The risk protection and redistribution effects of long-term care co-payments

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<title>The risk protection and redistribution effects of long-term care co-payments</title>
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<namePart>Wouterse, Bram</namePart>
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<abstract displayLabel="Summary">Co-payments for long-term care (LTC) can impose a substantial financial burden on the elderly. How this burden is distributed across income groups depends on the design of the co-payment. We estimate the lifecycle dynamics of LTC using Dutch administrative data. These estimates are inputs in a stochastic lifecycle decision model. Using the model, we analyze the welfare effects of the Dutch income- and wealth-dependent co-payment system and compare it to alternative systems. We find that the Dutch co-payment system redistributes income to low-income groups, who use the most care over their life but contribute the least co-payments, from high-income groups, who pay the most. Moreover, the Dutch system protects the middle-income groups relatively well against financial risk: although alternative co-payment systems hardly affect these groups average payments, they induce welfare losses of 2% to 4% due to an increased risk of very high co-payments.

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<accessCondition type="use and reproduction">La copia digital se distribuye bajo licencia "Attribution 4.0 International (CC BY NC ND 4.0)"</accessCondition>
<note type="statement of responsibility">Bram Wouterse, Arjen Hussem, Albert Wong</note>
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<topic>Gerencia de riesgos</topic>
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<topic>Personas mayores</topic>
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<topic>Copago</topic>
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<title>The Journal of risk and insurance</title>
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<publisher>Nueva York : The American Risk and Insurance Association, 1964-</publisher>
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<identifier type="issn">0022-4367</identifier>
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<text>07/02/2022 Volumen 89 Número 1 - febrero 2022 , 161-186</text>
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