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The insurance death spiral Dpose that within a given cify, women between the ages of 19 and 29 fall into one of four health categories: very healthy, healthy, unhealthy, and unhealthy. As a part of the Patient Protection and Affordable Care Act (PPACA), the government mandates that insurance companies must charge es same premium to ail people within a given gender, age, and geographic region. The insurance company must determine the premlum it should targe to all people in this category so that it can cover the total cost of care. th order to complete your analysis, make the following assumptions: 1. The insurance company does not incur any costs to run or administer the policies, and it does not make any profit. 2. The population is large enough so that expected values hold at the agoregate level. 3. Anvone who pays the monthly premium recelves complete coverage of all medical expenses (in other words, everyone is alfered full insurance ). 4. All decizens are tisk averse and therefore are willing to pay a premium above the expected value of their costs, up to the amount -ind cated in the column "Maximum willingness to Pay for Insurance- in the following table. The following tabie presents the number of very healeny, heathy, untieathy, and very unheathy people, a5 well as the expected monthily cost of providing cate for each category The table alsp presents the miskimum that an individal is willing to pay within each group, which is higher than the expected cost. This refiects the tact that people are generally risk averse. In the context of health insurance, this means that people prefer to pay some arsount for certain each month than ta face paying the full costs of somewtiat umpredictable care. Complete the following toble by computing the total expected monthly cost of care for each type of citizen, the total number of peopie in this market, and the total expected monthly cost of insuring all citizens, If the insurance company must offer one plat to all women between the ages of 19 and 29 , the monthly premium (rounded to the nearest dollar) must be per perstm in order for the total amount the insurance company collects to be equal to the total amount it expects to pay out. Suppose the government repeals the mandate, and now it allows people to decide whether they want to buy into the policy. Compiete the following table, assuming that the premium is the ove you caiculated in the prior question. If a type of person wail not purchase insurance at this premium, enter " 0 "into the anpropriate cell, since the insurance company collects no maney tram chese people. Complete the following table, assuming that the premium is the one you calculated in the prior question. If a type of person will not purchase nisurance at this premium, enter " 0 - into the appropriate cell, since the insurance company collects no money from these people. Once consumers are given a choice of whether to buy into the premium, the insurance company will collect a total of premiums, and it will pay out an expected total of to cover the expenses of ali those who buy the policy. Based on the groups that still want to buy insurance at the origitual premium, the insurance company would need to collect person to cover the expected totol cost per person. If the insurance company ralses the premium to this price, which of the following groups would still be willing to buy health insurance? Check all that apply. Very Unhealthy Very Healthy Mesithy Unhealthy Whthout a government mandate to purchase insurance, as premiums rise, the healtivy people are likely to stop purchasing insurance, This causes the insurance company to face expected costs per person, thus forcing it to premiuris in order to break even, The cycle continues until only the healthy remain to purchase insurance. This phenomenon is known as a death spiral