EXHIBIT 1.

New Medicare Beneficiaries’ Time To First Use Of Care Covered By Part B, 1993–2005

Variable	Hazard ratioa
COVERAGE AND USE OF SERVICES BEFORE ENROLLMENT
Employer-provided insurance	1.03
Medicaid	1.02
Preventive testing	1.32***
RISK PREFERENCE AND TIME HORIZON
Risk tolerance	0.64***
Financial planning horizon, by year	1.01
HEALTH AND FUNCTIONAL STATUS
Work-related disability	1.23**
ADL limitations	1.00
IADL limitations	1.07
Fair/poor health	1.08
Diabetes mellitus	1.25***
Cancer	1.12*
Lung problems	1.19**
Heart problems	1.13**
Stroke	0.95
Emotional problems	1.01
Arthritis	1.10**
Obesity	1.04
DEMOGRAPHIC CHARACTERISTICS AND WEALTH
Male	0.89**
Black race	0.85**
Other raceb	0.75**
Educational attainment, by year	1.02**
Married	1.14***
Veteran	0.94
Total assets, by $100,000s	1.09***
OTHER VARIABLES
Private supplemental insurance (Medigap)	1.34***
Probability of living to age 75	0.86**
YEAR OF ENROLLMENT
1996	1.19
1997	0.99
1998	1.00
1999	1.35**
2000	1.31**
2001	1.17
2002	1.23
2003	1.55***
2004	1.61***
2005	1.52***

SOURCE Authors’ analysis of Health and Retirement Study data with linked Medicare claims files.

NOTES Binary variables for 1993–95 were omitted. ADL is activity of daily living. IADL is instrumental activity of daily living. For examples, see the text.

^aThe hazard ratio shows how the probability of an outcome’s occurring changes when the explanatory variable changes by 1.

^b“Other race” is defined as nonwhite and nonblack.

^*p < 0.10

^**p < 0.05

^***p < 0.01