That market-driven theory's logical conclusion is that the most efficient business model would have multiple insurance companies competing in a single, national market.
In contrast to the RAND experiment, in which individuals were randomly assigned to multiple insurance plans with marginal variations in cost sharing, in the Oregon experiment individuals were essentially randomly assigned to one health insurance plan (Medicaid) or no health insurance plan.
TotalTravelInsurance.com lets consumers compare prices from multiple insurance companies after typing in the dates of the trip, its cost, the travelers' ages and state of residence, and other required information.
Persons who reported multiple insurance categories were counted in each category reported, with the exception of Medicaid and the State Children's Health Insurance Program, which were combined into a single category.
PolicyGenius has built a marketplace for consumers who want to evaluate multiple insurance carriers and policies all in one place.
It has also resulted in new Current Procedural Terminology (CPT) codes and multiple insurance approvals affecting interventional pain management treatments in clinics across the country.
But when it comes to critical issues like health care, unemployment benefits or retirement income, choosing among multiple insurance and investment programs, all competing in the "market," presents tremendous uncertainty.
In those systems, multiple insurance carriers negotiate jointly with counter-associations of the relevant health care providers over common price schedules, which thereafter are binding on every payer and every health care provider in the region (an analysis in Health Affairs offered more details).
Motivated by common practices in the reinsurance industry and in insurance markets such as Lloyd's, we study the general problem of optimal insurance contracts design in the presence of multiple insurance providers.
Nearly $400 billion in annual savings is possible by moving away from the multiple insurance bureaucracy, while providing upgraded coverage for all.
