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CHAPTER 3. MEDIGAP 147 Table 3.7: Third Stage: OLS and Full Model Estimates of Medical Costs on Medigap Indicator Dependent Variable: Log Medical Costs OLS Full Model (1) (2) (3) (4) (5) (6) Medigap 0.397 0.401 0.407 0.515 0.614 0.567 (0.054) (0.053) (0.049) (0.158) (0.146) (0.138) Log HRR cost -0.071 0.233 0.128 -0.018 0.325 0.192 (0.132) (0.134) (0.124) (0.173) (0.171) (0.164) Male -0.055 -0.071 -0.043 -0.049 (0.061) (0.079) (0.074) (0.070) Age-65 0.817 0.904 0.810 0.890 (0.125) (0.114) (0.126) (0.118) (Age-65)^2 -0.241 -0.299 -0.235 -0.278 (0.072) (0.065) (0.065) (0.061) (Age-65)^3 0.023 0.030 0.021 0.027 (0.010) (0.009) (0.009) (0.008) Disabled eligibility 0.419 0.333 0.422 0.346 Race group (0.073) (0.067) (0.078) (0.074) Asian -0.314 -0.206 -0.292 -0.289 (0.143) (0.136) (0.176) (0.175) Black -0.098 -0.171 -0.050 -0.148 (0.090) (0.083) (0.113) (0.107) Other 0.034 -0.079 0.052 -0.057 Education group (0.141) (0.131) (0.168) (0.155) High school 0.114 0.199 0.098 0.216 (0.069) (0.064) (0.086) (0.082) Less than college 0.118 0.236 0.096 0.292 (0.073) (0.069) (0.087) (0.083) College or more 0.184 0.347 0.156 0.404 (0.084) (0.080) (0.103) (0.098) Log income -0.012 0.049 -0.006 0.037 (0.029) (0.026) (0.033) (0.030) Married -0.081 0.011 -0.090 -0.058 (0.055) (0.052) (0.067) (0.062) Working -0.429 -0.168 -0.434 -0.250 (0.060) (0.056) (0.066) (0.066) Served in armed forces -0.107 -0.119 -0.101 -0.091 Self-reported health (0.080) (0.073) (0.098) (0.091) Excellent -0.616 -1.920 (0.140) (0.138) Very good -0.565 -1.769 (0.136) (0.133) Good -0.407 -1.392 (0.129) (0.130) Fair -0.211 -0.890 (0.130) (0.140) Diagnosis indicators Yes Yes Treatment indicators Yes Yes IADL indicators Yes Yes Year FE Yes Yes Yes Yes Yes Yes R-squared 3.6% 11.1% 29.4% 3.4% 10.7% 19.9% N 3,415 3,415 3,415 3,415 3,415 3,415 Source: 2000-2005 MCBS; Weiss Ratings Notes: Parameter estimates from cost equation. Specifications 1-3 show OLS estimates; 4-6 show estimates where Medigap choice is instrumed for with the predicted values from the logit cost equation. See text for details. Sample of individuals with HMO, Medigap or no supplemental coverage who turned 65 no sooner than 2000 excluding those with positive VA expenditure. Omitted race group is white, education group is less than high school, and health status is poor. Bootstrap standard errors looped over the premium and choice equations and clustered by individual in parentheses. H_diabetes
CHAPTER 3. MEDIGAP 148 Table 3.8: Robustness Checks: Key Parameter Estimates from Alternative Specifications and Samples (1) Panel A: Levels versus Logs (2) (3) Levels Full model coefficient on Medigap in Levels 5829 (1850) 5705 (1572) 4978 (1520) Average Cost 7344 (339) 7344 (339) 7344 (339) Percent increase Logs 0.794 (0.252) 0.777 (0.214) 0.678 (0.207) Full model coefficient on Medigap in Logs 0.515 (0.158) 0.614 (0.146) 0.567 (0.138) Panel B: Full versus Analyzed Sample Full sample OLS Coefficient on Medigap Analyzed sample 0.138 (0.020) 0.105 (0.020) 0.343 (0.017) OLS Coefficent on Medigap 0.379 (0.059) 0.352 (0.058) 0.370 (0.053) Panel C: Lowest Premium Variation States versus Analyzed Sample Lowest premums variation states Full model coeffiicient on Medigap 0.418 (0.207) 0.436 (0.188) 0.424 (0.178) OLS coefficient on Medigap 0.319 (0.083) 0.310 (0.081) 0.294 (0.077) Premium semi-elasticity of demand for Medigap Analyzed sample -0.759 (1.589) -0.441 (1.546) -0.591 (1.525) Full model coeffiicient on Medigap 0.515 (0.158) 0.614 (0.146) 0.567 (0.138) OLS coefficient on Medigap 0.379 (0.059) 0.352 (0.058) 0.370 (0.053) Premium semi-elasticity of Medigap demand Controls in all panels -0.314 (0.187) -0.406 (0.160) -0.419 (0.158) Basic Controls Yes Yes Yes Yes Yes Yes Demographic Controls Yes Yes Yes Yes Health Controls Yes Yes Source: 2000-2005 MCBS; Weiss Ratings Notes: Parameter estimates for the effect of Medigap on total medical costs from various specifications. The sample is restricted to individuals with Medigap, HMO. Panel A shows estimates from the full three-stage model with total medical costs in levels and logs.Panel B presents estimates on the full sample and the analyzed sample restricted to individuals that turn 65 in 2000 or later. Panel C shows estimates of the main paramters from the subset of states with virtually no within-state premium varition and the analyzed sample. The controls in specifications 1-3 match those in Table 7 specifications 1-3. Bootstrap standard errors clustered by individual in parentheses.
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ESSAYS IN PUBLIC FINANCE AND INDUST
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I certify that I have read this dis
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insurance choice. Among other thing
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Acknowledgements I am deeply thankf
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Contents Preface iv Acknowledgement
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2.5.3 The Value of Plan Choice ....
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List of Tables 1.1 Asset Exemption
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4.9 First Week Contract Spending fo
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4.3 I.T. Contracting by Week ......
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CHAPTER 1. BANKRUPTCY 2 of the dead
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CHAPTER 1. BANKRUPTCY 4 relevant le
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CHAPTER 1. BANKRUPTCY 6 superficial
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CHAPTER 1. BANKRUPTCY 8 After treat
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CHAPTER 1. BANKRUPTCY 12 newly edit
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CHAPTER 1. BANKRUPTCY 22 homestead
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CHAPTER 1. BANKRUPTCY 28 to seizabl
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CHAPTER 1. BANKRUPTCY 31 CARA utili
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CHAPTER 1. BANKRUPTCY 33 Puzzle 3:
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CHAPTER 1. BANKRUPTCY 35 of income
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CHAPTER 1. BANKRUPTCY 40 TaxSim pro
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Payments CHAPTER 1. BANKRUPTCY 42 $
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OOP payments CHAPTER 1. BANKRUPTCY
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ln(seizable sssets) CHAPTER 1. BANK
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50 60 70 80 90 100 Insurance covera
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Pr(WTP > premium) CHAPTER 1. BANKRU
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CHAPTER 1. BANKRUPTCY 52 Table 1.1:
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CHAPTER 2. HEALTH PLAN CHOICE 66 pl
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