Medical Expenditure Risk and Household Portfolio Choice
- Topics:
- Accounting software,
- Healthcare Services,
- Insurance
- Tags:
- Benefits,
- Software,
- National Bureau Of Economic Research,
- Medicare,
- Human Resources,
- Healthcare,
- Health Care,
- Expenditure,
- Enterprise Software,
- Vertical Industries
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Overview: As health care costs continue to rise, medical expenses have become an increasingly important contributor to financial risk. Economic theory suggests that when background risk rises, individuals will reduce their exposure to other risks. This paper presents a test of this theory by examining the effect of medical expenditure risk on the willingness of elderly Medicare beneficiaries to hold risky assets. It measures exposure to medical expenditure risk by whether an individual is covered by supplemental insurance through Medigap, an employer, or a Medicare Health Maintenance Organization (HMO). It finds that having Medigap or an employer policy increases risky asset holding by 6 percentage points relative to those enrolled in only Medicare Parts A and B.
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Format: PDF | Size: 847KB | Date: Dec 2005 | Pages: 46
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