Time Aggregation in Health Insurance Deductibles
研究了免赔额在更短时间跨度内重置的影响，通过模型比较年度与半年度重置的免赔额，发现流动性收益可带来保费成本3-10%的福利提升，尤其对受借贷约束的个体。
Health insurance plans increasingly pay for expenses only beyond a large annual deductible. This paper explores the implications of deductibles that reset over shorter timespans. We develop a model of insurance demand between two actuarially equivalent deductible policies in which one deductible is larger and resets annually and the other deductible is smaller and resets biannually. Our model incorporates borrowing constraints, moral hazard, midyear contract switching, and delayable care. Calibrations using claims data show that the liquidity benefits of resetting deductibles can generate welfare gains of 3-10 percent of premium costs, particularly for individuals with borrowing constraints.