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QUESTION 1: Consider the following case: Bob has a pre-existing condition that costs $10,000 per year.Calculate the fair and full insurance premium...
QUESTION 1:
Consider the following case:
Bob has a pre-existing condition that costs $10,000 per year. Calculate the fair and full insurance premium for Bob. Bob's utility function is . Is he better off buying the insurance or not?What happens to insurance firms if they are forced to offer insurance policies that cover pre-existing conditions?
QUESTION 2Why is the following statement considered a myth by health economists? Use reasoning and evidence.
Covering the uninsured pays for itself by reducing expensive and inefficient emergency room care.
