Describe the two key consequences, to the health insurance industry, of this fact that the companies know less about individuals health than the individuals who buy the policies do.

Describe the two key consequences, to the health
insurance industry, of this fact that the companies know less about
individuals health than the individuals who buy the policies do.

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1.Country A has a
single-payer health care system and Country B has a system of socialized
medicine. The residents of Country A have a longer life expectancy at birth,
longer life expectancy at age 65, a lower infant mortality rate, and a lower
risk of dying from cancer before age 75 than the residents of Country B.
Assuming that the data described above is accurate (that is, there are no data
collection problems leading to false differences between the two countries), is
it safe to assume that Country As system of health care is superior to Country
Bs system, and leads to better health outcomes?

2.The problem of asymmetric
information is a major issue in the market for health insurance. Insurance
companies must be able to predict the amounts they will have to pay out to
policyholders in order to set premium levels that are neither too low to cover
costs or too high to be acceptable to customers — but the insurance companies
dont have the same level of knowledge about customers state of health that
the customers have themselves. Describe the two key consequences, to the health
insurance industry, of this fact that the companies know less about
individuals health than the individuals who buy the policies do.1.Country A has a
single-payer health care system and Country B has a system of socialized
medicine. The residents of Country A have a longer life expectancy at birth,
longer life expectancy at age 65, a lower infant mortality rate, and a lower
risk of dying from cancer before age 75 than the residents of Country B.
Assuming that the data described above is accurate (that is, there are no data
collection problems leading to false differences between the two countries), is
it safe to assume that Country As system of health care is superior to Country
Bs system, and leads to better health outcomes?2.The problem of asymmetric
information is a major issue in the market for health insurance. Insurance
companies must be able to predict the amounts they will have to pay out to
policyholders in order to set premium levels that are neither too low to cover
costs or too high to be acceptable to customers — but the insurance companies
dont have the same level of knowledge about customers state of health that
the customers have themselves. Describe the two key consequences, to the health
insurance industry, of this fact that the companies know less about
individuals health than the individuals who buy the policies do.

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