Divide the entire population into two categories

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Consider healthcare in the United States. (For simplicity, suppose we divide the entire population into two categories: sick people and healthy people). With this as the starting point, think about the two ends of the healthcare spectrum: the government mandates coverage for everyone versus the market determines who is covered and to what degree. Universal health insurance (i.e., every person is insured—no questions asked) would solve the Adverse Selection problem immediately. Explain how. Keep it simple. Do NOT get sidetracked into a discussion of logistics, enforceability, etc. Just assume every person will be insured. Keep this part of your answer to less than Â½ a page. Allowing a free market of health insurance companies to provide health insurance would attack the Moral Hazard problem. Explain how. Keep it simple. Keep this part of your answer to less than Â½ a page. Discuss a mix of the two alternatives in parts a and b. Is your ‘mix’ superior to either of the other two alternatives? Keep in mind that the answer here could go on forever. Keep it to less than Â½ a page.

Reference no: EM131202120

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