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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: 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: 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: 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.
Author: Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
Although long-term care is a substantial financial risk for retired households, only about 10 percent purchase insurance, with many of the remainder relying on Medicaid. Faced with rising Medicaid expenditures on long-term care, states have attempted to encourage the purchase of private long-term care insurance through partnership programs that exempt purchasers of qualifying policies from the Medicaid asset test. Using numerical optimization techniques, and assuming plausible preference parameters, we show that the programs will only increase insurance coverage among single males by 5 percent and single females by 4 percent. Most of the program benefits will go to those who would have purchased non-partnership long-term care insurance anyway. Thus, the cost of the subsidy will exceed the savings in Medicaid costs.
Author: Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
Under Medicaid's long-term care (LTC) insurance partnership program, persons who have exhausted (or used at least some of) the benefits of a private long-term care insurance policy may access Medicaid without having to meet the same means-testing requirements as other groups of Medicaid eligibles. Currently, Medicaid law allows four states (California, Connecticut, Indiana, and New York) to operate partnership programs. These states disregard some or all the assets of applicants who apply to Medicaid after exhausting their private benefits and exempt these assets from estate recovery after the beneficiary has died. Only persons who purchase pre-approved LTC insurance policies meeting state-defined requirements may participate. The partnership program is intended to encourage persons to purchase LTC insurance who would not otherwise do so, reduce incentives for person to transfer assets to qualify for Medicaid sooner than they otherwise would, and contain Medicaid spending on long-term care services. According to data provided to CRS by the partnership states, about 181,600 partnership policies (private LTC insurance policies approved by the state to qualify for asset protection should an individual require Medicaid) have been sold. Of all purchasers, 88 persons, or 0.5%, have received Medicaid coverage for their LTC needs. A total of $2.8 million in assets have been protected for persons in California, Connecticut, and Indiana who have qualified for Medicaid. It is unknown how many persons with policies still in-force will eventually qualify for Medicaid. The majority of partnership policies purchased offer comprehensive benefits that include coverage of nursing home stays and home care. All of the partnership states require that policies be protected against inflation for at least some of its purchasers. Surveys conducted in California and Connecticut show that almost half of partnership purchasers have assets of greater than $350,000 and a survey conducted in Indiana shows that 60% of purchasers have assets of greater than that level (excluding the home). In contrast, an average of 20% of purchasers in California and Connecticut have assets of less than $100,000 (excluding the home). In New York, 8% of purchasers have assets of less than $50,000. In response to state interest, Congressional proposals were introduced in the 108th Congress that would have allowed states the option of expanding the LTC insurance partnership program from a four-state model to a nationwide program. The Presidents' fiscal year (2004 and 2005) budgets also included similar proposals. Debate about the partnership program is likely to be continued in the 109th Congress. This report provides a summary of the experiences of the four states in implementing the partnership program, including data and analysis of participation, policies purchased, and the market for LTC insurance. It also attempts to evaluate the extent to which the asset protection promised under the partnership program is sufficient and necessary to encourage more persons to purchase LTC insurance, and discusses other key issues raised by policymakers and stakeholders concerning the expansion of the partnership program to the national level. Legislative proposals are also described.
Author: United States Government Accountability Office Publisher: Createspace Independent Publishing Platform ISBN: 9781984157812 Category : Languages : en Pages : 86
Book Description
Long-Term Care Insurance: Partnership Programs Include Benefits That Protect Policyholders and Are Unlikely to Result in Medicaid Savings
Author: Joan Costa-i-Font
Author: Joan Costa-i-Font
Author: United States. General Accounting Office
Author: Nelda McCall
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Author: 
Author: Haizhen Lin
Author: 
Author: 
Author: United States Government Accountability Office
Author: United States. Congress. Senate. Special Committee on Aging