Premium
Long‐term Care Financing in the United States: Sources and Institutions
Author(s) -
Frank Richard G.
Publication year - 2012
Publication title -
applied economic perspectives and policy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.4
H-Index - 49
eISSN - 2040-5804
pISSN - 2040-5790
DOI - 10.1093/aepp/pps016
Subject(s) - payment , term (time) , finance , business , politics , market failure , economics , public economics , microeconomics , political science , physics , quantum mechanics , law
This paper reviews the financing of long‐term services and supports (LTSS) in the United States. I characterize existing payment arrangements as incomplete insurance. The paper organizes existing literature on U.S. financing of LTSS and uses it to analyze the economic, policy and behavioral forces that underpin the observed equilibrium. I assess several sources of market failure and consider policy directions that are viable within the U.S. political environment.