Why is the market for long-term care insurance so small?
Why is the market for long-term care insurance so small?
复制标题
DOI：
10.1016/j.jpubeco.2007.02.010
复制
发表时间：
2007-11-01
影响因子：
9.8
通讯作者：
Finkelstein, Amy
中科院分区：
文献类型：
--
作者：
Brown, Jeffrey R.;Finkelstein, Amy
长期护理是美国老年人面临的最大的未参保财务风险之一。我们提出了私人长期护理保险市场供给侧市场失灵的证据。特别是，购买的典型保单的保费大大高于预期收益。与总支出风险相比，它提供的保险范围也非常有限。然而，我们提出了更多的证据表明，供给侧市场失灵的存在本身不太可能足以解释私人长期护理保险市场规模非常小的原因。特别是，我们发现在定价方面存在巨大的性别差异，这些差异不会转化为覆盖范围的差异，我们还表明，更全面的保单可以广泛获得，尽管很少购买，但负载与购买的保单相似。这表明，限制保险需求的因素在这个市场上也可能是重要的。我们的证据也揭示了这些需求面因素的可能性质。(C)2007 Elsevier B.V.保留所有权利。
Long-term care represents one of the largest uninsured financial risks facing the elderly in the United States. We present evidence of supply side market failures in the private long-term care insurance market. In particular, the typical policy purchased exhibits premiums marked up substantially above expected benefits. It also provides very limited coverage relative to the total expenditure risk. However, we present additional evidence suggesting that the existence of supply side market failures is unlikely, by itself, to be sufficient to explain the very small size of the private long-term care insurance market. In particular, we find enormous gender differences in pricing that do not translate into differences in coverage, and we show that more comprehensive policies are widely available, if seldom purchased, at similar loads to purchased policies. This suggests that factors limiting demand for insurance are also likely to be important in this market. Our evidence also sheds light on the likely nature of these demand-side factors. (c) 2007 Elsevier B.V. All rights reserved.