Long-Term-Care Utility and Late-in-Life Saving

Ameriks, John; Briggs, Joseph; Caplin, Andrew; Shapiro, Matthew D.; Tonetti, Christopher

doi:10.1086/706686

Cited by 116 publications

(71 citation statements)

References 47 publications

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“…Studying the nursing home industry in Pennsylvania, Hackmann (2017) concluded that low Medicaid reimbursement rates led to lowerquality care. Ameriks et al (2011Ameriks et al ( , 2017 surveyed customers of the Vanguard financial services company, a set of middle-to high-income individuals, about their willingness to purchase hypothetical financial products. They concluded that the desire to avoid Medicaid-funded care is a powerful saving motivation.…”

Section: Medicaid and Insurancementioning

confidence: 99%

End-of-life medical expenses

French

Jones

Kelly

et al. 2021

Handbook of Aging and the Social Sciences

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In this review, we document end-of-life medical spending: its level, composition, funding, and contribution to aggregate medical spending. We discuss how end-oflife expenses affect household behavior and economic evidence on the efficacy of medical spending at the end of life. Finally, we document recent trends in health and chronic disease at older ages and discuss what they might imply for end-of-life spending and medical spending in the aggregate. * Prepared for the 9 th Edition of the Handbook of Aging and the Social Sciences.

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Section: Medicaid and Insurancementioning

confidence: 99%

End-of-life medical expenses

French

Jones

Kelly

et al. 2021

Handbook of Aging and the Social Sciences

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“…Bequests to heirs also occur when the final member of a household dies. The desire to leave such bequests has received considerable attention as a potential explanation why households retain high levels of wealth at very old ages, as in Ameriks, Caplin, Laufer, and Van Nieuwerburg [4], Ameriks, Briggs, Caplin, Shapiro, and Tonetti [3], Dynan, Skinner, and Zeldes [23], and Lockwood [41]. In addition, De Nardi, French, and Jones [19] show that this kind of bequest motive helps fit the asset and Medicaid recipiency profiles of singles.…”

Section: Related Literature and Modeling Choicesmentioning

confidence: 99%

“…Our measure of wealth (or net worth, or assets) is the sum of all assets less mortgages and other debts. 3 Figure 1 displays median net worth, conditional on birth cohort and PI tercile, for different configurations of couples and singles. We break the data into 4 cohorts containing people who in 1996 were ages 72-77, 78-83, 84-89, and 90-102.…”

Section: Savings Medical Expenses and Bequestmentioning

confidence: 99%

Why Do Couples and Singles Save During Retirement?

Nardi

French²,

Jones

et al. 2021

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While the savings of retired singles tend to fall with age, those of retired couples tend to rise. We estimate a rich model of retired singles and couples with bequest motives and uncertain longevity and medical expenses. Our estimates imply that while medical expenses are an important driver of the savings of middle-income singles, bequest motives matter for couples and highincome singles and generate transfers to nonspousal heirs whenever a household member dies. The interaction of medical expenses and bequest motives is a crucial determinant of savings for all retirees. Hence, to understand savings, it is important to model household structure, medical expenses, and bequest motives.

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“…They use their estimated health process to quantitatively evaluate the lifetime consequences of bad health. Another one is Ameriks et al (2020) who use SRHS augmented to include an additional category of health characterized by the need for help with ADLs to explore the drivers of old-age saving behavior.…”

Section: Introductionmentioning

confidence: 99%

Untitled

2021

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We construct a unified objective measure of health status: the frailty index, defined as the cumulative sum of all adverse health indicators observed for an individual. Using the frailty index, we document four stylized facts on health dynamics over the life cycle. We show that the facts are robust to several alternative approaches to the construction of the index. We also compare the frailty index with selfreported health status and find significant differences in their dynamics and ability to predict health-related outcomes. Finally, we propose and estimate a stochastic process for frailty dynamics over the life cycle accounting for mortality bias. Researchers can use our frailty measure and dynamic process to study the evolution of health over the life cycle and its economic implications.

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Long-Term-Care Utility and Late-in-Life Saving

Cited by 116 publications

References 47 publications

End-of-life medical expenses

End-of-life medical expenses

Why Do Couples and Singles Save During Retirement?

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