Public Health Insurance and Household Portfolio Choices: Unravelling Financial "Side Effects" of Medicare.
Public Health Insurance and Household Portfolio Choices: Unravelling Financial "Side Effects" of Medicare.
复制标题
公共健康保险和家庭投资组合选择：揭示医疗保险的财务“副作用”。
DOI：
10.1016/j.jbankfin.2018.05.001
复制
发表时间：
2018
影响因子：
3.7
通讯作者：
Brunetti,Marianna
中科院分区：
文献类型：
--
作者：
Angrisani,Marco;Atella,Vincenzo;Brunetti,Marianna
巨大的、不可预测的和不能完全保险的医疗保健费用是可能阻碍家庭承担财务风险的背景风险来源。使用来自健康与退休研究的面板数据，我们测试了普遍的健康保险，如65岁以上美国人的医疗保险，是否可以防止这种促进股票持有的风险。我们采用固定效应估计策略，从而考虑到健康状况和私人保险覆盖的家庭层面异质性。我们发现，在获得医疗保险资格之前，健康状况不佳的家庭，面临更高的医疗费用风险，比健康的家庭更不可能持有股票。然而，这一差距大部分被联邦医疗保险（Medicare）消除了。值得注意的是，在观察期间，健康状况不佳和没有私人医疗保险的家庭主要受到了抵消。
Large, unpredictable and not fully insurable health-care costs represent a source of background risk that might deter households’ financial risk taking. Using panel data from the Health and Retirement Study, we test whether universal health insurance, like Medicare for over-65 Americans, shields against this risk promoting stockholding. We adopt a fixed-effects estimation strategy, thereby taking into account household-level heterogeneity in health status and private insurance coverage. We find that, before Medicare eligibility, households in poor health, who face a higher risk of medical expenses, are less likely to hold stocks than their healthier counterparts. Yet, this gap is mostly eliminated by Medicare. Notably, the offsetting is primarily experienced by households in poor health and without private health insurance over the observation period.