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

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  • Zweifel, Peter
  • Struwe, Wolfram

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

Suggested Citation

  • Zweifel, Peter & Struwe, Wolfram, 1996. "Long-Term Care Insurance and Bequests as Instruments for Shaping Intergenerational Relationships," Journal of Risk and Uncertainty, Springer, vol. 12(1), pages 65-76, January.
  • Handle: RePEc:kap:jrisku:v:12:y:1996:i:1:p:65-76
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    Cited by:

    1. De Donder, Philippe & Pestieau, Pierre, 2011. "Private, social and self insurance for longterm care: a political economy analysis," IDEI Working Papers 719, Institut d'Économie Industrielle (IDEI), Toulouse, revised Jun 2014.
    2. Joan COSTA‐FONT & Christophe Courbage & Katherine Swartz, 2015. "Financing Long‐Term Care: Ex Ante, Ex Post or Both?," Health Economics, John Wiley & Sons, Ltd., vol. 24, pages 45-57, March.
    3. repec:ces:ifodic:v:8:y:2010:i:2:p:14566966 is not listed on IDEAS
    4. Joan Costa-Font, 2011. "Insurance Crowding Out and Long-Term Care Partnerships," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 9(2), pages 52-54, 07.
    5. 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.
    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. Peter Zweifel, 2015. "An Economist’s Influence on Health Policy," Applied Health Economics and Health Policy, Springer, vol. 13(3), pages 265-267, June.
    8. repec:ces:ifodic:v:9:y:2011:i:2:p:16132672 is not listed on IDEAS
    9. 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.
    10. Peter Zweifel, 2001. "Eine Gesundheitspolitik fÏr das 21. Jahrhundert: Zehn Reformvorschläge," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 2(1), pages 81-98, February.
    11. Jean-Marc Bascans & Christophe Courbage & Cornel Oros, 2017. "Means-tested public support and the interaction between long-term care insurance and informal care," International Journal of Health Economics and Management, Springer, vol. 17(2), pages 113-133, June.
    12. Christophe Courbage & Peter Zweifel, 2015. "Double Crowding-Out Effects of Means-Tested Public Provision for Long-Term Care," Risks, MDPI, Open Access Journal, vol. 3(1), pages 1-16, February.
    13. 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.
    14. Christophe Courbage & Nolwenn Roudaut, 2010. "On Insurance for Long-term Care in France," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 8(2), pages 24-28, 07.
    15. repec:bla:glopol:v:8:y:2017:i::p:38-45 is not listed on IDEAS
    16. 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.
    17. Jason F. Shogren, 2001. "Children And The Environment: Valuing Indirect Effects On A Child'S Life Chances," Contemporary Economic Policy, Western Economic Association International, vol. 19(4), pages 382-396, October.
    18. Max Groneck & Frederic Krehl, 2014. "Bequests and Informal Long-Term Care: Evidence from the HRS Exit Interviews," Working Paper Series in Economics 79, University of Cologne, Department of Economics.

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