Costs of Dying: Alternatives to Rationing
Health Policy. 1997 Feb; 39(2): 167-176.
In western industrialised countries, about 30% of health-care expenditure of retired people is incurred by individuals in their last year of life. The corresponding high costs of dying have led medical philosophers to ask for a rationing of health-care services according to age. By contrast, this paper pursues an individualistic approach. High costs of dying are identified as a consequence of moral hazard on both the demand and supply side of the health-care sector. Health insurance prevents demand for health-care services from decreasing when an individual's residual life expectancy shrinks. Age-related moral hazard can be limited by a coinsurance scheme with a deductible that increases with the age of the insured. Given the high costs of dying, the optimal insurance policy links the coinsurance rate to the age-specific mortality risk.
Age Factors; Aged; Alternatives; Biomedical Technologies; Death; Decision Making; Economic Value of Life; Economics; Family Members; Health; Health Care; Health Insurance; Health Maintenance Organizations; Health Personnel; Incentives; Insurance; Justice; Life; Mortality; Motivation; Organ Transplantation; Organizations; Patient Care; Prolongation of Life; Resource Allocation; Risk; Terminal Care; Terminally Ill; Transplantation; Value of Life;
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