The meaning of "value" varies by each stakeholder and is thereore the least well understood. Drs. Chandra and Goldman discuss that the right way to think about value in health care delivery is a stream of benefits accrued over a lifetime that is attractive relative to the price paid to acquire them. Using examples with schizophrenia, hepatitis c, and kidney cancer, a value-based design would avoid a "one-size-fits-all" view of drug coverage. Regardless, the challenge is to figure out how to create and develop policies to reward long-term benefits.