Insurance Markets for the Elderly

Fang, Hanming

doi:10.1016/bs.hespa.2016.05.003

Cited by 17 publications

(7 citation statements)

References 69 publications

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“…Brown and Finkelstein (2009) report that comprehensive LTCI contracts exist but are not purchased. The typical LTCI contracts held by households cap both the maximum number of days covered over the life of the policy and the maximum daily payment for a nursing home stay, a daily payment that is often fixed in nominal terms (Fang 2014). Even the policies that provide some kind of indexation of the daily maximum payment are typically linked to aggregate price indexes rather than actual nursing home costs, thus generating substantial purchasing power risk between the time a person purchases the policy and the time she enters a nursing home.…”

Section: Long-term Care Insurancementioning

confidence: 99%

Medicaid Insurance in Old Age

Nardi

French

Jones

2016

American Economic Review

130

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Many elderly households benefit from Medicaid, a means-tested, public health insurance program. Despite the increasing importance of Medicaid in the presence of an aging population and rising medical costs, very little is known about how Medicaid payments are distributed among the elderly and how the elderly value these payments. Which elderly households receive Medicaid transfers? How redistributive are these transfers and the taxes needed to finance them? What is the insurance value of these transfers? Is Medicaid of about the right size? How much would people lose if it were cut? These are important questions to answer before reforming the programs currently in place. In this paper we seek to fill this gap.We focus on single retirees, who comprise about 50 percent of people aged 70 or older and 70 percent of households aged 70 or older. We document new facts on Medicaid recipiency in the Assets and Health Dynamics Among the Oldest Old (AHEAD) data and show that, while the recipiency rate in the bottom income quintile is around 70 percent throughout retirement, the recipiency rate of higher-income

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Section: Long-term Care Insurancementioning

confidence: 99%

Medicaid Insurance in Old Age

Nardi

French

Jones

2016

American Economic Review

130

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“…For example, using a simple version of the lifecycle model with only lifespan uncertainty, Yaari (1965) shows that people should immediately annuitize all their wealth. However, it is well-documented that U.S. households hold small amounts of annuities and LTC insurance; see Fang (2014) for a recent survey.…”

Section: Insurance Choicesmentioning

confidence: 99%

“…However, access to comprehensive LTC insurance is often limited. Fang (2014) reports that the typical LTC insurance contract caps both the maximum number of days covered over the life of the policy and the maximum daily payment for a nursing home stay, a daily payment that is often fixed in nominal terms. Hendren (2013) estimates that 23% of 65-year-olds have health conditions that preclude them from purchasing LTC insurance at all, as the conditions indicate that applicants hold large amounts of private information about their risks.…”

Section: Insurance Choicesmentioning

confidence: 99%

Savings after retirement

French¹,

Jones²,

McGee³

2022

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Retired households, especially those with high lifetime income, decumulate their wealth very slowly, and many die leaving large estates. The three leading explanations for the 'retirement savings puzzle" are the desire to insure against uncertain lifespans and medical expenses, the desire to leave bequests to one's heirs, and the desire to remain in one's own home. We discuss the empirical strategies used to differentiate these motivations, most of which go beyond wealth to exploit additional features of the data. The literature suggests that all the motivations are present, but has yet to reach a consensus about their relative importance.

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“…Among the myriad factors contributing to household financial vulnerability, demographic shifts and digital disparities have emerged as key determinants. Population aging, a phenomenon exacerbated in China, presents profound challenges to household financial stability (Cai Fang et al, 2020) [2]. As the elderly population grows, the demand for specialized services and resources intensifies, while labor markets contend with escalating pension expenditures, exacerbating financial strain.…”

Section: Introductionmentioning

confidence: 99%

The impact of the old-age digital divide on household financial vulnerability

2024

AJBM

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With the aging of society and the development of the digitalization process, people are more and more concerned about the issue of household financial risk, focusing on the digital divide and financial vulnerability. Based on the Probit model, this paper explores the impact of the old-age digital divide on household financial vulnerability and urban-rural differences using the (CFPS) database panel data from 2014-2018, and puts forward corresponding policy recommendations. The study shows that the existence of the old-age digital divide and the deepening of the degree of old-age digital divide increase the probability of household financial vulnerability, in which the reduction of the degree of oldage digital divide has a significant impact on urban households. The Government should address this issue by strengthening digital training for the elderly, improving the level of financial services in rural areas and raising the income level of low-income groups in urban areas, so as to strengthen financial systemic risks and promote sustainable social development and stable economic growth.

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Insurance Markets for the Elderly

Cited by 17 publications

References 69 publications

Medicaid Insurance in Old Age

Medicaid Insurance in Old Age

Savings after retirement

The impact of the old-age digital divide on household financial vulnerability

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