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Related Experiment Videos

Managed competition with prefunding: the solution for long-term care?

D Lucas1

  • 1Northwestern University, Kellogg Graduate School of Management, Evanston, IL 60208, USA. d-lucas@nwu.edu

The Milbank Quarterly
|January 1, 1996
PubMed
Summary

A managed competition model for long-term care involves mandatory savings for insurance and purchasing coverage at retirement. This approach aims for equitable cost distribution and reduces Medicaid distortions.

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Area of Science:

  • Health Economics
  • Social Policy
  • Insurance Markets

Background:

  • Current long-term care financing is often inequitable and inefficient.
  • Medicaid program faces distortions and sustainability challenges.
  • The need for improved long-term care insurance arrangements is critical.

Purpose of the Study:

  • To propose and evaluate a managed competition model for long-term care financing.
  • To explore the potential social gains of a reformed long-term care insurance system.
  • To address intergenerational and intragenerational equity in long-term care costs.

Main Methods:

  • Description of a two-component model: mandatory savings and managed competition for insurance.
  • Analysis of potential economic and social benefits.

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  • Comparison with the current Medicaid system.

    • Main Results:

    • The proposed model could lead to significant social gains.
    • Improved insurance arrangements and equitable cost distribution are potential outcomes.
    • Reduction in distortions associated with the current Medicaid program.

    Conclusions:

    • Managed competition with prefunding presents a viable strategy for long-term care.
    • The model offers a pathway to more equitable and efficient long-term care financing.
    • This approach could mitigate financial burdens across generations and improve insurance markets.