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Author: Angie Ahmadi Publisher: ISBN: Category : Long-term care insurance Languages : en Pages : 0
Book Description
This dissertation focuses on long-term care (LTC) in old age and the low ownership of private long-term care insurance (LTCI). Older adults in the US face significant risk of needing long-term care services. Despite the risk, most Americans never attempt to insure against it, and those who do tend to apply late in life when they are likely to be rejected. The first essay in this dissertation builds a quantitative equilibrium model to study consumers' decision about when to buy LTCI in the presence of uninsurability risk. The model evaluates how much of the delay in purchase can be explained by risk misperceptions. I formulate the problem as a three-period model where consumers may buy insurance in a competitive market based on their observable risk characteristics during the first two periods in order to insure against nursing home risk in the third period. I estimate the model using the Health and Retirement Study (HRS). The model successfully reproduces the low ownership rates and timing of purchase across all income quintiles. I find that risk misperceptions lead to 42% lower than optimal purchase rate, and cause 29% of early buyers to delay their purchase. The sub-optimal behavior is particularly pronounced among the middle-income consumers. The second essay studies the patterns of LTC risk and LTCI purchase across race and ethnicity in the US. By 2050, the share of Blacks and Hispanics in the over-85 population is expected to increase to 40%. A better understanding of risk and insurance across different segments of the aging population is particularly important, given this increasing racial heterogeneity in older adults. Using the HRS, this chapter studies racial disparities in late-in-life health outcomes and estimates the risk of having a nursing home stay over lifetime across race and ethnicity. It finds that Blacks and Hispanics have a lower risk of entering a nursing home than Whites. The paper also examines differences in the likelihood of LTCI purchase across different racial and ethnic groups. The findings suggest that once demographic, socioeconomic, and family characteristics are accounted for, non-Whites are not less likely to buy insurance.
Author: Angie Ahmadi Publisher: ISBN: Category : Long-term care insurance Languages : en Pages : 0
Book Description
This dissertation focuses on long-term care (LTC) in old age and the low ownership of private long-term care insurance (LTCI). Older adults in the US face significant risk of needing long-term care services. Despite the risk, most Americans never attempt to insure against it, and those who do tend to apply late in life when they are likely to be rejected. The first essay in this dissertation builds a quantitative equilibrium model to study consumers' decision about when to buy LTCI in the presence of uninsurability risk. The model evaluates how much of the delay in purchase can be explained by risk misperceptions. I formulate the problem as a three-period model where consumers may buy insurance in a competitive market based on their observable risk characteristics during the first two periods in order to insure against nursing home risk in the third period. I estimate the model using the Health and Retirement Study (HRS). The model successfully reproduces the low ownership rates and timing of purchase across all income quintiles. I find that risk misperceptions lead to 42% lower than optimal purchase rate, and cause 29% of early buyers to delay their purchase. The sub-optimal behavior is particularly pronounced among the middle-income consumers. The second essay studies the patterns of LTC risk and LTCI purchase across race and ethnicity in the US. By 2050, the share of Blacks and Hispanics in the over-85 population is expected to increase to 40%. A better understanding of risk and insurance across different segments of the aging population is particularly important, given this increasing racial heterogeneity in older adults. Using the HRS, this chapter studies racial disparities in late-in-life health outcomes and estimates the risk of having a nursing home stay over lifetime across race and ethnicity. It finds that Blacks and Hispanics have a lower risk of entering a nursing home than Whites. The paper also examines differences in the likelihood of LTCI purchase across different racial and ethnic groups. The findings suggest that once demographic, socioeconomic, and family characteristics are accounted for, non-Whites are not less likely to buy insurance.
Author: Aikaterini Gousia Publisher: ISBN: Category : Medical economics Languages : en Pages : 141
Book Description
This thesis focuses on three distinct topics around healthcare and ageing. The first chapter assess the effectiveness of the current regime that regulates the entry and geographical distribution of pharmacies in Italy. Using a structural model from the recent literature on entry I find that the public interest view is not supported in the Italian case. Alternative policies that combine entry deregulation and markup reduction are found to achieve the same if not better geographical coverage by pharmacies, higher supply of pharmaceutical services, entry by new pharmacists and important government savings. The second chapter seeks to see whether financial literacy can be a factor that affects demand for private long-term care insurance. Using detailed data from the Health and Retirement Study I construct two comprehensive indices for financial literacy that capture various aspects and degrees of financial skills and knowledge. Using an instrumental variables approach I find that those with higher financial literacy are more likely to own private long-term care insurance. The third chapter investigates the effect of gradual retirement on a variety of health outcomes. Using a regression discontinuity approach I find that partial retirement has a preserving health effect in old age contrary to full time work that is found to deteriorate health. The effect of partial retirement on health is in fact larger in magnitude, suggesting that the health effects of working are non linear in old age.
Author: Marika Ilona Cabral Publisher: Stanford University ISBN: Category : Languages : en Pages : 290
Book Description
This dissertation consists of four distinct essays. In an essay entitled "Claim Timing and Ex Post Adverse Selection: Evidence from Dental 'Insurance, ' " I explore the impact of strategic timing on insurance market allocations. If people can delay a claim just long enough to buy more insurance coverage in anticipation of it, severe adverse selection may result, and in extreme cases, this can lead to the complete unraveling of an insurance market. I study these forces by analyzing dental treatments and insurance, with the goal of understanding insurance in the market for dental care and also revealing lessons that apply to insurance markets more broadly. Using rich claim-level data from a large firm, my analysis reveals that the strategic delay of treatment and the associated adverse selection may be an important factor in explaining why so few people have dental coverage in the US and why typical dental "insurance" contracts provide so little insurance. More generally, my results suggest that insurance products without contract features designed to limit coverage for strategically delayed costs (e.g., open-enrollment periods, pricing pre-existing conditions) may generate unraveling. An essay entitled "The Hated Property Tax: Salience, Tax Rates, and Tax Revolts" (with Caroline Hoxby), explores the relationship between the salience of the property tax and observed property tax rates. We hypothesize that high salience explains the unpopularity of the property tax, the level of the property tax, and prevalence of property tax revolts. To identify variation in the salience of the property tax over local jurisdictions and over time, we exploit conditionally random variation in tax escrow, a method of paying the property tax that makes it much less salient. We find that areas in which the property tax is less salient are areas in which property taxes are higher and property tax revolts are less likely to occur. In an essay entitled "Private Coverage and Public Costs: Identifying the Effect of Private Supplemental Insurance on Medicare Spending" (with Neale Mahoney), we explore the impact of private supplemental insurance on Medicare spending. Private supplemental insurance to "fill the gaps" of Medicare, known as Medigap, is very popular. We estimate the impact of this supplemental insurance on total medical spending using an instrumental variables strategy that leverages discontinuities in Medigap premiums at state boundaries. Our estimates suggest that Medigap increases medical spending by 57 percent---or about 40 percent more than previous estimates suggest. Back-of-the-envelope calculations indicate that a 20 percent tax on premiums would generate combined revenue and savings of 6.2 percent of Medicare baseline costs. An essay entitled "The Effect of Insurance Coverage on Preventive Care" (with Mark Cullen), explores the effect of insurance coverage on preventive care utilization. Using health insurance claims data from a large company, this paper examines the implementation of an insurance benefit design which differentially increased the marginal price of curative care (non-preventive care) while decreasing the marginal price of prevention. We examine the effect of the differential price change on the use of preventive procedures. We reveal evidence consistent with an important negative cross-price effect; that is, increases in the price of curative care can depress preventive care utilization.
Author: Angie Ahmadi
Author: Angie Ahmadi
Author: Yanling Ge
Author: Alice Monica Zawacki
Author: Daifeng He
Author: Aikaterini Gousia
Author: Iegor Rudnytskyi
Author: Christopher Karl Ludwig Schreckenberger
Author: Rik Letterie
Author: United States. Congress. Senate. Special Committee on Aging
Author: Marika Ilona Cabral