Table 2.

Impact of CBICS on hospitalization expenses.

Variables	(1)	(2)	(3)	(4)
	Total hospitalization expenses	Total hospitalization expenses	Out-of-pocket hospitalization expenses	Out-of-pocket hospitalization expenses
Panel A. All Healthcare Institutions
$T_{\mathit{ij}}\times D_t$	2218.4296***	1970.8962***	1125.9776***	1096.4943***
	(4.03)	(3.58)	(3.43)	(3.12)
Constant	987.0116***	4381.3051*	251.7223***	1382.3382
	(2393.04)	(1.88)	(1028.92)	(1.18)
Observations	17,362	17,362	17,449	17,449
Panel B. Primary Healthcare Institutions
$T_{\mathit{ij}}\times D_t$	2256.9791***	1952.7875***	1531.9218***	1467.4982***
	(4.10)	(3.39)	(4.13)	(3.64)
Constant	958.7461***	5276.3228**	234.6578***	1398.1511
	(2232.84)	(2.14)	(815.44)	(1.15)
Observations	16,671	16,671	16,752	16,752
Panel C. Higher-Level Healthcare Institutions
$T_{\mathit{ij}}\times D_t$	−6271.6218	4640.8322	−4848.7418	−5287.8135
	(−1.44)	(0.58)	(−1.05)	(−1.01)
Constant	7192.4556***	13874.5005	1277.6199***	20430.8135
	(2598.63)	(0.36)	(447.78)	(1.17)
Observations	1,570	1,570	1,620	1,620
Control variables	No	Yes	No	Yes
ID FE	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes

Robust standard errors are reported in parentheses. ***, **, and * indicate significance levels of 1, 5, and 10%, respectively. Each regression controls for individual covariates, city-level covariates, individual FEs, and year FEs. The individual covariates include age, sex, education level, marital status, household registration status, public health insurance status, annual income (logarithm), number of children, retirement status, ADLs, and self-reported health.