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The Private Market for Long-Term Care Insurance in the United States: A Review of the Evidence

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  • Jeffrey R. Brown
  • Amy Finkelstein

Abstract

This article reviews the growing literature on the market for private long-term care insurance, a market notable for its small size despite the fact that long-term care expenses are potentially large and highly uncertain. After summarizing long-term care utilization and insurance coverage in the United States, the article reviews research on the supply of and the demand for private long-term care insurance. It concludes that demand-side factors impose important limits on the size of the private market and that we currently have a limited understanding of how public policies could be designed to encourage the growth of this market. Copyright (c) The Journal of Risk and Insurance, 2009.

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Bibliographic Info

Article provided by The American Risk and Insurance Association in its journal Journal of Risk and Insurance.

Volume (Year): 76 (2009)
Issue (Month): 1 ()
Pages: 5-29

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Handle: RePEc:bla:jrinsu:v:76:y:2009:i:1:p:5-29

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Cited by:
  1. De Donder Philippe & Leroux Marie-Louise, 2013. "Behavioral Biases and Long-Term Care Insurance: A Political Economy Approach," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 14(2), pages 551-575, May.
  2. Goda, Gopi Shah, 2011. "The impact of state tax subsidies for private long-term care insurance on coverage and Medicaid expenditures," Journal of Public Economics, Elsevier, vol. 95(7), pages 744-757.
  3. Haizhen Lin, 2010. "Do Minimum Quality Standards Improve Quality? A Case Study of the Nursing Home Industry," Working Papers, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy 2010-01, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy.
  4. Joan Costa-i-Font & Christophe Courbage, 2014. "Crowding Out of Long-Term Care Insurance: Evidence from European Expectations Data," CESifo Working Paper Series 4910, CESifo Group Munich.
  5. Nick Netzer & Florian Scheuer, 2009. "Competitive Screening in Insurance Markets with Endogenous Wealth Heterogeneity," SOI - Working Papers 0907, Socioeconomic Institute - University of Zurich, revised Jun 2009.
  6. De Donder, Philippe & Leroux, Marie-Louise, 2012. "Behavioral Biases and Long Term Care Annuities: A Political Economy Approach," TSE Working Papers, Toulouse School of Economics (TSE) 12-352, Toulouse School of Economics (TSE), revised Feb 2013.
  7. Jean Pinquet & Montserrat Guillén & Mercedes Ayuso, 2011. "Commitment and Lapse Behavior in Long‐Term Insurance: A Case Study," Journal of Risk & Insurance, The American Risk and Insurance Association, The American Risk and Insurance Association, vol. 78(4), pages 983-1002, December.
  8. Ziegelmeyer, Michael, 2011. "Nursing home residents make a difference – The overestimation of saving rates at older ages," MEA discussion paper series, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy 10210, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
  9. Cremer, Helmuth & Roeder, Kerstin, 2013. "Long-term care policy, myopia and redistribution," Journal of Public Economics, Elsevier, vol. 108(C), pages 33-43.
  10. Jeffrey R. Brown & Amy Finkelstein, 2011. "Insuring Long-Term Care in the United States," Journal of Economic Perspectives, American Economic Association, vol. 25(4), pages 119-42, Fall.

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