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Author: Haizhen Lin Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
The Partnership long-term care (PLTC) insurance program is a major initiative partnering state Medicaid programs and private insurers in an attempt in increase take-up of long-term care insurance by older Americans. Prior work has shown that, while the program is aimed at middle-wealth individuals, it is only wealthy individuals who are participating. Any attempt to alter the participating demographics must be informed by the determinants of individuals' participation (beyond just their wealth) in order to be successful. In this paper, we assess several possible determinants of participation in the PLTC program - bequest motives, financial literacy, and program awareness. We find mild evidence that intent to bequest influences individual purchases of the partnership program. However, we find strong evidence that program awareness is necessary for response while financial literacy notably increases responsiveness. These findings suggest that increasing response to the program among the middle class (the stated target group) requires increased education about the program's benefits and increased efforts to create awareness of the program existence, at least among the middle class.
Author: Haizhen Lin Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
The Partnership long-term care (PLTC) insurance program is a major initiative partnering state Medicaid programs and private insurers in an attempt in increase take-up of long-term care insurance by older Americans. Prior work has shown that, while the program is aimed at middle-wealth individuals, it is only wealthy individuals who are participating. Any attempt to alter the participating demographics must be informed by the determinants of individuals' participation (beyond just their wealth) in order to be successful. In this paper, we assess several possible determinants of participation in the PLTC program - bequest motives, financial literacy, and program awareness. We find mild evidence that intent to bequest influences individual purchases of the partnership program. However, we find strong evidence that program awareness is necessary for response while financial literacy notably increases responsiveness. These findings suggest that increasing response to the program among the middle class (the stated target group) requires increased education about the program's benefits and increased efforts to create awareness of the program existence, at least among the middle class.
Author: Nelda McCall Publisher: ISBN: Category : Business & Economics Languages : en Pages : 356
Book Description
This book reflects on efforts to implement the Partnership for Long Term Care, a project funded by the Robert Wood Johnson Foundation. The Partnership's early failures and successes are discussed, and alternative visions of future long term care financing are described. Contributors represent a variety of ideological viewpoints on individual versus societal responsibilities and the relative roles of the public and private sectors in providing a safety net for the elderly, yet all are skeptical of the success of the Partnership. They outline difficulties from practical and policy standpoints and discuss lessons learned. This book lacks a subject index. c. Book News Inc.
Author: Nadia Greenhalgh-Stanley Publisher: ISBN: Category : Languages : en Pages : 28
Book Description
While the private long-term care insurance market has remained small, an important trend in the United States has been the increased dependence on Medicaid to provide long-term care services for the elderly. As a result, the government has attempted to develop laws that would incentivize the purchase of private long-term care insurance policies, in order to at least initially shift some of the financial burden away from Medicaid. The Deficit Reduction Act of 2005 (DRA05) allowed states to adopt Long-Term Care Partnership (LTCP) programs, which provided incentives for individuals to purchase private long-term care insurance policies by decreasing the implicit tax the elderly face for holding financial and non-housing assets. However, the literature to date has little empirical evidence on whether the government has been successful in expanding the private long-term care insurance market. Using the Health and Retirement Study (HRS) and state-by-time variation in adoption of LTCPs, I find that state adoption of these programs increased the incidence of having long-term care insurance by 3 percent and decreased Medicaid use among respondents by 18 percent. Additionally, I find an increase in private long-term care insurance policies that provide nursing home care and a decrease in plans that provide in-home care. These results are especially important with the recent OAA and CLASS legislation.
Author: Haizhen Lin Publisher: ISBN: Category : Languages : en Pages : 19
Book Description
We examine the impact of U.S. states' adoption of the partnership long-term care (LTC) insurance program on households' purchases of private coverage. Targeting middle-class households, this program increases the benefits of privately insuring via a higher asset threshold for Medicaid eligibility for LTC coverage. We find that the program generates few new purchases of LTC insurance, and that those it generates are almost entirely by wealthy individuals.
Book Description
This upper level textbook provides a coherent introduction to the economic implications of individual and population ageing. Placing economic considerations into a wider social sciences context, this is ideal reading not only for advanced undergraduate and masters students in economics, health economics and the economics of ageing, but also policy makers, students, professionals and practitioners in gerontology, sociology, health-related sciences and social care. This volume discusses the fiscal implications of ageing, health economics and long-term care. Fiscal policy issues include generational accounting and national transfer accounts, the relationship between ageing, public expenditure and fiscal policy, the age profiles of public expenditures and taxes, and the relationship between ageing, capital and labour taxation. Health economics with regard to ageing comprises healthy and disability-free life expectancy, the relationship between health inequalities and age, the macroeconomic implications of population health, the socio-economic determinants of health, the interaction between ageing and both individual and aggregate health expenditure, and economic approaches to valuing later life. This volume closes with an exposition of the economics of formal and informal care, as well as questions around insurance, risk and the so-called `sandwich generation'.
Author: Scott A. Olson Cltc Publisher: Independently Published ISBN: 9781980586371 Category : Business & Economics Languages : en Pages : 144
Book Description
The insurance industry does not want you to read this book. This book gives you knowledge from an insider. This knowledge will empower you to take simple steps that can protect your life's savings from long-term care expenses.In 2005, Congress passed legislation that gave each state the authority to develop "Long-Term Care Partnership Programs". These programs are a partnership between the federal government, your state government, select insurance companies, specially-trained insurance agents, and you. These programs encourage the middle-class to purchase an amount of long-term care insurance that is equal to their net worth. If their policy runs out of benefits they can apply for Medicaid to pay for their care and all of their assets can be protected from Medicaid (both while they are alive and even after they pass away.)You can target how much long-term care insurance you need based upon how much of your assets you want to protect from Medicaid. If you want to protect more savings you can buy more benefits for a higher premium. If you have less savings you can buy less benefits for a lower premium. It's an equitable and affordable solution for those who want to plan ahead.
Author: Joan Costa-i-Font Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
Can the expansion of Medicaid, a means-tested health and long-term care insurance, be slowed down by incentivising the purchase of private long-term care insurance (LTCI)? We study the implementation of the long-term care insurance partnership (LTCIP) program, a joint federal and state-level program that intended to promote LTCI coverage. Drawing on a difference-in-differences (DD) design we study the effect of the rollout of the LTCIP program between 2005 and 2016 on both LTCI uptake and Medicaid eligibility, and we estimate the effect on Medicaid savings. Drawing on a difference-in-differences (DD) design, we find that, unlike previous estimates, the introduction of the LTCIP does significantly increase LTCI coverage and reduce the uptake of Medicaid. The effects are driven by the introduction of LTCIP in states after 2010. We estimate that the adoption of LTCIP has given rise to an average Medicaid saving of $36 for every 65-year-old. This suggests scope for LTCI arrangements to reduce Medicaid spending.
Author: Joshua M. Wiener Publisher: Brookings Institution Press ISBN: Category : Business & Economics Languages : en Pages : 320
Book Description
Today the families of Americans suffering from chronic conditions that require long-term care either at home or in nursing homes often face financial catastrophe. With the ever-increasing elderly population the need to address long-term care financing is more crucial than ever.
Author: Haizhen Lin
Author: Haizhen Lin
Author: Hyojin Kang
Author: Nelda McCall
Author: Nadia Greenhalgh-Stanley
Author: Haizhen Lin
Author: José Luis Iparraguirre
Author: Scott A. Olson Cltc
Author: Allen Hamm
Author: Joan Costa-i-Font
Author: Joshua M. Wiener