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Private long-term care insurance: a look ahead
1Center for Health and Long-Term Care Research, Waltham, MA, USA. Mcohen@lifeplansinc.com
Journal of Aging and Health
|March 4, 2003
Summary
Private long-term care insurance is growing, potentially reducing public spending. While policyholders are mostly satisfied, service delivery issues remain, highlighting the need for insurer involvement in elder care.
Area of Science:
- Health Economics
- Insurance Studies
- Gerontology
Background:
- The private long-term care insurance market is expanding.
- Public policies and product improvements drive market growth.
- Understanding its impact on expenditures and stakeholders is crucial.
Purpose of the Study:
- To synthesize existing knowledge on the private long-term care insurance market.
- To analyze its effects on public expenditures, policyholders, families, and providers.
- To forecast future market trends and its role in elder care.
Main Methods:
- Review and analysis of empirical data from national studies.
- Compilation of industry information (published and nonpublished).
- Data collection via interviews (in-person, mail, telephone) and literature review.
Main Results:
- The long-term care insurance market is experiencing rapid growth.
- Market expansion is projected to modestly decrease public long-term care expenditures.
- Policyholders report satisfaction but often feel needs are unmet; service delivery is a key concern.
Conclusions:
- The private long-term care insurance market is poised for continued growth.
- Insurers will play an increasing role in addressing service delivery challenges.
- This insurance is expected to become more significant in supporting disabled elders and their families.