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KMID : 1170320140200040051
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Korean Journal of Health Economics and Policy
2014 Volume.20 No. 4 p.51 ~ p.80
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The association between population aging and health care expenditure considering ‘death-related costs’
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Shin Eun-Hae
Lim Jae-Young
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Abstract
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The aim of this paper is to test the validity of the hypothesis that the increasing health care expenditure is not simply determined by a change in the structure of aged population, but by the amount of medical care consumed just before the time of death. In doing so, this paper addresses two methodological issues. Specifically, we attempt to correct for endogeneity which arises when expenditure on medical care inversely affects ‘time-to-death``, and sample selection bias that occurs when a considerable number of people have not spent money on medical services even once. Unlike what other studies have found, it turns out that the effect of age on medical expenditure does not disappear even after ‘time-to-death`` is controlled for. Rather, there exists a nonlinear relationship due to the differences in health care spending before death among different age groups. The results provide a more comprehensive picture on the relationship between population aging and health care expenditure by accounting for ‘death-related costs.
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KEYWORD
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Population Aging, Medical Costs, Death-related Costs, Time to Death, Endogeneity
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