Behavioral Biases and Long-Term Care Insurance: A Political Economy Approach
نویسندگان
چکیده
منابع مشابه
Behavioral biases and long term care insurance : A political economy approach Philippe
We develop a model where individuals all have the same probability of becoming dependent and vote over the social long term care insurance contribution rate before buying additional private insurance and saving. We study three types of behavioral biases, all having in common that agents under-weight their dependency probability when taking private decisions. Sophisticated procrastinators antici...
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This paper comments on Naoki Ikegami’s editorial entitled “Financing long-term care: lessons from Japan.” Adding to the editorial, this paper focuses on analyzing the political and cultural foundations of long-term care (LTC) reform. Intergenerational solidarity and inclusive, prudential public deliberation are needed for the establishment or reform of LTC systems. Amon...
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Long term care is a relatively new employee benefit issue and was virtually unheard of two years ago. Long term care plans have been implemented in a handful of companies and government retirement systems. Long term care has become an employee benefits issue because of the growing awareness of the risks of long term care to the elderly and the costs of long term care. Long term care benefit pla...
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Long-Term Care Insurance (LTCI) was part of the CLASS Act, established by the Affordable Care Act (ACA). Although this initiative is on hold, at least 70 percent of people over 65 will eventually need long-term care, either at home or in a nursing home, and that can be very expensive. This Editorial looks at the basics of LTCI. State-specific laws are applicable with LTCI.
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We propose a model of narrow framing in insurance and test it using data from a new module we designed and fielded in the Health and Retirement Study. We show that respondents subject to narrow framing are substantially less likely to buy long-term care insurance than average. This effect is distinct from, and much larger than, the effects of cautiousness, risk aversion, or adverse selection, a...
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ژورنال
عنوان ژورنال: The B.E. Journal of Economic Analysis & Policy
سال: 2013
ISSN: 1935-1682,2194-6108
DOI: 10.1515/bejeap-2012-0074