is unaffordable : The U . S . market for long - term care insurance
نویسنده
چکیده
I consider the popular argument of Medicaid crowding out demand for private long-term care insurance. I show that this argument rests on a wrong counterfactual comparison. Furthermore, I question the welfare-decreasing impact of Medicaid as it neglects a large value of the program in providing access to care. I show that private insurance is unable to o er a similar value. I posit that the low take-up of private insurance is due to a dilemma prevalent in but not exclusive to the market for long term care insurance: a dilemma between access and a ordability. Several empirical patterns in insurance uptake and lapsing behavior can be explained by considering the issue of limited a ordability. JEL Classi cation: G22; I11; I38
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