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

  • Jeffrey R. Brown
  • Amy Finkelstein

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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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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