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Social Health Insurance: A Quantitative Exploration

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  • Juergen Jung

    (Towson University)

  • Chung Tran

    (Australian National University)

Abstract

We quantitatively explore the welfare benefits of health insurance over the lifecycle in a dynamic general equilibrium model with health risk and a health care sector. We consider three distinct approaches to designing a health insurance system: (i) a mixed private and public health insurance system similar to the US system, (ii) private health insurance (PHI), and (iii) universal public health insurance (UPHI). Our results indicate that the introduction of the US system into an economy without any health insurance results in large welfare gains, but does not produce the best welfare outcome. The PHI system with some government regulation on premiums is viable and produces welfare gains comparable to the welfare gains generated by the US system. The UPHI system with a high enough coinsurance rate produces better overall welfare outcomes than the other two systems. There exists an optional coinsurance rate that maximizes the welfare benefits of the UPHI system. A structural reform that replaces the US system with the UPHI system—i.e., Medicare for all—is welfare improving, but would face political headwinds due to opposing welfare effects across income groups.

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  • Juergen Jung & Chung Tran, 2019. "Social Health Insurance: A Quantitative Exploration," 2019 Meeting Papers 690, Society for Economic Dynamics.
    • Handle: RePEc:red:sed019:690
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    5. Son Nghiem & Nicholas Graves & Adrian Barnett & Catherine Haden, 2017. "Cost-effectiveness of national health insurance programs in high-income countries: A systematic review," PLOS ONE, Public Library of Science, vol. 12(12), pages 1-11, December.

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    • I13 - Health, Education, and Welfare - - Health - - - Health Insurance, Public and Private
    • D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household

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