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KMID : 1170320130190010041
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Korean Journal of Health Economics and Policy
2013 Volume.19 No. 1 p.41 ~ p.54
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The Factor Analysis on Purchasing Private Long-term Care Insurance in the United States
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Kim Na-Young
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Abstract
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The U.S. has rapidly enters into an aging society. It not only decreases productivity in the economy, but also increases the dependency ratio in a society. In addition, the cost of health care, especially long-term care services which need for most older adults, has been growing dramatically. To pay for long-term care services, older adults heavily rely on public funds, such as Medicaid and Medicare that are suffering from budget deficits. Nationwide there are fewer than 7 million private long-term care insurance policies in force. To find a way to expand the private long-term care insurance market, therefore, this study investigates the factors, which affect purchasing private long-term care insurance, in 1998 and 2006 with a logit model, using RAND HRS. The results show that number of children has a significantly negative effect on purchasing private long-term care insurance in 2006, but not significant in 1998. In the case of self-reported health status-fair, it has a meaningful effect only in 1998, but not in 2006.
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KEYWORD
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long-term care service in US, long-term care insurance, purchasing private insurance
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