The Private Market for Long-Term Care Insurance in the United States: A Review of the Evidence

25 Pages Posted: 27 Apr 2009

See all articles by Amy Finkelstein

Amy Finkelstein

Massachusetts Institute of Technology (MIT) - Department of Economics; National Bureau of Economic Research (NBER)

Abstract

This article reviews the growing literature on the market for private long-term care insurance, a market notable for its small size despite the fact that long-term care expenses are potentially large and highly uncertain. After summarizing long-term care utilization and insurance coverage in the United States, the article reviews research on the supply of and the demand for private long-term care insurance. It concludes that demand-side factors impose important limits on the size of the private market and that we currently have a limited understanding of how public policies could be designed to encourage the growth of this market.

Suggested Citation

Finkelstein, Amy, The Private Market for Long-Term Care Insurance in the United States: A Review of the Evidence. Journal of Risk and Insurance, Vol. 76, Issue 1, pp. 5-29, March 2009, Available at SSRN: https://ssrn.com/abstract=1378340 or http://dx.doi.org/10.1111/j.1539-6975.2009.01286.x

Amy Finkelstein

Massachusetts Institute of Technology (MIT) - Department of Economics ( email )

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National Bureau of Economic Research (NBER) ( email )

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