Why the Savings from Health Care Reform Are Underappreciated
The lack of a whole-hearted, landslide, public embrace of health reform is surprising considering that unless your family earns over $250,000, reform costs you nothing and, the president’s health care plan, if enacted, is estimated to increase the income of the average family of four by about $10,000 in 2030.
One part of the explanation for public reluctance to embrace reform may be explained by behavioral economics. Behavioral economists have found that people in most situations:
- Undervalue future money and overvalue money now
- Focus on losses over gains
- Prefer the status quo over change
How does this play out in health care? Let’s consider each of these behavioral factors in turn.
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