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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.

Suggested Citation

  • Jeffrey R. Brown & Amy Finkelstein, 2009. "The Private Market for Long-Term Care Insurance in the United States: A Review of the Evidence," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 76(1), pages 5-29.
  • Handle: RePEc:bla:jrinsu:v:76:y:2009:i:1:p:5-29
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    References listed on IDEAS

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