Exam 24: Health Care

Suppose someone knew that the probability of incurring a $10,000 medical expense was 5% and the odds of being healthy and incurring no expenses was 95%. If they used that information to compare the expected cost to them ($500)with the $500 premium it would cost to get full coverage and decided to buy the insurance but only if the price went no higher then economists would say they are

Effective AIDS drugs did not exist in the early 1980s. When they became available they were very expensive. When people use these facts to say that the price of AIDS drugs has increased economists generally

Many economists note that the shortage of organs is, at least in part, attributable to the fact that the price of organs is

People generally buy insurance of any kind because they are

Part B of Medicare covers

If a person has a deductible of $300 and must pay $500 out of a $1,300 health care expense in a year, then their co-payment rate is

Government spent approximately _____ on health care in 2014.

The majority of people with private health insurance get it

Health Care is not like other goods and services because

The lifetime maximum is the

If a person must pay the first $300 of covered health care expenses in a year, this is called their

If a person must pay for all health care expenses in excess of $1,000,000, this is called their

A cross-country analysis of health statistics suggests that countries with single payer systems have infant mortality rates that are _____ than those rates for the U.S. and survival rates for breast and prostate cancer that are _____ than those rates for the U.S.

When neither the patient nor the doctor is cost conscious as a result of health insurance, economists label this the

HMO insurance

A single payer system in the United States would

Fee-for-service insurance

Which Federal Government program(s)pay(s)for the health needs of people who are old and poor?

If the deductible is $500 and the co-payment is 20%, on a covered expense of $1000 the individual will pay _____ and their insurance company will pay ______.

Relative to the U.K., Japan, Germany and France, life expectancy in the U.S. is