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来源类型Working Paper
规范类型报告
DOI10.3386/w22726
来源IDWorking Paper 22726
The Long-Term-Care Insurance Puzzle: Modeling and Measurement
John Ameriks; Joseph Briggs; Andrew Caplin; Matthew D. Shapiro; Christopher Tonetti
发表日期2016-10-10
出版年2016
语种英语
摘要Individuals face significant late-in-life risks, prominently including the need for long-term care (LTC). Yet, they hold little long-term care insurance (LTCI). In this paper we use a structural model and a purpose-designed dataset to understand the determinants of insurance demand. We distinguish between a fundamental lack of desire to insure, crowd out from existing insurance, and unmet demand due to poor products available in the market. The model features individual-specific non-homothetic health-state-dependent preferences over normal consumption, consumption when in need of long-term care, and bequests, which are estimated using strategic survey questions. To account for differences between the modeled and measured insurance products, we study not only individuals' holdings of LTCI, but also their stated demand for an idealized product that mirrors that in the model. We find that many individuals would purchase LTCI and receive a large consumer surplus if it were a better product, while many others do not want to purchase even high-quality actuarially fair LTCI due to the values of their heterogeneous state-dependent preferences, their demographics, and their financial situation.
主题Microeconomics ; Households and Firms ; Behavioral Economics ; Macroeconomics ; Consumption and Investment ; Financial Economics ; Financial Institutions ; Public Economics ; Taxation ; Health, Education, and Welfare ; Health ; Labor Economics ; Demography and Aging
URLhttps://www.nber.org/papers/w22726
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/580399
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John Ameriks,Joseph Briggs,Andrew Caplin,et al. The Long-Term-Care Insurance Puzzle: Modeling and Measurement. 2016.
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