Nursing Homes in Equilibrium: Implications for Long-term Care Policies

We build an equilibrium model of the market for nursing home care with decision-makers on both sides of the market. The nursing home demand arises as a result of stochastic dynamic optimizations by households heterogeneous in age, health, wealth; and…

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The Risk of High Out-of-Pocket Health Spending among Older Americans

Traditional Medicare imposes significant cost-sharing on beneficiaries. Most but not all beneficiaries obtain supplemental insurance through Medigap, Medicare Advantage, Medicaid, or employer-sponsored retiree coverage, which may vary in how well they protect against the risk of high spending. This paper…

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The Impact of Public Health Insurance on Financial Resources and Medical Expense Risk at Older Ages

We will estimate the total, Medicare, Medicaid, and out-of-pocket medical expenditures among the elderly across the income gradient. We will assess the risk of medical spending and how it is reduced through Medicaid and Medicare. We will also estimate the…

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The Growth and Geographical Variation of Nursing Home Self-Pay Prices

Nursing home care is arguably the largest financial risk for the elderly without private or social insurance coverage. The annual out-of-pocket expenditure can easily exceed $70,000. Despite the substantial financial burdens on the elderly, the understanding of nursing home self-pay…

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