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The Musashino Plan: Japan's home equity conversion program for social, health and financial services
1Kuakini Medical Center, 347 North Kuakini Street, 96817, Honolulu, HI, U.S.A..
Abstract:
Recent concerns regarding the growth of the elderly population concomitant with the difficulties faced by government to provide sufficient supportive services have resulted in innovative plans for alternative financing. Home equity conversion for the "real estate rich, cash poor" elderly represents one such plan. This study reports on one of only two known government-based programs, the Musashino Plan of Japan. An overview of its historical development and its organizational structure is initially provided followed by a report of a community attitudes survey which attempted to assess preliminary program support. In addition, the experiences of the Plan are also discussed in terms of its eligibility requirements, financial accounting system, types and costs of services provided, client description and enrollment experience and service utilization pattern. This study concludes with a discussion of its limitations, potential and implications for growth from a cross-cultural perspective.
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