The effect of price on switching among health plans |
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Authors: | Buchmueller T C Feldstein P J |
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Institution: | Graduate School of Management, University of California, Irvine 92717, USA. tcbuchmu@uci.edu |
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Abstract: | A recent policy change by the University of California (UC) provides a unique natural experiment for investigating the sensitivity of consumers to health plan premiums. When the UC moved to a policy of limiting its contribution to the cost of the least expensive plan, out-of-pocket premiums increased for roughly one-third of UC employees. We examine the extent to which UC employees switched plans in response to this change in premiums. Our results indicate a strong response. Individuals facing premium increases of less than $10 were roughly 5 times as likely to switch plans as those whose premiums remained constant. |
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