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Transferable Ageing Provisions in Individual Health Insurance Contracts

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  • Florian Baumann
  • Volker Meier

    ()

  • Martin Werding

Abstract

We consider lifetime health insurance contracts in which ageing provisions are used tosmooth the premium profile. The capital stock accumulated for each individual can bedecomposed into two parts: a premium insurance and an annuitised life insurance, onlythe latter being transferable between insurers without triggering premium changesthrough risk segmentation. In a simulation based on German data, the transferable sharedeclines in age and falls with an increasing age of entry into the contract. In spite ofdifferent benefit profiles, it is almost identical for women and men.

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Bibliographic Info

Paper provided by Ifo Institute for Economic Research at the University of Munich in its series Ifo Working Paper Series with number Ifo Working Paper No. 32.

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Date of creation: 2006
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Handle: RePEc:ces:ifowps:_32

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Keywords: Health insurance; lifetime contracts; ageing provisions; premium insurance; simulations;

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References

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  1. Igal Hendel & Alessandro Lizzeri, 2003. "The Role Of Commitment In Dynamic Contracts: Evidence From Life Insurance," The Quarterly Journal of Economics, MIT Press, vol. 118(1), pages 299-327, February.
  2. Cochrane, John H, 1995. "Time-Consistent Health Insurance," Journal of Political Economy, University of Chicago Press, vol. 103(3), pages 445-73, June.
  3. Meier, Volker, 2005. "Efficient transfer of aging provisions in private health insurance," Munich Reprints in Economics 19184, University of Munich, Department of Economics.
  4. Frick, Kevin D, 1998. "Consumer Capital Market Constraints and Guaranteed Renewable Insurance," Journal of Risk and Uncertainty, Springer, vol. 16(3), pages 271-78, July-Aug..
  5. Kifmann, Mathias, 2002. "Insuring Premium Risk in Competitive Health Insurance Markets," Beiträge zur Finanzwissenschaft, Mohr Siebeck, Tübingen, edition 1, volume 15, number urn:isbn:9783161477409, July.
  6. Bradley Herring & Mark Pauly, 2003. "Incentive-Compatible Guaranteed Renewable Health Insurance," NBER Working Papers 9888, National Bureau of Economic Research, Inc.
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Citations

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Cited by:
  1. Martin Werding & Stuart McLennan, 2012. "International Portability of Health-Cost Cover: Mobility, Insurance, and Redistribution," CESifo Working Paper Series 3952, CESifo Group Munich.
  2. Christine Arentz & Johann Eekhoff & Susanna Kochskämper, 2012. "Private health insurance: a role model for European health systems," The European Journal of Health Economics, Springer, vol. 13(5), pages 615-621, October.
  3. Meier, Volker, 2005. "Efficient transfer of aging provisions in private health insurance," Munich Reprints in Economics 19184, University of Munich, Department of Economics.
  4. Annette Hofmann & Mark Browne, 2013. "One-sided commitment in dynamic insurance contracts: Evidence from private health insurance in Germany," Journal of Risk and Uncertainty, Springer, vol. 46(1), pages 81-112, February.
  5. Friedrich Breyer, 2004. "How to Finance Social Health Insurance: Issues in the German Reform Debate," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan, vol. 29(4), pages 679-688, October.
  6. Werding, Martin & McLennan, Stuart, 2011. "International portability of health-cost coverage : concepts and experience," Social Protection Discussion Papers 63929, The World Bank.
  7. Volker Meier, 2006. "Nicht jede Reform ist eine gute Reform: Verfahren zur Übertragung individueller Alterungsrückstellungen in der Privaten Krankenversicherung," Ifo Schnelldienst, Ifo Institute for Economic Research at the University of Munich, vol. 59(16), pages 21-24, 08.
  8. Susanna Kochskämper, 2012. "Reformdebatten in der Krankenversicherung vor dem Hintergrund des europäischen Binnenmarktes," Otto-Wolff-Institut Discussion Paper Series 02/2012, Otto-Wolff-Institut für Wirtschaftsordnung, Köln, Deutschland.
  9. Nell, Martin & Rosenbrock, Stephan, 2007. "Wettbewerb in kapitalgedeckten Krankenversicherungssystemen: Ein konsistenter Ansatz zur Übertragung von individuellen Alterungsrückstellungen in der Privaten Krankenversicherung," Working Papers on Risk and Insurance 19, University of Hamburg, Institute for Risk and Insurance.
  10. Martin Nell & Stephan Rosenbrock, 2008. "Wettbewerb in kapitalgedeckten Krankenversicherungssystemen: Ein risikogerechter Ansatz zur Übertragung von Alterungsrückstellungen in der Privaten Krankenversicherung," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 9(2), pages 173-195, 05.

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