Health Plan Op-Ed From the Term Paper

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S. health care market, and this is evident in the lack of coverage for money and the rapidly increasing coverage for those who have it. The article does touch on a key source of inefficiency beyond government regulation -- the opacity of the insurance and health care markets. The most efficient markets rely on perfect information -- or something close to it -- for their functioning. At present, the health care market is so opaque that few customers truly understand what they are paying for or even how much they are paying. The WSJ rightly supports the elements of the Bush plan that will improve public availability of market information, as this will increase efficiency -- in some cases significantly.

4. A marketizing measure would bring market principles into the market, or improve the quality of those principles in the existing market. This reform has only a handful of elements that truly marketize the health care market. The policies that would result in removing regular check-ups from insurance, for example, are marketizing policies, as are policies that would improve the quality of the market for individual health insurance.

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The reform in general, however, does not add to the marketization of health care. The key element, shifting around the incentives for health care insurance purchase, merely alter the existing set of incentives; they do not represent much in terms of opening up the market.

5. The WSJ favors the Bush plan because it feels that the plan represents a marginal improvement in the health care system over the existing plan. Some of the specific cited marginal gains include a better market for individual health insurance, more transparency in health care in general, and five million more people who are expected to be insured as a result of the policy. All of the changes in the Bush plan will result in marginal changes to the system. This includes the introduction of externalities. Whether one supports a plan or not should depend on one's evaluation of the plan's marginal effects, and whether those are on balance positive or negative. In this case, the plan is supported because it is believed that the plan will have positive marginal effects on the American health care system......

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