Research Article
Why Did Americans Reject Compulsory Health Insurance after WWI? An Application of the Lifecycle Model
Table 4
Minimum wealth levels that would induce preference for self-insurance by age (, , high earnings).
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* Median savings rates for 5-year age groups as reported in Emery [2], using the 1917–1919 US data, including zero surpluses with mortgage expenses. The median savings rate for those aged 20–24 (25–29) was used for the individual with 5 (10) years of work experience, and so forth. **Average of previous 5 years labour income times the median savings rate for 5-year age groups. ***Wealth levels considered are in the range from 0 to $6,000. Self-insurance was not preferred to the given insurance plan at any wealth level in this range. |