Illustrate what happens if the insurance plan reduces

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Reference no: EM1362746

Use a demand and supply curve to graphically show the impact of an individual's insurance plan that features a deductible and large co-insurance rate on his/her purchase od medical services. Consider three examples: 1) a healthy person, 2) a person with a mild illness and 3) a person with a major illness. Discuss the difference between how much medical care the individual purchases with insurance and how much he/she purchases if he/she does not have insurance. What happens if the insurance plan reduces the deductible to zero? What happens if the coinsurance rate is increased?

Reference no: EM1362746

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