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Long-Term Care Insurance and Bequests as Instruments for Shaping Intergenerational Relationships

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  • Zweifel, Peter
  • Struwe, Wolfram
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    Abstract

    The growing demand for long-term care (LTC) causes the relationship between children and their parents to gain increased importance for society. Parents may create incentives for children to provide LTC through bequests, or they may purchase LTC insurance. While these instruments have been analyzed separately in the literature, this article shows that optimal LTC insurance must be small in the presence of bequests. Thus, the failure of private LTC insurance to diffuse into middle-class households may be explained by the fact that the bequest instrument is fully available to the current generation of parents, who for the first time since 1914 are in a position to bequeth an intact sock of capital in major industrialized countries. Copyright 1996 by Kluwer Academic Publishers

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    Bibliographic Info

    Article provided by Springer in its journal Journal of Risk and Uncertainty.

    Volume (Year): 12 (1996)
    Issue (Month): 1 (January)
    Pages: 65-76

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    Handle: RePEc:kap:jrisku:v:12:y:1996:i:1:p:65-76

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    Web page: http://www.springerlink.com/link.asp?id=100299

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    Cited by:
    1. De Donder, Philippe & Pestieau, Pierre, 2013. "Private, social and self-insurance for long-term care in the presence of family help: A political economy analysis," CEPR Discussion Papers 9587, C.E.P.R. Discussion Papers.
    2. Courbage, Christophe & Eeckhoudt, Louis, 2012. "On insuring and caring for parents’ long-term care needs," Journal of Health Economics, Elsevier, vol. 31(6), pages 842-850.
    3. Christophe Courbage & Nolwenn Roudaut, 2010. "On Insurance for Long-term Care in France," CESifo DICE Report, Ifo Institute for Economic Research at the University of Munich, vol. 8(2), pages 24-28, 07.
    4. Peter Zweifel, 2001. "Eine Gesundheitspolitik fÏr das 21. Jahrhundert: Zehn Reformvorschläge," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 2(1), pages 81-98, 02.
    5. Costa-Font, Joan & Rovira-Forns, Joan, 2008. "Who is willing to pay for long-term care insurance in Catalonia?," Health Policy, Elsevier, vol. 86(1), pages 72-84, April.
    6. Johansson, Per-Olov, 2000. "Properties of actuarially fair and pay-as-you-go health insurance schemes for the elderly. An OLG model approach," Journal of Health Economics, Elsevier, vol. 19(4), pages 477-498, July.
    7. Joan Costa-Font, 2011. "Insurance Crowding Out and Long-Term Care Partnerships," CESifo DICE Report, Ifo Institute for Economic Research at the University of Munich, vol. 9(2), pages 52-54, 07.
    8. Christophe Courbage & Peter Zweifel, 2011. "Two-sided intergenerational moral hazard, long-term care insurance, and nursing home use," Journal of Risk and Uncertainty, Springer, vol. 43(1), pages 65-80, August.

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