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Appreciating “Search Frictions”
By Dr. David Edward Marcinko MBA CMP™
[Editor-in-Chief]
Because products vary so much across many characteristics, health insurance is not easy to shop for. Comparing plans is an apples-to-oranges problem.
Of Search Frictions and Economic Externalities
As a former insurance agent for more than a decade, this is a situation by design – to obfuscate the patient and consumer.
The challenges of comparison – health insurance plan – shopping then, creates what economist and colleague Austin Frakt PhD calls “search frictions” or inefficiencies in the ability to wisely choose. This may be likened to economic “externalities” and perhaps even motivated the recent development of (draft) standards for health plan labeling.
Beginning March 2012
So, how much will the new health plan labels, required starting next March, help consumers in their search for plans? How much grease will they add to the otherwise highly frictional process? I sure don’t know.
A good place to start however, is an examination of those frictions. What are they and how much do they matter?
Link: http://www.healthcare.gov/news/factsheets/labels08172011b.pdf
Assessment
Did food nutrition labeling, and the old food pyramid help – or confuse – consumers? What about the old and new cigarette warning label warnings? Or – the prohibition of alcohol for pregnant women – helpful or not! Any labeling for that matter?
Conclusion
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Filed under: Health Insurance | Tagged: ACA, Health Insurance, health plans | 1 Comment »
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