Abstract and Keywords
This article discusses the conceptual, theoretical, and empirical research on insurance coverage for drugs in the context of a comparison with this idealized model. Deviations from it include (but are not limited to) the inability of insurers to determine and make benefit payments based on an objective health state, the absence of uniform predetermined prices, insurance policies that cover only certain products (e.g., drugs) or that take account only of current-period costs, imperfect information for consumers and providers about what the marginal benefits from drugs and other treatments really are, and the possibility of income effects from benefit payments or coverage per se.
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