By Mark V. Pauly
This publication argues that unavoidable limits on Medicare financing can top be imposed via market-based offerings instead of govt path. Policymakers face a primary problem: the right way to guard Medicare's skill to supply its beneficiaries with monetary safeguard and entry to potent treatment whereas securing the benefits of pageant.
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Extra resources for Markets Without Magic: How Competition Might Save Medicare (AEI Studies On Medicare Reform)
Plausibly, we assume that such a strategy would be easy to detect and easy to condemn (on both equity and efficiency grounds) and/or prevent. The other aspect of a perfect market to consider is that buyers are all matched with the (economical) options that are present; for this task to be done perfectly, the information demands are much more severe. As already suggested, however, a combination of regulation and monitoring by the government mixed with some knowledgeable buyers can help to get pretty close to perfection.
Medicare—Finance. 2. Medicare—Economic aspects. 3. Competition—United States. 4. Health care reform—United States. I. Title. [DNLM: 1. Medicare—economics. 2. Economic Competition—United States. 3. Financing, Government—United States. 4. Health Care Reform—organization & administration—United States. 5. Insurance, Health—economics—United States. C. All rights reserved. No part of this publication may be used or reproduced in any manner whatsoever without permission in writing from the American Enterprise Institute except in the case of brief quotations embodied in news articles, critical articles, or reviews.
3 One benefit, though grudgingly admitted, is that creating options seems to give some of the public something they want. Even if most will not choose an alternative to traditional Medicare, the safety-valve nature of having options seems to be of value. The key issue seems to be whether this benefit offsets opening the door to confusion or to its mirror image, adverse selection. Also praised are the benefits actually offered by private Medicare plans, which are generally “better” in a financial sense than those of traditional Medicare (even if provider choice is limited).