florida’S Hurricane Risk, Jessica L. Weinke

Environmental Studies Graduate Theses & Dissertations

The prediction racket describes a situation in Florida where insurance rate decision makers look to catastrophe models to reduce uncertainty about future loss and in the process characterize ever more risk. To alleviate the racket’s affect on the public, the Florida legislature mandated its residual market, Citizens Property Insurance Corporation (Citizens), provide “affordable property insurance.” However, Citizens struggles to satisfy its mandate because disagreement about the risk detracts from constructive debate needed to reconcile conflict between insurer economic sustainability and insurance affordability. This undermines legislative efforts and threatens Florida’s democratic process.

This dissertation examines the interrelated social and ...