Table 2.
Associations Between State Policy Decisions and Individual Market Performance.
| Insurers’ financial performance measures | ||||||||
|---|---|---|---|---|---|---|---|---|
| Markup ($ per member month) |
Premiums ($ per member month) |
Claims ($ per member month) |
ln(member-years), entire segment | |||||
| Compliant | Noncompliant | Compliant | Noncompliant | Compliant | Noncompliant | Compliant | Noncompliant | |
| State policy decisions | ||||||||
| Allow grandmothered plans | −12.1 | 34.6* | −7.3 | −37.1** | 27.0* | −69.1*** | −0.15 | 1.42 |
| (6.5) | (16.2) | (7.0) | (10.9) | (11.5) | (12.7) | (0.10) | (0.96) | |
| Expand Medicaid | 9.0 | 23.5 | 2.6 | 34.9* | −25.3 | −2.0 | −0.03 | −0.66 |
| (13.1) | (54.3) | (15.0) | (20.5) | (27.4) | (66.5) | (0.12) | (0.48) | |
| State-based Marketplace | 5.1 | −16.7 | 17.4* | −10.1 | 17.4 | 9.7 | −0.05 | −0.14 |
| (8.4) | (75.4) | (8.7) | (11.1) | (30.5) | (81.9) | (0.13) | (0.22) | |
| Insurer type | ||||||||
| Blue cross affiliated | 26.4** | 77.3*** | 23.8*** | 24.5 | 8.1 | −52 | NA | NA |
| (6.5) | (16.6) | (6.1) | (24.1) | (19.5) | (35.3) | |||
| Medicaid Managed Care | 13.3* | 51.3** | −7 | −33.2 | −30 | −96.1* | NA | NA |
| (5.3) | (17.9) | (9.4) | (30.7) | (34.2) | (38.3) | |||
| Big Four | 2.6 | 18.1 | −15.4 | −14.1 | −47.0* | −21.8 | NA | NA |
| (8.1) | (13.4) | (10.3) | (35.4) | (27.2) | (45.9) | |||
| Year | ||||||||
| 2015 | −12.9* | 28.9** | 12.3*** | 17.4* | 18.1* | −10.5 | 0.56*** | −0.53*** |
| (5.7) | (8.7) | (2.9) | (6.8) | (6.9) | (12.0) | (0.05) | (0.08) | |
| 2016 | −13 | 54.4*** | 42.4*** | 52.4*** | 27.1* | −3.1 | 0.54*** | −0.90*** |
| (9.5) | (15.1) | (5.6) | (9.5) | (12.9) | (13.8) | (0.10) | (0.12) | |
| Observations | 366 | 418 | 366 | 418 | 366 | 418 | 153 | 153 |
Note. Table reports the coefficients on the indicated variables, obtained from a regression of the indicated outcomes on those variables, for the indicated segment. Markups, premiums, and claims costs are per member month and measured at the insurer-segment level. Member-years are aggregated to the segment state. Also included, but not shown, are a full set of state fixed effects. The insurer financial performance sample is limited insurer-year-segments with at least 1000 member months, and weighted by enrollment. The reference categories for insurer type and year are all other insurers and 2014, respectively. Robust standard errors, clustered on state, are in parentheses.
P < .05. **P < .01. ***P < .001.