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Achieving Universal Health Insurance Coverage in the United States: Addressing Market Failures or Providing a Social Floor?

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  • Katherine Baicker
  • Amitabh Chandra
  • Mark Shepard

Abstract

The United States spends substantially more on health care than most developed countries, yet leaves a greater share of the population uninsured. We argue that incremental insurance expansions focused on addressing market failures will propagate inefficiencies and will fail to facilitate the active policy decisions needed to achieve socially optimal coverage. By instead defining a basic bundle of services that is publicly financed for all, while allowing individuals to purchase additional coverage, policymakers could both expand coverage and maintain incentives for innovation, ensuring universal access to innovative care in an affordable system.

Suggested Citation

  • Katherine Baicker & Amitabh Chandra & Mark Shepard, 2023. "Achieving Universal Health Insurance Coverage in the United States: Addressing Market Failures or Providing a Social Floor?," Journal of Economic Perspectives, American Economic Association, vol. 37(2), pages 99-122, Spring.
    • Handle: RePEc:aea:jecper:v:37:y:2023:i:2:p:99-122
    DOI: 10.1257/jep.37.2.99
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    More about this item

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • H51 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Health
    • I13 - Health, Education, and Welfare - - Health - - - Health Insurance, Public and Private
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health

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