Socialized Health Care

Although it is not a technical term in economics, 'socialized' health care seems generally to be a term used to describe a system in which a third party payer like an insurance agency (which may be private or public) covers its members (membership will usually be compulsory for people with defined characteristics like area of residence) for a specified list of procedures (usually ones deemed to be cost-effective) for a fee that is unrelated to need and which may be part of the tax structure. It is similar to managed care both in terms of its potential for containing health care expenditures and in its promotion of evidence-based medicine, though managed care organizations (in the USA) are on a smaller scale than most systems described as 'socialized' (for example, restricted to particular employee groups or people with specific eligibilities as under Medicare or Medicaid).

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