Health Insurance

The Health Insurance is an industry that addresses issues of efficiency, effectiveness, value, and behavior in the production and consumption of health. Health experts are, in general, studying the functioning of health systems and behaviors, such as smoking.

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A pioneering article by Kenneth Arrow in 1963, often referred to as a discipline for health economics, is conceptually differentiated between health and other goods. The factors that distinguish health economics from other areas include broad government intervention, persistent multidimensional uncertainties, asymmetric information, barriers to entry, externalities and the presence of an external agent. In medical care, the external provider is the doctor who makes the purchase decision (for example, whether to request a laboratory test, prescribe medication, perform surgery, etc.) while it is isolated from the price of the product or service.

Health Insurance evaluates different types of financial information: costs, fees, and expenses.

Uncertainty is fundamental to both patient outcomes and financial concerns. The knowledge gap that exists between a doctor and a patient creates a distinct advantage for the doctor, which is known as asymmetric information.

External appearances often occur in the consideration of health and health care, especially in relation to infectious diseases. For example, if you try to avoid colds, it will affect other people than those who make the decisions.

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