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Volume 7, Issue 1 2013 Article 4 Asia-Pacific Journal of Risk and Insurance Projecting the Cost of Long-Term Care Insurance in Korea Hyuk-Sung Kwon, Department of Statistics and Actuarial Science, Soongsil University Chang-Soo Lee, Department of Statistics and Actuarial Science, Soongsil University Jun-Soo Hur, School of Social Welfare, Soongsil University Recommended Citation: Kwon, Hyuk-Sung; Lee, Chang-Soo; and Hur, Jun-Soo (2013) "Projecting the Cost of Long- Term Care Insurance in Korea," Asia-Pacific Journal of Risk and Insurance: Vol. 7: Iss. 1, Article 4

insurance market through innovative policy design. Therefore, more individuals could fund at least part of their long-term care costs by private insurance rather than completely relying on Medicaid. Using a modified Brown and Finkelstein (2008) model of optimal long-term care insurance purchase decisions, we evaluate one potential innovation, namely the catastrophic policy. Munnell mentioned the idea of long-term care insurance with longer elimination periods in a web discussion at http://stream.wsj.com/story/experts-journal-reports/SS-2-135503/SS-2-193782 By design

Are Personal Budgets a Financially Sound Reform Option for the German Long-Term Care Insurance? By Melanie Arntz, Mannheim, and Stephan L. Thomsen, Magdeburg* JEL I38, I12, C93 Long-term care, long-term care insurance, consumer-directed home care, spending. Received: 30.10.2009 Revision received: 14.04.2010 Accepted: 03.05.2010 Summary In a long-run social experiment, personal budgets have been tested as an alternative home care program of the German long-term care insurance (LTCI). By granting the monetary value of in- kind services in cash, personal budgets are

1 Introduction As human life expectancy has been increasing for the last few decades, medical costs have become a very important concern in retirement plans. Medical costs depend on the disease and the illness duration. Among various well-known diseases, dementia such as Alzheimer’s disease and Parkinson’s disease, as a degenerative disease with cognitive lags, entail long-term care and significant costs. Long-term care insurance helps maintain economic stability during severe illness. In many countries, long-term care insurance is provided by the government

Zeitschrift für Rechtssoziologie 32 (2011), Heft 1, S. 59-99  Lucius & Lucius, Stuttgart Rechtliche Wirkungsforschung am Beispiel der Pflegeversicherung Research on Legal Effects within the Context of the German Long-Term- Care Insurance Peter Runde, Reinhard Giese, Claudia Kaphengst Zusammenfassung: Mit Hilfe eines von den Autoren entwickelten handlungstheoretischen Wirkungsmodells und darauf abgestimmten empirischen Erhebungen seit 1997 wird anhand des Pflegeversicherungsgesetzes (SGB XI) für den häuslichen Pflegesektor dargelegt, auf welchen Wegen

-1- The Economists’ Voice www.bepress.com/ev October, 2011© De Gruyter Why Systemic Risk Considerations Affect the Market for Long-Term Care Insurance RObIn L. LuMSDAInE I t is widely recognized that the popu- lation is aging and healthcare costs are rising, trends that signal signifi- cant strain on entitlement programs in the future. The costs associated with long-term care (LTC) have been of particular concern; the Government Accounting Office estimated that LTC expenditures in the U.S. represented nearly 12 percent of all health- care expenditures

for households where the head is aged 65–74 is $205,500, the vast majority of which is held in housing assets ( Munnell et al. 2009 ). Thus, the typical household is at risk of losing their life savings if they become disabled as they age. Long-term care insurance (LTCI) offers one approach to reduce the financial risk of long-term care. The Patient Protection and Affordable Care Act initially included the Community Living Assistance Services and Supports (CLASS) Act. The CLASS Act would have created a public program through which individuals could purchase LTCI

Planning Perspective.” Journal of Risk and Insurance 56(1):146–54. 10.2307/253022 Brown, J.R., and A. Finkelstein. 2007. “Why Is the Market for Long-Term Care Insurance so Small?” Journal of Public Economics 2007;10:1967–91. Brown, J.R., and A. Finkelstein. 2008. “The Interaction of Public and Private Insurance: Medicaid and the Long-Term Care Insurance Market.” American Economic Review 98:1083–102. 10.1257/aer.98.3.1083 Brown, J.R., and A. Finkelstein. 2009. “The Private Market for Long-Term Care Insurance in the United States: A Review of the Evidence.” Journal

Tabea Bucher-Koenen, Johanna Schütz and Martin Spindler 32 Long-term care insurance across Europe ▸ Overall, relatively few 50+ Europeans hold private long-term care insurance (LTCI) policies ▸ There are large country-specific variations in LTCI coverage rates that are mainly related to differences in the institutional design of long-term care provision ▸ Education, income, widowhood, good subjective health status, and chronic conditions are positively related with the demand for LTCI policies 32.1  Demand and supply for long-term care insurance in Europe

discuss the role of a linear income tax and of public health insurance. In Section 4 , we consider the case when individuals differ in productivity. In Section 5 , we conclude. 2 A model of family norm We consider an overlapping generations model in which people live through two periods. The first period corresponds to youth: each individual has one child, allocates time between family help and work, and devotes his earnings to consumption, savings, and long-term care insurance. The second period corresponds to old age: the individual consumes his savings. Furthermore