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The Role of Private Finance in Paying for Long Term Care

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  • Les Mayhew
  • Martin Karlsson
  • Ben Rickayzen

Abstract

An ageing population and increased longevity means that long term care will become progressively more expensive. In 2009 the Government published a Green Paper on future funding options and a White Paper in 2010. This article considers the role of private finance products under the 'Partnership' option. It finds that few households are able to pay for LTC based on income and savings but the number increases if housing assets are included. We show that products can be devised for a range of circumstances, although state support would need to continue. We propose a simplified means testing system based on a combination of income and assets. Copyright � The Author(s). Journal compilation � Royal Economic Society 2010.

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Bibliographic Info

Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 120 (2010)
Issue (Month): 548 (November)
Pages: F478-F504

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Handle: RePEc:ecj:econjl:v:120:y:2010:i:548:p:f478-f504

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Cited by:
  1. Ruth Hancock & Juliette Malley & Raphael Wittenberg & Marcello Morciano & Linda Pickard & Derek King & Adelina Comas-Herrera, 2013. "The role of care home fees in the public costs and distributional effects of potential reforms to care home funding for older people in England," LSE Research Online Documents on Economics 43154, London School of Economics and Political Science, LSE Library.
  2. repec:ese:iserwp:2013-05 is not listed on IDEAS
  3. DE DONDER, Philippe & LEROUX, Marie-Louise, 2013. "Behavioral biases and long term care insurance: A political economy approach," CORE Discussion Papers 2013020, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  4. De Donder, Philippe & Leroux, Marie-Louise, 2012. "Behavioral Biases and Long Term Care Annuities: A Political Economy Approach," TSE Working Papers 12-352, Toulouse School of Economics (TSE), revised Feb 2013.
  5. Wildman, John & McMeekin, Peter, 2014. "Health care and social care: complements, substitutes and attributes," MPRA Paper 54425, University Library of Munich, Germany.

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