Astin Bulletin · 2016 · 22 citations · 41 references
Public AffairsInsurancePublic PolicyInsurance EconomicsLong-term Care PolicySocial InsuranceLong-term Care CoverageLong-term Care InsurancePension InsurancePension PolicyRetirement Security PolicySocial Security PolicyDefined Contribution BenefitsLife Care AnnuitiesMortality RatesMultiple Generations AnalysisNotional Defined Contribution PensionsPublic Long-term Care PolicyPublic Pension PolicyRetirement
Abstract This paper examines the possibility of embedding public long-term care (LTC) insurance within the retirement pension system, i.e. introducing life care annuities into a notional defined contribution framework. To do this, we develop a multistate overlapping generations model that includes the so-called survivor dividend and give special attention to the assumptions made about mortality rates for dependent persons and LTC incidence rates, which largely determine the contribution rate assigned to LTC. The proposed model could be of interest to policymakers because it could be implemented without too much difficulty, it would universalize LTC coverage with a “fixed” cost, and it would discourage politicians from making promises about future LTC benefits without the necessary funding support.
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Insuring Long-Term Care in the United States
Jeffrey R. Brown, Amy Finkelstein · The Journal of Economic Perspectives · 2011 · 213 citations · Full text