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Health Policy Issues: An Economic Perspective 7th Edition By Paul J. Feldstein, PhD 9781640550100 Chapter 1-38 Complete Guide . $17.99   Add to cart

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Health Policy Issues: An Economic Perspective 7th Edition By Paul J. Feldstein, PhD 9781640550100 Chapter 1-38 Complete Guide .

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Health Policy Issues: An Economic Perspective 7th Edition By Paul J. Feldstein, PhD 9781640550100 Chapter 1-38 Complete Guide .

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  • August 24, 2024
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Test Bank For Health Policy Issues: An Economic Perspective
7th Edition By Paul J. Feldstein, PhD 9781640550100 Chapter
1-38 Complete Guide .

Define health, healthcare, and health insurance - ANSWER: Health: The physical wellbeing of
individuals and the population

Health Care: The provision of prevention, diagnosis, and treatment of adverse health outcomes.

Health Insurance: The third-party system for paying for health care.

Where does health spending go? - ANSWER: 1) Hospital care (29%)

2) "other" health spending (19%)

3) Physician and clinical services (18%)

4) Remaining personal health care (13%)

5) Prescription drugs (10%)

6) Nursing care (5%)

7) Home health care (3%)

8) Dental services (3%)

Where does health spending come from? - ANSWER: 1) Private health insurance (33%)

2) Medicare (20%)

3) Medicaid (17%)

4) Other third party payers (16%)

5) Out of pocket payments (10%)

6) Other health-insurance programs (4%)

How does government spend on health? (2020) - ANSWER: 1) Medicare ($709)

2) Medicaid ($376)

3) Employer Health Tax Exclusion ($190)

4) Obamacare ($167)

How does government influence health care markets? - ANSWER: Regulation
Public Health Initiatives
Direct Provision of Health Care
Insurance Provision
Insurance Subsidies
Tax Breaks
Tax Penalties

, Examples of major government health programs - ANSWER: Medicare: Insurance for the elderly,
provided by the Federal Government

Medicaid: Insurance for the poor, provided by States and funded jointly

CHIP: Insurance for children

Exchange Subsidies: Insurance subsidies for low-moderate income people buying on exchanges

Employer Health Exclusion: Tax preference for the purchase of health insurance by employers on
behalf of employees

What market failures does health care suffer from? - ANSWER: Externalities

Public Goods (and related goods)

Monopolies (and related structures)

Information asymmetry

Adverse selection

Moral hazard

Irrationality

Undesired resource allocation (ie inequality)

Examples of externalities that exist in health care? - ANSWER: Production externality: Unhealthy
workers are less productive

Infection externality: Many diseases are communicable

Fiscal externality: Health costs can sometimes be "shifted" (insurance pools, emergency room care,
Medicaid, etc)

"Caring externality": There is a social cost to others being sick.

Examples of Monopoly in health care? - ANSWER: For some health care, it is impossible for people to
"price shop" (especially emergency care), creating a temporary monopoly situation

Regulations limit the number of Medical school applicants and therefore doctors

Hospital systems are often concentrated in a way that they have near-monopoly power

Drug companies and other health technology companies receive temporary monopolies in the form of
"patents"

Providers often have "monopoly on information"

Examples of Irrationality in health care - ANSWER: Myopia and Risk Misperception against
saving/preparing for health costs

Bounded Rationality - limits on information (comparative effectiveness) and high-cost of attaining
further information

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