Chawla_Journal 4 (1)

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Jan 9, 2024

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B. Health Insurance: Markets and Government Intervention, Part 1 Demand for Health Insurance, Health Care, and Moral Hazard Q. How can the Oregon Experiment's findings on healthcare utilization and costs be used to estimate the potential economic costs and benefits of providing Medicaid coverage to low- income adults? A. Using a cost-benefit analysis method, the Oregon Experiment's findings on healthcare spending and use can assess the possible financial costs and gains associated with offering Medicaid coverage to low-income persons. In economics, a cost-benefit analysis contrasts the monetary advantages of a policy or intervention with the expenses associated with implementing it. For instance, the costs of providing coverage would include the direct expenses of healthcare services and the administrative costs of operating the programme in the case of Medicaid coverage expansion. In addition to other social or economic advantages connected with greater access to healthcare services, the economic benefits of improved health outcomes and decreased healthcare expenses would also benefit from offering Medicaid coverage. It is possible to assess the costs and benefits of increasing Medicaid coverage using data from the Oregon Experiment and other research on healthcare use and expenses related to Medicaid coverage. One may estimate the direct healthcare expenditures related to providing coverage by using the study's result that Medicaid coverage increased the likelihood of being hospitalized and having surgery. Similarly, it is possible to calculate the potential healthcare cost savings associated with providing coverage using the findings that Medicaid improved the use of preventive care services and the identification and management of certain illnesses. It is also important to calculate the economic value of better health outcomes and any other social or economic advantages connected with providing coverage to do a cost-benefit analysis of Medicaid coverage expansion. These advantages can include better living conditions for low- income individuals and their families, higher economic output, less absenteeism, and lower costs. Overall, the study's conclusions on healthcare spending and use may be applied to a Medicaid coverage expansion cost-benefit analysis, which can assist decision-makers in weighing the advantages and disadvantages of offering coverage to low-income individuals. It is crucial to remember that cost-benefit analysis entails making a number of assumptions and trade-offs, and the outcomes are susceptible to uncertainties and restrictions. References: Baicker, K., Taubman, S. L., Allen, H. L., Bernstein, M., Gruber, J. H., Newhouse, J. P., ... & Finkelstein, A. N. (2013). The Oregon experiment—effects of Medicaid on clinical outcomes. New England Journal of Medicine, 368(18), 1713-1722.

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