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on Insurance Economics |
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Issue of 2017‒06‒04
twelve papers chosen by Soumitra K. Mallick Indian Institute of Social Welfare and Business Management |
| By: | Timothy Layton; Ellen J. Montz; Mark Shepard |
| Abstract: | The Affordable Care Act Marketplaces were introduced in 2014 as part of a reform of the U.S. individual health insurance market. While the individual market represents a small slice of the U.S. population, it has historically been the market segment with the lowest rates of take-up and greatest concerns about access to robust coverage. As part of the reform of the individual insurance market, the Marketplaces invoke many of the principles of regulated competition including (partial) community rating of premiums, mandated benefits, and risk adjustment transfers. While the Marketplaces initially appeared to be successful at increasing coverage and limiting premium growth, more recent outcomes have been less favorable and the stability of the Marketplaces is currently in question. In this paper, we lay out in detail how the Marketplaces adopt the tools of regulated competition. We then discuss ways in which the Marketplace model deviates from the more conventional model and how those deviations may impact the eventual success or failure of these new markets. |
| JEL: | I11 I13 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:23444&r=ias |
| By: | Johanna Catherine Maclean; Michael F. Pesko; Steven C. Hill |
| Abstract: | In this study we explore the early effects of recent Medicaid expansions on prescriptions and Medicaid payments for evidence-based smoking cessation prescription medications: Zyban, Chantix, and Nicotrol. We estimate differences-in-differences models using data on the universe of prescription medications sold in retail and online pharmacies for which Medicaid was a third-party payer. Our findings suggest that expansions increased prescriptions for smoking cessation medications by 36% and total payments for these medications increased by 28%. We provide evidence these payments were financed by state Medicaid programs and not patients themselves. Overall our findings suggest that the recent Medicaid expansions allowed low-income smokers to access effective cessation medications. |
| JEL: | I1 I13 I18 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:23450&r=ias |
| By: | Mashfiqur R. Khan; Matthew S. Rutledge; Geoffrey T. Sanzenbacher |
| Abstract: | Social Security provides higher replacement rates to disability insurance beneficiaries than retired beneficiaries. This fact reflects two factors: 1) Disability Insurance (SSDI) beneficiaries have lower career earnings, and Social Security benefits are progressive; and 2) SSDI benefits are not reduced for claiming early. This project uses the 1992-2010 waves of the Health and Retirement Study (HRS) linked to Social Security Administration earnings records to decompose the differences between the Social Security replacement rates for retired worker and SSDI beneficiaries into these two factors. The project also examines how the total replacement rate – which accounts for other sources of income in addition to Social Security – differs between retirees and SSDI beneficiaries to capture the difference in overall retirement security between the two groups. The results indicate that about half of the 10-percentage-point advantage in Social Security replacement rates for SSDI beneficiaries is due to the actuarial adjustment applied to retirement benefits, implying that career earnings are not that different between retired workers and SSDI beneficiaries. But total replacement rates are substantially lower for SSDI beneficiaries, which indicates that, despite Social Security’s vital role in providing a reliable income source, SSDI beneficiaries have much lower post-career well-being than retired workers. |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:crr:crrwps:wp2017-6&r=ias |
| By: | Gabueva, Larisa (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | Competition in the field of health care should not only be Manufacturers of medical services of all forms of ownership, but, above all Patients making conscious choice of institutions for treatment and Prevention of health problems. State control can create all conditions for a safe and Choice by a citizen of a doctor, institution, regardless of which The program is serviced by a person: compulsory insurance, VMI (Voluntary medical insurance) or for his own by direct payment of services in a medical organization under a contract. This process, in our opinion, will contribute to the growth of the "Index Openness "of medical organizations, a correct evaluation of the results of their Activities. |
| Date: | 2017–02 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:021715&r=ias |
| By: | Nazarov, Vladimir (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Sokolov, Denis (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The paper presents the institutional analysis of the Russian health care system in 2014-2015 and roles and strategies of its main elements – medical centres, insurance companies, patients and etc. Economic analysis was conducted using the qualitative methods of anthropology and sociology, and the discourse method. Main recommendations contain introduction of variable schemes of cofounding payments for patients, allowing doctors from inpatient department to practice in outpatient department, development of private medicine in rural areas and in large cities, adjusting tariffs of the Mandatory Medical Insurance to the market ones and etc. |
| Date: | 2017–02 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:021714&r=ias |
| By: | Fischer, Georg (European Commission) |
| Abstract: | This paper describes the US Unemployment Insurance (UI) in particular the federal-state partnership in governance, funding and policy making. It discusses “national interest” as defined by the Federal authorities in relation to UI: income support, economic and employment stabilization and reemployment. The corresponding policy objectives might not be (fully) shared by the states and tensions and policy conflicts emerge. The paper assesses the capacity of the UI system to deliver on those nationwide defined objectives in particular during and after the Great Recession. The UI system had considerable anticyclical impact reinforce by federal intervention. The paper discusses the federal tools to influence state schemes and how they encourage the acceptance of national standards through conditional funding. During the great recession this proved to be temporarily successful for access to and duration of benefits. The often announced shift to more pro-active programs was seemingly more difficult to achieve. Recent policy proposals including those by the outgoing Obama Administration and by the Republican Speaker of the House, Paul Ryan, are reviewed. The paper concludes with reflections on the relevance of the US experience for European level unemployment benefit or welfare schemes. Given the strong position of the EU member states the US Federal-State partnership could be a more pertinent reference than the highly centralised UI systems in other federal states. The relation between federation wide standards and incentives for the reform of state systems, for sustainable financing and shifts to more pro-active policies might be of interest. Finally strengthening the anti-cyclical impact through federal intervention including funding mirrors debates on the role of automatic stabilisation mechanisms in the Euro Area. |
| Keywords: | unemployment insurance, stabilization, adequacy, funding, federal-state partnership, USA, European Union |
| JEL: | J65 J68 H75 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izapps:pp129&r=ias |
| By: | Bogdanyuk, Evgeny (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Kiyutsevskaya, Anna (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Trunin, Pavel (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Hudko, Elizaveta (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | Global system of financial regulation began to develop in the 1970s. in the conditions of increasing openness of financial markets and active developing of financial instruments. Currently global regulation standards cover the activities of key segments of the financial market and corporations: the banking sector, insurance organizations, payment and settlement systems, collective investment funds, securities market, a system of deposit insurance, and the organization of the financial statements. Development of financial activities in Russia requires an appropriate control system development, taking into account international best practices. The paper analyzes the evolution of global regulation system of individual segments of the financial markets, the extent of Russian involvement in global regulation and compliance with national approaches to the global standards. |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031702&r=ias |
| By: | Anna Zabkowicz (Jagiellonian University in Krakow, Poland) |
| Abstract: | The privatized and capitalized old-age insurance in Chile has recently witnessed reforms under President Bachelet which extended the social safety net as well as re-introduced publicly-administered programs on behalf of retirees. The article reviews the performance of the system up to the most recent reform and presents results of pension engineering in a systematic way in attempt to estimate the scope of change. The method relies on orderly analysis which is founded on review of the literature relevant to the subject. Bringing the state back into Chile's pension system can be viewed as a plan to subsidize total retirement benefits in order to improve the distressing rates of replacement and, in such indirect way, to support the longevity of privately-managed pension funds. |
| Keywords: | the political economy of pension reforms - funded pensions - solidarity benefits |
| JEL: | P16 B52 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no146&r=ias |
| By: | Roel Henckaerts; Katrien Antonio; Maxime Clijsters; Roel Verbelen |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:ete:kbiper:583471&r=ias |
| By: | Roel Henckaerts; Katrien Antonio; Maxime Clijsters; Roel Verbelen |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:ete:afiper:583471&r=ias |
| By: | INUI Tomohiko; ITO Yukiko; KAWAKAMI Atsushi; MA Xin Xin; NAGASHIMA Masaru; ZHAO Meng |
| Abstract: | Health checkups have been commonly considered as an important measure to improve population health. The Japanese government has urged health insurers to promote health checkups, including the specific health checkups (SHC) which was recently implemented in 2008 to cover the whole population between ages 40 and 74. However, there remains a large gap between the actual prevalence and the goals set by the government. Using the Comprehensive Survey of Living Conditions (CSLC) survey data from 1995 to 2013 in Japan, we conduct an empirical study to answer three questions: Which factors determinate the prevalence of general health checkups in Japan at the regional level? Which factors affect the decisions on taking health checkups at the individual level? Does SHC have any effects on various health outcomes? Our results suggest that there is a great regional disparity in the prevalence of health checkups in Japan, even after accommodating for various socio-economic factors. In addition, despite the government's promotion policies, little improvement is observed in the prevalence of health checkups from 1995 to 2013. Moreover, at the individual level, the participation rate for health checkups by non-regular/part-time workers and by the enrollees of the National Health Insurance is lower than that of their counterparts. Lastly, although SHC since 2008 appeared to have a positive effect on the probability of taking health checkups, so far it has little effect on health status, smoking behavior, and medical expenses. |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:17082&r=ias |
| By: | Möhlmann, Axel |
| Abstract: | Life insurers are exposed to interest rate risk, and their liability side is typically more sensitive to interest rate changes than their asset side. This paper develops an accounting-based measure of interest rate sensitivity. My approach uses the coexistence of historical cost and market value accounting, which permits the observation of valuations for different discount rates. Using microdata, I show that German life insurers have a significant exposure to interest rate risk. However, there is a wide dispersion across the sector. I find that insurers' size, growth and solvency are negatively correlated with interest rate risk. The heterogeneity suggests that insurers would behave differently during times of stress, which has important implications for understanding the macroprudential risks to which the sector is exposed. |
| Keywords: | life insurance,interest rate risk,asset liability management,duration gap |
| JEL: | E43 G11 G22 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bubdps:102017&r=ias |