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Is Health Insurance Good for Your Financial Health?

Nicole Dussault, Basit Zafar and Maxim L. Pinkovskiy
Additional contact information
Nicole Dussault: Research and Statistics Group
Basit Zafar: Bank of Italy

No 20160606, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: What is the purpose of health care? What is the purpose of health insurance? When people fall ill, they seek health care in order to get better. But insurance has a slightly different function: Its main role is not to protect our health per se, but to protect our finances. For most people, lifetime health expenditures are quite low. However, some people have enormous health costs owing to major illnesses or health conditions. And this is where health insurance comes in?its goal (like that of any other form of insurance) is to protect these individuals against large, and sometimes ruinous, health expenditures. Has the recent health reform served this purpose?

Keywords: Affordable Care Act; Medicaid; Consumer Credit Panel; collections (search for similar items in EconPapers)
JEL-codes: D1 (search for similar items in EconPapers)
Date: 2016-06-06
New Economics Papers: this item is included in nep-ias
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