| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10782 |
| 来源ID | Working Paper 10782 |
| Supply or Demand: Why is the Market for Long-Term Care Insurance So Small? | |
| Jeffrey R. Brown; Amy Finkelstein | |
| 发表日期 | 2004-09-27 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | Long-term care represents one of the largest uninsured financial risks facing the elderly in the United States. Whether the small size of this market is driven primarily by supply side market imperfections or by limitations to demand, however, is unresolved, largely due to the paucity of data about the structure of the private market. We provide what is to our knowledge the first empirical evidence on the pricing and benefit structure of long-term care insurance policies. We estimate that the typical policy purchased by a 65-year old has an average pricing load of about 18 percent and has a very limited benefit structure, covering only one-third of the expected present discounted value of long-term care expenditures. These findings are consistent with the presence of supply side market imperfections. However, we also find enormous gender differences in pricing -- typical loads are 44 cents on the dollar for men but better than actuarially fair for women -- that do not translate into differences in coverage. And, although purchased policies provide limited benefits, we demonstrate that more comprehensive policies are widely-available at similar loads, but are rarely purchased. These findings suggest that while supply-side market imperfections exist, they are not the primary cause of the small size of the private long-term care insurance market. |
| 主题 | Public Economics ; Health, Education, and Welfare ; Health ; Financial Economics ; Financial Institutions ; Labor Economics ; Demography and Aging |
| URL | https://www.nber.org/papers/w10782 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568416 |
| 推荐引用方式 GB/T 7714 | Jeffrey R. Brown,Amy Finkelstein. Supply or Demand: Why is the Market for Long-Term Care Insurance So Small?. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10782.pdf（416KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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