Shang Wu, Hazel Bateman, Ralph Stevens, Susan Thorp
{"title":"长期护理的灵活保险:一项关于陈述偏好的研究","authors":"Shang Wu, Hazel Bateman, Ralph Stevens, Susan Thorp","doi":"10.1111/jori.12379","DOIUrl":null,"url":null,"abstract":"<p>Aging societies need efficient and flexible systems to finance care for the frail elderly. We study pre-retirees' demand for flexible insurance that can finance informal long-term care by paying income in poor health states instead of reimbursing formal care costs. We collect and analyze stated preferences for this long-term care income product, and preferences for informal care. When asked to allocate wealth to a life annuity, a liquid investment and flexible long-term care insurance, around 75% of our sample of 1008 pre-retirees choose some long-term care cover. Study participants treat long-term care income insurance as a complement to informal care from their families. Females who expect to rely exclusively on extensive care from family members prefer more cover than similar males. We also find that if long-term care income insurance were available, some healthier seniors would purchase additional longevity insurance, using liquid funds otherwise set aside to self-insure long-term care risk.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"89 3","pages":"823-858"},"PeriodicalIF":2.1000,"publicationDate":"2022-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jori.12379","citationCount":"0","resultStr":"{\"title\":\"Flexible insurance for long-term care: A study of stated preferences\",\"authors\":\"Shang Wu, Hazel Bateman, Ralph Stevens, Susan Thorp\",\"doi\":\"10.1111/jori.12379\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>Aging societies need efficient and flexible systems to finance care for the frail elderly. We study pre-retirees' demand for flexible insurance that can finance informal long-term care by paying income in poor health states instead of reimbursing formal care costs. We collect and analyze stated preferences for this long-term care income product, and preferences for informal care. When asked to allocate wealth to a life annuity, a liquid investment and flexible long-term care insurance, around 75% of our sample of 1008 pre-retirees choose some long-term care cover. Study participants treat long-term care income insurance as a complement to informal care from their families. Females who expect to rely exclusively on extensive care from family members prefer more cover than similar males. We also find that if long-term care income insurance were available, some healthier seniors would purchase additional longevity insurance, using liquid funds otherwise set aside to self-insure long-term care risk.</p>\",\"PeriodicalId\":51440,\"journal\":{\"name\":\"Journal of Risk and Insurance\",\"volume\":\"89 3\",\"pages\":\"823-858\"},\"PeriodicalIF\":2.1000,\"publicationDate\":\"2022-04-25\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jori.12379\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Risk and Insurance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/jori.12379\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Risk and Insurance","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/jori.12379","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Flexible insurance for long-term care: A study of stated preferences
Aging societies need efficient and flexible systems to finance care for the frail elderly. We study pre-retirees' demand for flexible insurance that can finance informal long-term care by paying income in poor health states instead of reimbursing formal care costs. We collect and analyze stated preferences for this long-term care income product, and preferences for informal care. When asked to allocate wealth to a life annuity, a liquid investment and flexible long-term care insurance, around 75% of our sample of 1008 pre-retirees choose some long-term care cover. Study participants treat long-term care income insurance as a complement to informal care from their families. Females who expect to rely exclusively on extensive care from family members prefer more cover than similar males. We also find that if long-term care income insurance were available, some healthier seniors would purchase additional longevity insurance, using liquid funds otherwise set aside to self-insure long-term care risk.
期刊介绍：
The Journal of Risk and Insurance (JRI) is the premier outlet for theoretical and empirical research on the topics of insurance economics and risk management. Research in the JRI informs practice, policy-making, and regulation in insurance markets as well as corporate and household risk management. JRI is the flagship journal for the American Risk and Insurance Association, and is currently indexed by the American Economic Association’s Economic Literature Index, RePEc, the Social Sciences Citation Index, and others. Issues of the Journal of Risk and Insurance, from volume one to volume 82 (2015), are available online through JSTOR . Recent issues of JRI are available through Wiley Online Library. In addition to the research areas of traditional strength for the JRI, the editorial team highlights below specific areas for special focus in the near term, due to their current relevance for the field.
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