skip to content
Risk corridors and reinsurance in health insurance marketplaces : insurance for insurers Preview this item
ClosePreview this item
Checking...

Risk corridors and reinsurance in health insurance marketplaces : insurance for insurers

Author: Timothy J Layton; Thomas G McGuire; Anna D Sinaiko; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2014.
Series: Working paper series (National Bureau of Economic Research), no. 20515.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
In order to encourage entry and lower prices, most regulated markets for health insurance include policies that seek to reduce the uncertainty faced by insurers. In addition to risk adjustment of premiums paid to plans, the Health Insurance Marketplaces established by the Affordable Care Act implement reinsurance and risk corridors. Reinsurance limits insurer costs associated with specific individuals, while risk  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

Find a copy online

Links to this item

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Timothy J Layton; Thomas G McGuire; Anna D Sinaiko; National Bureau of Economic Research,
OCLC Number: 892551354
Notes: "September 2014"
Description: 1 online resource (39 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 20515.
Responsibility: Timothy J. Layton, Thomas G. McGuire, Anna D. Sinaiko.

Abstract:

In order to encourage entry and lower prices, most regulated markets for health insurance include policies that seek to reduce the uncertainty faced by insurers. In addition to risk adjustment of premiums paid to plans, the Health Insurance Marketplaces established by the Affordable Care Act implement reinsurance and risk corridors. Reinsurance limits insurer costs associated with specific individuals, while risk corridors protect against aggregate losses. Both tighten the insurer's distribution of expected costs. This paper considers the economic costs and consequences of reinsurance and risk corridors. Drawing a parallel to individual insurance principles first described by Arrow (1963) and Zeckhauser (1970), we first discuss the optimal insurance policy for insurers. Then, we simulate the insurer's cost distribution under reinsurance and risk corridors using health care utilization data for a group of individuals likely to enroll in Marketplace plans from the Medical Expenditure Panel Survey. We compare reinsurance and risk corridors in terms of insurer risk reduction and incentives for cost containment, finding that one-sided risk corridors achieve more risk reduction for a given level of cost containment incentives than both reinsurance and two-sided risk corridors. We also find that the ACA policies being implemented in the Marketplaces (a mix of reinsurance and two-sided risk corridor policies) substantially limit insurer risk but that they are outperformed by a simpler one-sided risk corridor policy according to our measures of insurer risk and incentives.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.
Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/892551354> # Risk corridors and reinsurance in health insurance marketplaces : insurance for insurers
    a schema:MediaObject, schema:Book, schema:CreativeWork ;
    library:oclcnum "892551354" ;
    library:placeOfPublication <http://id.loc.gov/vocabulary/countries/mau> ;
    schema:about <http://experiment.worldcat.org/entity/work/data/2083221428#Topic/health_insurance_econometric_models> ; # Health insurance--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/2083221428#Topic/medical_economics> ; # Medical economics
    schema:about <http://experiment.worldcat.org/entity/work/data/2083221428#Topic/reinsurance_united_states_econometric_models> ; # Reinsurance--United States--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/2083221428#Topic/medical_economics_united_states> ; # Medical economics--United States
    schema:about <http://experiment.worldcat.org/entity/work/data/2083221428#Topic/health_insurance_united_states_econometric_models> ; # Health insurance--United States--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/2083221428#Topic/risk_insurance_united_states_econometric_models> ; # Risk (Insurance)--United States--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/2083221428#Topic/risk_insurance_econometric_models> ; # Risk (Insurance)--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/2083221428#Place/united_states> ; # United States.
    schema:author <http://experiment.worldcat.org/entity/work/data/2083221428#Person/layton_timothy_j> ; # Timothy J. Layton
    schema:author <http://experiment.worldcat.org/entity/work/data/2083221428#Person/mcguire_thomas_g_1950> ; # Thomas G. McGuire
    schema:author <http://experiment.worldcat.org/entity/work/data/2083221428#Person/sinaiko_anna_d> ; # Anna D. Sinaiko
    schema:bookFormat schema:EBook ;
    schema:datePublished "2014" ;
    schema:description "In order to encourage entry and lower prices, most regulated markets for health insurance include policies that seek to reduce the uncertainty faced by insurers. In addition to risk adjustment of premiums paid to plans, the Health Insurance Marketplaces established by the Affordable Care Act implement reinsurance and risk corridors. Reinsurance limits insurer costs associated with specific individuals, while risk corridors protect against aggregate losses. Both tighten the insurer's distribution of expected costs. This paper considers the economic costs and consequences of reinsurance and risk corridors. Drawing a parallel to individual insurance principles first described by Arrow (1963) and Zeckhauser (1970), we first discuss the optimal insurance policy for insurers. Then, we simulate the insurer's cost distribution under reinsurance and risk corridors using health care utilization data for a group of individuals likely to enroll in Marketplace plans from the Medical Expenditure Panel Survey. We compare reinsurance and risk corridors in terms of insurer risk reduction and incentives for cost containment, finding that one-sided risk corridors achieve more risk reduction for a given level of cost containment incentives than both reinsurance and two-sided risk corridors. We also find that the ACA policies being implemented in the Marketplaces (a mix of reinsurance and two-sided risk corridor policies) substantially limit insurer risk but that they are outperformed by a simpler one-sided risk corridor policy according to our measures of insurer risk and incentives."@en ;
    schema:exampleOfWork <http://worldcat.org/entity/work/id/2083221428> ;
    schema:inLanguage "en" ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/2083221428#Series/nber_working_paper_series> ; # NBER working paper series ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/2083221428#Series/working_paper_series_national_bureau_of_economic_research> ; # Working paper series (National Bureau of Economic Research) ;
    schema:name "Risk corridors and reinsurance in health insurance marketplaces : insurance for insurers"@en ;
    schema:productID "892551354" ;
    schema:publisher <http://experiment.worldcat.org/entity/work/data/2083221428#Organization/national_bureau_of_economic_research> ; # National Bureau of Economic Research,
    schema:url <http://www.nber.org/papers/w20515> ;
    wdrs:describedby <http://www.worldcat.org/title/-/oclc/892551354> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/2083221428#Organization/national_bureau_of_economic_research> # National Bureau of Economic Research,
    a schema:Organization ;
    schema:name "National Bureau of Economic Research," ;
    .

<http://experiment.worldcat.org/entity/work/data/2083221428#Person/layton_timothy_j> # Timothy J. Layton
    a schema:Person ;
    schema:familyName "Layton" ;
    schema:givenName "Timothy J." ;
    schema:name "Timothy J. Layton" ;
    .

<http://experiment.worldcat.org/entity/work/data/2083221428#Person/mcguire_thomas_g_1950> # Thomas G. McGuire
    a schema:Person ;
    schema:birthDate "1950" ;
    schema:familyName "McGuire" ;
    schema:givenName "Thomas G." ;
    schema:name "Thomas G. McGuire" ;
    .

<http://experiment.worldcat.org/entity/work/data/2083221428#Person/sinaiko_anna_d> # Anna D. Sinaiko
    a schema:Person ;
    schema:familyName "Sinaiko" ;
    schema:givenName "Anna D." ;
    schema:name "Anna D. Sinaiko" ;
    .

<http://experiment.worldcat.org/entity/work/data/2083221428#Place/united_states> # United States.
    a schema:Place ;
    schema:name "United States." ;
    .

<http://experiment.worldcat.org/entity/work/data/2083221428#Series/nber_working_paper_series> # NBER working paper series ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/892551354> ; # Risk corridors and reinsurance in health insurance marketplaces : insurance for insurers
    schema:name "NBER working paper series ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/2083221428#Series/working_paper_series_national_bureau_of_economic_research> # Working paper series (National Bureau of Economic Research) ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/892551354> ; # Risk corridors and reinsurance in health insurance marketplaces : insurance for insurers
    schema:name "Working paper series (National Bureau of Economic Research) ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/2083221428#Topic/health_insurance_econometric_models> # Health insurance--Econometric models
    a schema:Intangible ;
    schema:name "Health insurance--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/2083221428#Topic/health_insurance_united_states_econometric_models> # Health insurance--United States--Econometric models
    a schema:Intangible ;
    schema:name "Health insurance--United States--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/2083221428#Topic/medical_economics> # Medical economics
    a schema:Intangible ;
    schema:name "Medical economics"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/2083221428#Topic/medical_economics_united_states> # Medical economics--United States
    a schema:Intangible ;
    schema:name "Medical economics--United States"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/2083221428#Topic/reinsurance_united_states_econometric_models> # Reinsurance--United States--Econometric models
    a schema:Intangible ;
    schema:name "Reinsurance--United States--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/2083221428#Topic/risk_insurance_econometric_models> # Risk (Insurance)--Econometric models
    a schema:Intangible ;
    schema:name "Risk (Insurance)--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/2083221428#Topic/risk_insurance_united_states_econometric_models> # Risk (Insurance)--United States--Econometric models
    a schema:Intangible ;
    schema:name "Risk (Insurance)--United States--Econometric models"@en ;
    .

<http://www.worldcat.org/title/-/oclc/892551354>
    a genont:InformationResource, genont:ContentTypeGenericResource ;
    schema:about <http://www.worldcat.org/oclc/892551354> ; # Risk corridors and reinsurance in health insurance marketplaces : insurance for insurers
    schema:dateModified "2018-05-31" ;
    void:inDataset <http://purl.oclc.org/dataset/WorldCat> ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.