We make decisions using economics every day. Deciding whether or not to spend money on something we usually find ourselves weighing the benefits against the costs. Should I buy an iPhone so I can check my e-mail on the train, or get the free phone and check when I get home? Should I buy the more expensive house that’s closer to work, or the one in a more affordable neighborhood with a longer commute? Should I hire someone to paint my house, or take the time to do it myself?

An IPAB is not the latest device created by Apple to play music or store your online files. IPAB is the Independent Payment Advisory Board and its purpose is to oversee costs in Medicare. The only similarity between IPAB and an iPAD is that both are small and complex units with tremendous power to change lives. But for those receiving their health care under the Medicare program, IPAB’s changes may not be for the better.

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