How do the findings from Rand Health Insurance Experiment reinforce the relationship between growth in third-party...

How do the findings from Rand Health Insurance Experiment reinforce the relationship between growth in third-party reimbursement and increase in health care costs? Explain.

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Expert Solution

The Rand health insurance experiment shows that the concept of cost sharing has reduced both necessary and unnecessary utilisation without impacting health outcomes. This is related to moral hazard wherein consumers who were insured tend to go to doctors more often which led to higher utilization and expenses.

The study showed that those health insurance which had low cost sharing did not adversely impacted health but it definitely led to higher spending on health care. And higher cost sharing would lead to lower overall costs.

jeff jeffy answered 1 year ago

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