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Mind the gap! : consumer perceptions and choices of Medicare Part D prescription drug plans

Author: Florian Heiss; Daniel McFadden; Joachim Winter; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©2007.
Series: Working paper series (National Bureau of Economic Research), working paper no. 13627.
Edition/Format:   Print book : Document   Computer File : EnglishView all editions and formats
Database:WorldCat
Summary:
Medicare Part D provides prescription drug coverage through Medicare approved plans offered by private insurance companies and HMOs. In this paper, we study the role of current prescription drug use and health risks, related expectations, and subjective factors in the demand for prescription drug insurance. To characterize rational behavior in the complex Part D environment, we develop an intertemporal optimization  Read more...
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Genre/Form: Statistics
Additional Physical Format: Online version:
Heiss, Florian, 1973-
Mind the gap!
Cambridge, MA : National Bureau of Economic Research, ©2007
(OCoLC)894933714
Material Type: Document, Internet resource
Document Type: Book, Computer File, Internet Resource
All Authors / Contributors: Florian Heiss; Daniel McFadden; Joachim Winter; National Bureau of Economic Research.
OCLC Number: 263292945
Notes: "November 2007."
Description: 53, [32] pages : illustrations ; 22 cm.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 13627.
Other Titles: Consumer perceptions and choices of Medicare Part D prescription drug plans
Responsibility: Florian Heiss, Daniel McFadden, Joachim Winter.

Abstract:

Medicare Part D provides prescription drug coverage through Medicare approved plans offered by private insurance companies and HMOs. In this paper, we study the role of current prescription drug use and health risks, related expectations, and subjective factors in the demand for prescription drug insurance. To characterize rational behavior in the complex Part D environment, we develop an intertemporal optimization model of enrollment decisions. We generally find that seniors' choices respond to the incentives provided by their own health status and the market environment as predicted by the optimization model. The proportion of individuals who do not attain the optimal choice is small, but the margin for error is also small since enrollment is transparently optimal for most eligible seniors. Further, there is also evidence that seniors over-react to some salient features of the choice situation, do not take full account of the future benefit and cost consequences of their decisions, or the expected net benefits and risk properties of alternative plans.

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