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- Title
The Role of Agents and Brokers in the Market for Health Insurance.
- Authors
Karaca‐Mandic, Pinar; Feldman, Roger; Graven, Peter
- Abstract
Abstract: Health insurance markets in the United States are characterized by imperfect information, complex products, and substantial search frictions. Insurance agents and brokers play a significant role in helping employers navigate these problems. However, little is known about the relations between the structure of the agent/broker market and access and affordability of insurance. This article aims to fill this gap by investigating the influence of agents/brokers on health insurance offering decisions of small firms, which are particularly vulnerable to problems of financing health insurance. Using a unique membership database from the National Association of Health Underwriters together with a nationally representative survey of employers, we find that small firms in more competitive agent/broker markets are more likely to offer health insurance and at lower premiums. Moreover, premiums are less dispersed in more competitive agent/broker markets.
- Subjects
HEALTH insurance; INSURANCE brokers; INSURANCE agents; INSURANCE companies; ECONOMIC competition
- Publication
Journal of Risk & Insurance, 2018, Vol 85, Issue 1, p7
- ISSN
0022-4367
- Publication type
Article
- DOI
10.1111/jori.12139