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Related Experiment Videos

Is expanding Medicare coverage cost-effective?

Peter Franks1, Peter Muennig, Marthe Gold

  • 1Center for Health Services Research in Primary Care, Department of Family & Community Medicine, University of California, Davis, Sacramento, CA, USA. pfranks@ucdavis.edu

BMC Health Services Research
|March 16, 2005
PubMed
Summary
This summary is machine-generated.

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Medicare supplemental insurance offers good value, providing significant health gains for beneficiaries. The cost-effectiveness is comparable to other accepted medical treatments, making it a worthwhile investment.

Area of Science:

  • Health Economics
  • Gerontology
  • Public Health Policy

Background:

  • Medicare coverage expansion proposals often lack value assessment.
  • The efficiency of private supplemental insurance for Medicare recipients is not well-understood.
  • This study addresses the value of supplemental insurance for Medicare beneficiaries.

Purpose of the Study:

  • To evaluate the cost-effectiveness of private supplemental insurance for Medicare beneficiaries.
  • To determine the value of services purchased through Medicare supplemental plans.
  • To compare the efficiency of supplemental insurance to Medicare alone.

Main Methods:

  • Utilized data from National Health Interview Survey, National Death Index, and Medical Expenditure Panel Survey.
  • Employed regression models to predict quality-adjusted life years (QALYs) and costs.

Related Experiment Videos

  • Applied Markov decision analysis to calculate incremental cost-effectiveness ratios (ICERs).

    • Main Results:

    • Medicare supplemental insurance increases healthcare utilization, but this is balanced by improved quality-adjusted life expectancy.
    • The incremental cost-effectiveness ratio (ICER) was approximately $24,000 per QALY gained.
    • Supplemental insurance provides a favorable return on investment relative to Medicare alone.

    Conclusions:

    • Private supplemental insurance for Medicare beneficiaries represents good value.
    • The cost-effectiveness is comparable to medical interventions generally considered worthwhile.
    • Supplemental insurance enhances health outcomes and quality of life for Medicare recipients.