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Time-Consistent Health Insurance

  • Cochrane, John H

Currently available health insurance contracts often fail to insure long-term illnesses: sick people can suffer large increases in premiums or denial of coverage. The author describes insurance contracts that solve this problem. Their key feature is a severance payment. A person who is diagnosed with a long-term illness and whose premiums are increased receives a lump sum equal to the increased present value of premiums. This lump sum allows him or her to pay the higher premiums required by any insurer. People are not tied to a particular insurer and they can pay the same premium as in standard contracts. Copyright 1995 by University of Chicago Press.

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File URL: http://dx.doi.org/10.1086/261991
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Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 103 (1995)
Issue (Month): 3 (June)
Pages: 445-73

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Handle: RePEc:ucp:jpolec:v:103:y:1995:i:3:p:445-73
Contact details of provider: Web page: http://www.journals.uchicago.edu/JPE/

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  1. Diamond, Peter, 1992. "Organizing the Health Insurance Market," Econometrica, Econometric Society, vol. 60(6), pages 1233-54, November.
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  8. anonymous, 1990. "New Zealand economic chronology 1989," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 53, march.
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  10. N/A, 1990. "Economic Plan for 1990 Outlined," China Report, Institute of Chinese Studies, vol. 26(2), pages 165-166, May.
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  12. Daniel Feenberg & Jonathan Skinner, 1992. "The Risk and Duration of Catastrophic Health Care Expenditures," NBER Working Papers 4147, National Bureau of Economic Research, Inc.
  13. N/A, 1990. "Chapter I. The Home Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 133(1), pages 7-23, August.
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  15. -, 1990. "Economic survey of the United States, 1989," Oficina de la CEPAL en Washington (Estudios e Investigaciones) 28927, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
  16. -, 1990. "Evolución de la economía brasileña," Informe Estadístico – Oficina de la CEPAL en Brasilia 28058, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
  17. anonymous, 1990. "Economic notes," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 53, December.
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