Econ exam 2.2 21-31
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11 Terms
Risk Pooling
Combining healthy and sick individuals to spread costs.
Mandatory Insurance
Forces everyone to participate to stabilize the system.
Pre-existing Conditions Rule
Insurers cannot deny coverage based on health history.
Individual Mandate
Law requiring individuals to have insurance.
Moral Hazard
People overuse care because they don't pay full cost.
Overconsumption of Care
Using unnecessary services due to insurance.
Incentives
Forces that influence behavior of patients, doctors, insurers.
Principal-Agent Problem
Doctor (agent) makes decisions that may not align with patient or insurer interests.
Affordable Care Act (ACA)
Expanded coverage, mandates, protections.
American Health Care Act (AHCA)
Reduced mandates, introduced penalties, changed subsidies.
Subsidy
Government financial assistance to help pay for insurance.
