Map of Beirut Tourist on A difficulty for private markets in individual health insurance is that enrollees may have private information about their future health care expenses. People with private knowledge of high future expenses will be more likely to buy insurance that is actuarially fair for the population, whereas people with private knowledge of low future expenses will be less likely to buy such insurance. From the perspective of the insurer, this is adverse selection; the people selecting the insurance are those the insurer least wants to enroll, those who are the most unexpectedly costly. Such adverse selection results in insurers paying higher-than-expected claims, and then raising premiums in the next period. This can lead to a death spiral in insurance premiums; as they rise, only those with the highest expected health-care costs increasingly buy the insurance, causing costs to rise further and forcing additional premium hikes. At the extreme, only the very sickest are covered and the insurance market disappears. To alleviate the risk of such adverse selection, the governments of many developed countries sponsor uni- 372 health In economics, health is viewed as a capital stock that can yield an output of productive years. Map of Beirut Tourist 2016.
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