Funding Long-Term Care
Applications of the Trade-Off Principle in Both Public and Private Sectors
Bibliographic Data
| ID | 12797190 |
|---|---|
| Authors | Yung-Ping Chen (0000-0001-9108-5756, University of Massachusetts Boston), Yung‐ping Chen (corresponding author) |
| Year | 2003 |
| Volume | 15 |
| Issue | 1 |
| Pages | 15-44 |
| Publication date | 2003-02-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Journal of Aging and Health (JOURNAL) |
| Journal identifiers | ISSN: 1552-6887 • E-ISSN: 0898-2643 |
| Publisher | SAGE Publishing (PUBLISHER • US) |
| DOI | 10.1177/0898264302239013 |
| PMID | 12611401 |
| OpenAlex | W2157543393 |
| Language | EN |
| Citations received | 2 |
| References cited | 27 |
The uncertain need for long-term care services is a risk best protected by insurance. However, the current funding relies heavily on personal payment and public welfare, and only lightly on social and private insurances. This method, akin to sitting on a two-legged stool, is unlikely to be sustainable. To incorporate insurance as a key component of funding and to mobilize public and private resources more effectively, we propose a three-legged-stool funding model under which social insurance would provide a basic protection, to be supplemented by private insurance and personal payment. When these sources do not provide sufficient protection for some individuals, Medicaid as public welfare would serve as a safety net. This article (a) discusses how to implement this funding model by using the trade-off principle in both the public and private sectors when resources for long-term care are scarce, and (b) analyzes several objections to this model from cognitive psychology/behavioral economics
Business · Long-term care · Term (time · demographic modeling and climate adaptation · Global Health Care Issues · Healthcare Policy and Management · Medicine · Nursing · Psychology · Gerontology
Potential and Active Family Caregivers
Changes in the prevalence of chronic disability in the United States black and nonblack population above age 65 from 1982 to 1999
Mental accounting matters
The Rational Nonpurchase of Long-Term-Care Insurance
The Strategic Bequest Motive
How Strong Are Bequest Motives? Evidence Based on Estimates of the Demand for Life Insurance and Annuities
The Amount, Distribution, and Timing of Lifetime Nursing Home Use
Anomalies
Anomalies
Possible Reforms for Financing Long-Term Care
| Citations per year | 0.09 |
|---|---|
| Citation span | 2003 - 2018 (16) |
| Highly cited | No |