have you ever asked a doctor or nurse (not dentist) what a procedure will cost before consenting to it?
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Cost Disease (a la Baumol) is the most common result of perverse risk transference. The natural containment mechanism on cost is that it's you're own money on the line and you eventually reach the end of your demand elasticity. Take that away and well...
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Nearly identical phenomenon happening in college costs (mostly tuition, but also text books, etc.). Same mechanism too. Student loans are acting as if they were, essentially, Bachelor's Degree insurance. Cost Disease results as soon as we make this mandatory, and we have.
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ok problem is not just insurance here but lumping stuff that shouldn’t be under the insurance model at all in that
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having the idea that non-catastrophic health costs are “covered by insurance” somehow, not paid in money
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yes, this is my policy preference too. insurance is appropriate for catastrophic, low-probability events. it is totally perverse for mundane consumer spending.
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The Affordable Care Act basically locked-in cost disease inducing perverse incentives in health care payments by making it mandatory for everyone to have insurance above and beyond catastrophic coverage.
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