September 30, 2014 — In a Forbes article about the debate over end-of-life decision making, Professor Russell Korobkin's innovative concept of "relative value" insurance is cited.
Health plans could define themselves at least in part by the value of technologies they cover, an idea proposed by Professor Russell Korobkin of the UCLA School of Law. For example, a bronze plan could cover hospitalizations and visits to doctors for emergencies and accidents; genetic diseases; and prescription drugs that keep people out of hospitals. A silver plan could cover what bronze plans do but also include treatments a large majority of physicians find useful. A gold plan could be more inclusive still, adding coverage, for instance, for every cancer therapy shown to improve patient outcomes (no matter the cost) as long as it was delivered at a leading cancer center.
Read the article.