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Deductibles in health insurance

✍ Scribed by İ. Dimitriyadis; Ü.N. Öney

Publisher
Elsevier Science
Year
2009
Tongue
English
Weight
787 KB
Volume
233
Category
Article
ISSN
0377-0427

No coin nor oath required. For personal study only.

✦ Synopsis

This study is an extension to a simulation study that has been developed to determine ruin probabilities in health insurance. The study concentrates on inpatient and outpatient benefits for customers of varying age bands. Loss distributions are modelled through the Allianz tool pack for different classes of insureds. Premiums at different levels of deductibles are derived in the simulation and ruin probabilities are computed assuming a linear loading on the premium. The increase in the probability of ruin at high levels of the deductible clearly shows the insufficiency of proportional loading in deductible premiums. The PH-transform pricing rule developed by Wang is analyzed as an alternative pricing rule. A simple case, where an insured is assumed to be an exponential utility decision maker while the insurer's pricing rule is a PH-transform is also treated.

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