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Preventing Crowding Out Of Long-Term Care Insurance: A Government Benchmark Approach.pdf

blogs.lse.ac.uk-We_can_prevent_the_crowding_out_of_long_term_care_insurance_by_family_financing_if_government_offers_.pdf
Preview of Preventing Crowding Out of Long-Term Care Insurance: A Government Benchmark Approach
🔗 Source: eprints.lse.ac.uk
📊 Size: 85 KB
📄 Pages: 2 pages
⬇️ Downloads: 164

Summary

The blog post discusses strategies for financing long-term care (LTC) for the elderly, focusing on preventing "crowding out" of private insurance by government and family financing options. Key points include:

1. Crowding Out Concerns: While some argue that public LTC insurance crowds out private insurance, empirical evidence doesn't support this in Europe.

2. Family Financing: Family financing is significant but limited by high administrative costs and sunk costs if an individual needs LTC.

3. Public Provision Importance: Given the unpredictable nature of LTC needs, it's well-suited for social provision. However, public funding faces challenges due to underestimation of risks and lack of incentives for political officials.

4. European Attitudes: Most EU citizens expect public or social security to pay for their LTC, while only a minority expects private insurance to cover it. Family ties reduce expectations of both public and private coverage.

5. Avoiding Crowding Out: To avoid crowding out, the government should offer a "benchmark" level of public financing that individuals can supplement with private savings or insurance. This approach is supported by Julian Le Grand and the 2005 Wanless Report.

6. Incentives and Awareness: Increasing awareness about LTC risks and providing incentives for private LTC insurance could complement public funding, especially as family structures change due to aging populations.

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Description

By offering a baseline public financing level, governments can prevent family financing from 'crowding out' private long-term care insurance as the aging population increases the demand for LTC. This approach encourages families to supplement public support with private insurance or savings. The blog discusses the policy implications of these alternatives for the baby-boom generation.

Technical Information

  • File Format: PDF
  • File Size: 85 KB
  • Pages: 2
  • Language: EN
  • Total Downloads: 164
  • Last Updated: 7 days ago

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