Price elasticity of demand for voluntary health insurance plans in Colombia

Table 1 Descriptive statistics according to imputed participation

	No participants		VPHI user (no truncation)		VPHI user (Truncated below 30 USD)
	Mean	Std. Dev	Mean	Std. Dev	Mean	Std. Dev
Household Income (USD)	438.40	986.40	2,196.99	3,503.47	3,177.46	4,667.21
Premiums Expenditure (USD)			54.15	95.03	140.33	123.24
Male-Head of Household (HH)	0.58	0.49	0.62	0.49	0.65	0.48
HH age: Less than 30 y/o	0.12	0.33	0.04	0.21	0.03	0.18
HH age: 30 to 39 y/o	0.20	0.40	0.15	0.36	0.14	0.34
HH age: 40 to 49 y/o	0.21	0.41	0.18	0.38	0.20	0.40
HH age: 50 y/o or older	0.46	0.50	0.63	0.48	0.63	0.48
HH Education: Less than high school	0.50	0.50	0.08	0.27	0.03	0.17
HH Education: High school	0.28	0.45	0.07	0.25	0.04	0.18
HH Education: Tertiary education	0.22	0.41	0.85	0.35	0.94	0.25
At least one member over 65 y/o	0.26	0.55	0.49	0.75	0.54	0.79
Household income: Low	0.35	0.48	0.10	0.29	0.02	0.15
Household income: Middle	0.22	0.41	0.23	0.42	0.12	0.33
Household income: Middle-to-High income	0.08	0.26	0.66	0.47	0.85	0.36
Region: Atlántico	0.26	0.44	0.09	0.29	0.07	0.26
Region: Bogotá	0.05	0.21	0.30	0.46	0.40	0.49
Region: New departments	0.14	0.35	0.00	0.06	0.00	0.00
Region: Eastern	0.14	0.35	0.09	0.29	0.12	0.33
Region: Pacific	0.18	0.39	0.22	0.41	0.14	0.35
HH works	0.70	0.46	0.66	0.47	0.67	0.47
At least one member in the contributory regime	0.62	0.48	0.96	0.20	0.98	0.15
HH has an informal job	0.19	0.40	0.02	0.14	0.00	0.00
HH occupation: Private worker	0.37	0.48	0.49	0.50	0.47	0.50
HH occupation: Public worker	0.09	0.29	0.14	0.35	0.11	0.32
HH occupation: Employer	0.03	0.16	0.07	0.26	0.13	0.33
HH occupation: Other	0.52	0.50	0.29	0.46	0.29	0.45
Observations	80,659		626		213

Only those who report expenses in expenditure item 12,530,101, “Annual payment for prepaid medicine or supplementary health plan,” is considered as participating households; the rest are assumed as unsubscribed to the service. In the case of the panel “Truncated below 30 USD”, only values above 30 USD/month are considered

ISSN: 1472-6963