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Dynamic Effects of Long-Term Care Insurance on Healthcare Expenditures: Evidence from South Korea

Author

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  • Honsoo Kim
  • Soojin Kim
  • Wonshik Kim
  • Kyung Hoon Yang

Abstract

Long-term care expenses pose a large financial risk to the elderly. In 2008, South Korea introduced a public long-term care insurance (LTCI) program for individuals older than 65. We study the dynamic effects of the LTCI on various healthcare expenditures. We find that after the implementation of the LTCI, average prescription drug and outpatient expenditures of the elderly increased. Dynamically, we observe that the growth in these expenditures moderates. We also find suggestive evidence that after the introduction of the LTCI, the elderly may utilize LTC hospitals instead of inpatient hospital services. These findings underscore the importance of understanding the long-term effects of LTCI on health and healthcare expenditures of the elderly and the need to account for interactions between LTC and other types of healthcare services in policy design.

Suggested Citation

  • Honsoo Kim & Soojin Kim & Wonshik Kim & Kyung Hoon Yang, 2023. "Dynamic Effects of Long-Term Care Insurance on Healthcare Expenditures: Evidence from South Korea," International Economic Journal, Taylor & Francis Journals, vol. 37(3), pages 446-461, July.
    • Handle: RePEc:taf:intecj:v:37:y:2023:i:3:p:446-461
    DOI: 10.1080/10168737.2023.2229287
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