Optimal consumption, portfolio, and long-term-care health insurance in a dynamic framework

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<title>Optimal consumption, portfolio, and long-term-care health insurance in a dynamic framework</title>
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<namePart>Leporatti, Lucia</namePart>
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<abstract displayLabel="Summary">The article presents a dynamic model that jointly analyzes optimal consumption, investment decisions, and the purchase of long-term care (LTC) insurance. Using a stochastic framework with health shocks modeled through Poisson processes, it shows how individuals balance savings, portfolio allocation, and insurance coverage when facing LTC expenses. The findings indicate that the share of LTC costs covered by insurance declines with age, that interest rates and insurer mark-ups strongly influence coverage decisions, and that savings and private insurance act as substitutes. The model is calibrated using Health and Retirement Study data, offering policy insights on improving LTC affordability and sustainability</abstract>
<note type="statement of responsibility">Lucia Leporatti...[et al.]</note>
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<topic>Gerencia de riesgos</topic>
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<title>Risk management & insurance review</title>
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<publisher>Malden, MA : The American Risk and Insurance Association by Blackwell Publishing, 1999-</publisher>
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<identifier type="issn">1098-1616</identifier>
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<text>23/12/2025 Volume 28 Issue 4 - 2025 , p. 588 - 608</text>
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