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Covid-19, out-of-pocket medical expenses and consumption
Journal of Financial Economic Policy Pub Date : 2021-02-22 , DOI: 10.1108/jfep-04-2020-0087
Jonathan E. Leightner

Purpose

Based upon estimates of the change in consumption due to a change in out-of-pocket-health expenses (dC/dOOPHE) for 43 countries, this paper aims to argue for a reevaluation of what constitutes OOPHE when determining health insurance especially in the wake of Covid-19.

Design/methodology/approach

Reiterative truncated projected least squares (RTPLS), a statistical technique designed to handle the omitted variables problem of regression analysis.

Findings

If budgets are binding than dC/dOOPHE should be 0; if OOPHE merely adds to current consumption than dC/dOOPHE should be 1. However, merely plotting consumption versus OOPHE for the 43 countries for which organization for economic cooperation and development has the required data clearly shows a dC/dOOPHE much greater than one. This paper’s estimates of dC/dOOPHE for 2000 to 2017 range from 15.6 for Switzerland (in 2016) to 225.2 for Columbia (in 2003).

Research limitations/implications

RTPLS cannot determine what part of the results are due to an increase in income causing both consumption and OOPHE to increase and what part is because of actual OOPHE far exceeding official OOPHE. However, the latter is involved.

Practical implications

As Covid-19 sickens millions while depriving millions of their normal means of generating income, what constitutes OOPHE should be expanded when determining health insurance. This paper’s results imply that even prior to Covid-19 health insurance covered much less than the optimal amount of actual OOPHE.

Originality/value

This is the first paper to use RTPLS to estimate dC/dOOPHE.



中文翻译:

Covid-19、自费医疗费用和消费

目的

根据对 43 个国家的自付费用医疗费用 (dC/dOOPHE) 变化引起的消费变化的估计,本文旨在论证在确定医疗保险时重新评估 OOPHE 的构成,尤其是在Covid-19。

设计/方法/方法

迭代截断投影最小二乘法 (RTPLS),一种旨在处理回归分析遗漏变量问题的统计技术。

发现

如果预算具有约束力,则 dC/dOOPHE 应为 0;如果 OOPHE 仅增加当前消费,则 dC/dOOPHE 应为 1。但是,仅绘制经济合作与发展组织具有所需数据的 43 个国家的消费与 OOPHE 的关系图就清楚地表明 dC/dOOPHE 远大于 1。本文对 2000 年至 2017 年 dC/dOOPHE 的估计范围从瑞士的 15.6(2016 年)到哥伦比亚的 225.2(2003 年)。

研究限制/影响

RTPLS 无法确定结果的哪一部分是由于收入增加导致消费和 OOPHE 都增加,而哪一部分是由于实际 OOPHE 远远超过官方 OOPHE。然而,涉及后者。

实际影响

由于 Covid-19 使数百万人患病,同时剥夺了数百万人的正常收入来源,因此在确定健康保险时应扩大 OOPHE 的构成。本文的结果意味着,即使在 Covid-19 之前,健康保险的承保范围也远低于实际 OOPHE 的最佳金额。

原创性/价值

这是第一篇使用 RTPLS 估计 dC/dOOPHE 的论文。

更新日期:2021-02-22
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