@article {13044, title = {Health shocks and mortgage debt payoff among American homeowners over age 50: A survival analysis}, journal = {The Journal of Consumer Affairs}, volume = {57}, year = {2023}, pages = {357-386}, abstract = {Mortgage debt is financially burdensome for many older homeowners in the United States. As people age, declining health can bring about increased healthcare costs. Focusing on homeowners aged 50 and older in the U.S., we investigate two research questions: (1) To what extent does a heath shock affect the likelihood of paying off a mortgage voluntarily or involuntarily? and (2) how long does a health shock delay the time it takes to pay off a mortgage? We used eight biannual waves (2004{\textendash}2018) of the Health and Retirement Study containing 11,772 borrowers to build survival regression models. Results showed that a health shock reduced the likelihood of voluntary payoff by 12\%, while it increased the probability of involuntary payoff by 18\%. A health shock delayed voluntary and involuntary payoffs for 30 and 21 months, respectively. We discuss tax deduction and HELOCs as strategies to reduce older homeowners{\textquoteright} mortgage strain.}, keywords = {health shock, homeowners, mortgage debt}, doi = {10.1111/joca.12503}, author = {Qun Zhang and Hyungsoo Kim} } @article {Gillen2019, title = {Health Literacy and Difference in Current Wealth Among Middle-Aged and Older Adults}, journal = {Journal of Family and Economic Issues}, volume = {41}, year = {2020}, pages = {281{\textendash}299}, abstract = {Numerous studies suggest that health literacy improves health outcomes at older ages. But how, and to what extent, health literacy contributes to improving financial outcomes has not been examined. This study proposed a conceptual framework to explain the mechanisms between health literacy and current wealth. Data from the Health and Retirement Study (HRS) are used to estimate proposed direct and indirect effects between health literacy and current wealth. We found that, for the most part, health literacy is directly associated with wealth rather than indirectly through mediating variables. Alternatively, out of all indirect effects investigated in the model, health literacy affects wealth mainly through the path of chronic condition, work limitation, and income.}, keywords = {health, Health Literacy, Wealth, Wealth Inequality}, issn = {10580476}, doi = {10.1007/s10834-019-09648-w}, author = {Gillen, Martie and Yang, Hongwei and Hyungsoo Kim} } @article {10543, title = {The long-term effects of cancer survivorship on household assets}, journal = {Health Economics Review}, volume = {10}, year = {2020}, month = {2020/01/13}, pages = {2}, abstract = {Less is known about the impact of cancer on household assets and household financial portfolio during which cancer survivors face higher mortality risk. Economic theory predicts that cancer survivors would deplete their wealth in such a way that meets immediate financial needs for treatment and that hedges the risk of anticipated medical expenses associated with recurrence. Building upon this prediction, we examine long-term changes in household assets in response to cancer diagnosis among middle-aged and elderly Americans (age >= 50).}, isbn = {2191-1991}, url = {https://doi.org/10.1186/s13561-019-0253-7}, author = {Tae-Young Pak and Hyungsoo Kim and Kim, Kyoung Tae} } @article {9819, title = {The Financial Burden of Cancer: Financial Ratio Analysis}, journal = {Journal of Family and Economic Issues}, year = {2018}, month = {Mar-08-2020}, abstract = {Using nine biannual waves (1998{\textendash}2014) from the Health and Retirement Study, this study employed fixed-effects models to estimate the relationship between cancer and changes in financial status, measured by liquidity, solvency, and investment ratios. Results show that cancer survivors in the initial stage of cancer care increased their emergency fund equivalent to 15 days of living expenses, along with an increase in their debt to asset ratio by 0.8\%, and a decrease of investment asset to net worth ratio by 0.4\%. Furthermore, two additional years of post-cancer care and rehabilitation lead to an increase of five more days in emergency cash need and a decrease in investment asset to net worth ratio by 0.3\%. }, keywords = {Cancer, Financial burden, Insurance}, issn = {1058-0476}, doi = {10.1007/s10834-018-9587-2}, url = {http://link.springer.com/10.1007/s10834-018-9587-2http://link.springer.com/content/pdf/10.1007/s10834-018-9587-2.pdfhttp://link.springer.com/content/pdf/10.1007/s10834-018-9587-2.pdfhttp://link.springer.com/article/10.1007/s10834-018-9587-2/fulltext.html}, author = {Svynarenko, Radion and Zhang, Qun and Hyungsoo Kim} } @article {9329, title = {Health Trajectories of Older Americans and Medical Expenses: Evidence from the Health and Retirement Study Data Over the 18 Year Period}, journal = {Journal of Family and Economic Issues}, volume = {39}, year = {2018}, month = {03/2018}, pages = {19-33}, abstract = {This study investigates the long-term relationship between individuals{\textquoteright} health state changes over time and burdens due to out-of-pocket medical expenses (OOP) in later years. We kept track of 5540 individuals{\textquoteright} health trajectories and their accumulated OOP using the HRS data from 1992 to 2010. American adults between 50 and 70 years old spend on average $27,000 on OOP, and have five common health trajectory patterns (Multi-Morbidity, Co-Morbidity, Mild Disease, Late Event, and No Disease). However, their OOPs differed substantially depending on the pattern of health trajectory. The most costly pattern of Multi-Morbidity needed $18,823 more than the least costly No Disease pattern. Older adults with the most costly pattern spent most of OOP on either prescription drugs or doctor/dental visits. Additionally, we found that the OOP burden of prescription medications was substantially relieved by the Medicare Part D implementation. These findings have several important implications for individuals, financial educators, and policy makers.}, keywords = {Chronic conditions, Health Trajectories, Medicare expenditures, Medicare linkage}, issn = {1058-0476}, doi = {10.1007/s10834-017-9542-7}, url = {http://link.springer.com/10.1007/s10834-017-9542-7http://link.springer.com/content/pdf/10.1007/s10834-017-9542-7.pdfhttp://link.springer.com/content/pdf/10.1007/s10834-017-9542-7.pdfhttp://link.springer.com/article/10.1007/s10834-017-9542-7/fulltext.html}, author = {Shin, Serah and Hyungsoo Kim} } @article {9372, title = {Do Financial Constraints Affect Depressive Symptomatology Among Mid-Aged and Older Adults?}, journal = {The International Journal of Aging and Human Development}, volume = {85}, year = {2017}, pages = {438-455}, abstract = {The relationship between financial constraints and depressive symptomatology among adults aged 50 and greater was examined. The mediating effect of perceived control over one{\textquoteright}s financial circumstances on this relationship was assessed. Ordinary least square hierarchical regression models were estimated using data from the Health and Retirement Study. As an aggregated measure, financial constraints were positively associated with depression in mid-age and late life, and this relationship was partially accounted for by the pathway of perceived control over one{\textquoteright}s financial circumstances. When disaggregated as a measure, financial constraints at the individual level had a significant effect on depression, while financial constraints at the family and public levels did not have a significant effect. When added to the model, perceived control over one{\textquoteright}s financial circumstances had a significant effect on depressive symptomatology, financial constraints remained significant at the individual level.}, keywords = {Depressive symptoms, Financial literacy, Socioeconomic factors, Well-being}, issn = {0091-4150}, doi = {10.1177/0091415017697724}, url = {http://journals.sagepub.com/doi/10.1177/0091415017697724http://journals.sagepub.com/doi/pdf/10.1177/0091415017697724}, author = {Gillen, Martie and Karen A. Zurlo and Hyungsoo Kim} } @article {8221, title = {Sequential Patterns of Health Conditions and Financial Outcomes in Late Life: Evidence From the Health and Retirement Study}, journal = {The International Journal of Aging and Human Development}, volume = {81}, year = {2015}, pages = {54-82}, publisher = {81}, abstract = {The cost and prevalence of chronic health conditions increase in late life and can negatively impact accumulated wealth. Based on the financial challenges midaged and older adults face, we sought to understand the evolution of distinctive sequences of chronic health conditions and how these sequences affect retirement savings. We used 10 waves of the Health and Retirement Study and tracked the health states and changes in wealth of 5,540 individuals. We identified five typical sequences of chronic health conditions, which are defined as follows: Multimorbidity, Comorbidity, Mild Disease, Late Event, and No Disease. Wealth accumulation differed across the five sequences. Multimorbidity and Comorbidity were the most costly sequences. Individuals with these health patterns, respectively, had 91,205 and 95,140, less net worth than respondents identified with No Disease. Our findings suggest policy makers consider sequential disease patterns when planning for the health-care needs and expenditures of older Americans.}, keywords = {Demographics, Net Worth and Assets, Public Policy}, doi = {10.1177/0091415015614948}, url = {http://ahd.sagepub.com/content/81/1-2/54.abstract}, author = {Hyungsoo Kim and Shin, Serah and Karen A. Zurlo} } @article {8001, title = {Older Adults Receipt of Financial Help: Does Personality Matter?}, journal = {Journal of Family and Economic Issues}, volume = {35}, year = {2014}, pages = {178-189}, publisher = {35}, abstract = {This study examined the role of personality traits in the receipt of financial help at older ages using the 2006 and 2008 waves of Health and Retirement Study data. An investigation of (1) how the five domains of personality traits (openness to experience, conscientiousness, extraversion, agreeableness, and neuroticism) are associated with the receipt of financial help among older adults and (2) the relationship between personality traits and the source of financial help received was examined. Three sets of probit analyses were conducted. The results indicated that personality can predict financial help and the source of financial help. Specifically, older adults who exhibited relatively higher levels of neuroticism and agreeableness were more likely to receive financial help, whereas those who exhibited relatively higher levels of conscientiousness were less likely to receive financial help regardless of the source. Furthermore, older adults who had relatively higher levels of neuroticism were more likely to help themselves with individual sources such as credit cards whereas agreeable older adults were more likely to receive financial help from family members. These findings have implications for financial counseling, planning and education professionals, public assistance program directors, and policy makers. Understanding the effect of personality on financial decision-making can help with financial planning throughout life and inform outreach efforts for those in need of financial help.}, keywords = {Health Conditions and Status, Net Worth and Assets}, doi = {10.1007/s10834-013-9365-0}, url = {http://dx.doi.org/10.1007/s10834-013-9365-0}, author = {Gillen, Martie and Hyungsoo Kim} } @article {7986, title = {Unsecured Consumer Debt and Mental Health Outcomes in Middle-Aged and Older Americans}, journal = {The Journals of Gerontology Series B: Psychological Sciences and Social Sciences}, volume = {69}, year = {2014}, pages = {461-469}, publisher = {69}, abstract = {Objectives. Unsecured consumer debt may affect well-being negatively. We evaluated the association between unsecured debt and two distinct outcomes: depressive symptomatology and psychological well-being.Method. Data were obtained from the 2006 Health and Retirement Study. There were 5,817 adults aged 51 who responded to a core survey and psychosocial leave-behind questionnaire. Depressive symptoms were assessed using the revised 8-item Center for Epidemiologic Studies Depression Scale. Psychological well-being was evaluated in a leave-behind questionnaire that had 3 dimensions: self-acceptance, personal growth, and purpose in life.Results. Thirty percent of the respondents had unsecured debt. The magnitude or amount of unsecured debt and the occurrence of unsecured debt were significant predictors of depressive symptoms and lower psychological well-being. Perceived control over personal financial circumstances was a significant predictor of higher psychological well-being.Discussion. In middle-aged and older Americans, unsecured debt has negative effects on mental health because of the associated depressive symptoms and decreased psychological well-being. The deleterious effects of unsecured debt on mental health are largely accounted for by perceived control over personal financial circumstances. Interventions enhancing older adults control over personal financial circumstances may protect against the psychological decrements experienced by those grappling with unsecured debt.}, keywords = {Health Conditions and Status, Other}, doi = {10.1093/geronb/gbu020}, url = {http://psychsocgerontology.oxfordjournals.org/content/69/3/461.abstract}, author = {Karen A. Zurlo and Yoon, Wonah and Hyungsoo Kim} } @article {7827, title = {Evidence that Self-Regulatory Mode Affects Retirement Savings}, journal = {Journal of Aging and Social Policy}, volume = {25}, year = {2013}, pages = {248-263}, publisher = {25}, abstract = {We examine how self-regulatory motivations of locomotion (initiation) and assessment (evaluation) are related to retirement wealth in middle-aged and older Americans. We test a hypothesis that high locomotion and some assessment levels predict high wealth levels. We use two national data sets: the 2008 Health and Retirement Study (N = 6,464) and the 2005 Midlife in the United States (N = 4,963). We found that a combination of high locomotion and moderate assessment motivation can maximize wealth accumulation. By creating this combination of locomotion and assessment motivations, policy interventions can be more effective in motivating wealth accumulation for retirement, such as a required annual review of retirement savings plans and understandable disclosure of the plans{\textquoteright} costs. PUBLICATION ABSTRACT}, keywords = {Consumption and Savings, Demographics, Health Conditions and Status, Net Worth and Assets, Public Policy, Retirement Planning and Satisfaction}, doi = {10.1080/08959420.2013.791788}, author = {Hyungsoo Kim and Franks, Becca and Higgins, E. Tory} } @article {7765, title = {Health Shocks, Out-of-Pocket Medical Expenses and Consumer Debt Among Middle-Aged and Older Americans}, journal = {The Journal of Consumer Affairs}, volume = {46}, year = {2012}, pages = {357-380}, publisher = {46}, abstract = {We examine two important issues related to health and financial burden in middle-aged and older Americans: (1) whether or not new health events affect a consumer{\textquoteright}s unsecured debt, and (2) to what extent the associated out-of-pocket medical expenses (OOP) contribute to unsecured debt. We use six biennial waves (1998, 2000, 2002, 2004, 2006 and 2008) from the Health and Retirement Study (HRS). We estimated fixed effects models and conducted mediation analyses. We find that new health events affect the accumulation of unsecured debt. Our estimates suggest that new health events increase unsecured debt by 6.3 ( 230) to 9.3 ( 339); approximately 20 of the increase in unsecured consumer debt comes from OOP when experiencing new health events. New severe health events increase debt for the 50-64 age group, but do not increase it for the 65 group. PUBLICATION ABSTRACT}, keywords = {Consumption and Savings, Demographics, Healthcare, Net Worth and Assets}, doi = {10.1111/j.1745-6606.2012.01236.x}, author = {Hyungsoo Kim and Yoon, Wonah and Karen A. Zurlo} } @article {7435, title = {An examination of older immigrants{\textquoteright} use of dental services in the United States.}, journal = {J Aging Soc Policy}, volume = {22}, year = {2010}, month = {2010 Jan}, pages = {18-32}, publisher = {22}, abstract = {

The recent influx of immigrants aged 65 and older in the United States triggers an increasing need to understand older immigrants{\textquoteright} dental services use. This paper uses data (n = 9,617) from the 2004 and 2006 waves of the Health and Retirement Study to examine the dental services use of older Americans. In particular, this study focuses on differences in dental services use between immigrants and natives and potential contributing factors. Multivariate logistic regression analyses showed, contrary to expectation, that older immigrants were more likely to use dental services than older natives despite numerous barriers (odds ratio = 1.30 in 2004). The results in 2006 confirmed these findings. The results from 2004 and 2006 analyses showed dental insurance coverage, sex, and marital status were associated differently with dental services use for immigrants and natives. Implications for current oral health policies and future research of older Americans are discussed, as well as methods for meeting older immigrants{\textquoteright} growing dental services needs.

}, keywords = {Age Factors, Aged, Dental Care for Aged, Educational Status, Emigrants and Immigrants, Female, Health Services Accessibility, Humans, Insurance, Dental, Logistic Models, Longitudinal Studies, Male, Marital Status, Middle Aged, Multivariate Analysis, Sex Factors, Socioeconomic factors, United States}, issn = {1545-0821}, doi = {10.1080/08959420903385593}, author = {Christina N Anderson and Hyungsoo Kim} } @article {7337, title = {Older Women and Poverty Transition: Consequences of Income Source Changes From Widowhood}, journal = {Journal of Applied Gerontology}, volume = {28}, year = {2009}, pages = {320-341}, publisher = {28}, abstract = {Older single women are disproportionately vulnerable to poverty. Using data from the 2002 and 2004 waves of the Health and Retirement Study of 5,799 women age 65 or older, this study investigated the effect of change in income sources by recent spousal loss on poverty transition. The focus is on (a) the effect of widowhood on income source change and (b) how such change affects poverty transition of recently widowed older women. Findings indicate that widowhood greatly decreases income from every source. Specifically, a 10 increase in social security benefits decreased the probability of poverty transition for recently widowed older women by 67.2 . These findings call for reconsidering social security survivor benefit rules and women{\textquoteright}s education with regard to financial security in retirement.}, keywords = {Income, Net Worth and Assets}, doi = {https://doi.org/10.1177/0733464808326953}, author = {Gillen, Martie and Hyungsoo Kim} } @article {7195, title = {A Longitudinal Analysis of the Impact of Health Shocks on the Wealth of Elders}, journal = {Journal of Population Economics}, volume = {21}, year = {2008}, pages = {217-230}, publisher = {21}, abstract = {We investigate the impact of health shocks on wealth, using all four waves of the Health and Retirement Study, and estimate not only the short-term effect but also the long-term effect of health shocks on wealth of the elderly. We find that new health events lower wealth in elders during the period in which such health shocks occur, but the impact tends to disappear over time. We also find that health shocks result in greater wealth depletion when they occur later in life. Together with existing health problems, the overall impact of health problems on wealth increases over time.}, keywords = {Demographics, Health Conditions and Status, Net Worth and Assets}, doi = {https://doi.org/10.1007/s00148-007-0156-5}, author = {Jinkook Lee and Hyungsoo Kim} } @article {7216, title = {No Pain, No Strain: Impact of Health on the Financial Security of Older Americans}, journal = {The Journal of Consumer Affairs}, volume = {42}, year = {2008}, pages = {9-36}, publisher = {42}, abstract = {This study uses data from the 2002 and 2004 Health and Retirement Study to investigate the impact that new and existing health problems have on the financial strain of older Americans. Two-period models are estimated for a series of financial ratio guidelines that take into account household solvency, liquidity, and investment asset accumulation. We test our models using a subjective measure of self-reported health status and two objective measures of health that control for the severity of specific health conditions. The results show that health problems significantly increase the likelihood of financial strain for older individuals, but the effects vary by the measure of financial strain used and how health status is defined. Specifically, existing health conditions were more likely to affect solvency and investment asset accumulation than liquidity, while new health events were more likely to affect solvency. The severity of the condition did not seem to matter as much as whether the condition was chronic. These results provide insight into the future financial security of older Americans and have important implications for health policy and research.}, keywords = {Health Conditions and Status, Net Worth and Assets}, doi = {https://doi.org/10.1111/j.1745-6606.2007.00092.x}, author = {Hyungsoo Kim and Lyons, Angela C.} } @article {7152, title = {Burden of common multiple-morbidity constellations on out-of-pocket medical expenditures among older adults.}, journal = {Gerontologist}, volume = {47}, year = {2007}, month = {2007 Aug}, pages = {423-37}, publisher = {47}, abstract = {

PURPOSE: On average, adults aged 60 years or older have 2.2 chronic diseases, contributing to the over 60 million Americans with multiple morbidities. We aimed to understand the financial implications of the most frequent multiple morbidities among older adults.

DESIGN AND METHODS: We analyzed Health and Retirement Study data, determining out-of-pocket medical expenses from 1998 and 2002 separately and examining differences in the impact of multiple-morbidity constellations on these expenses. We paid particular attention to the most common disease constellations - hypertension, arthritis, and heart disease.

RESULTS: An increasing prevalence of multiple morbidity (58\% compared with 70\% of adults had two or more chronic conditions in 1998 and 2002, respectively) was accompanied by escalating out-of-pocket expenditures (2,164 dollars in 1998, increasing by 104\% to 3,748 dollars in 2002). Individuals with two, three, and four chronic conditions had health care expenditure increases of 41\%, 85\%, and 100\%, respectively, over 4 years. Such patterns were particularly noticeable among the oldest old, those with higher educational attainment, and women, although having supplementary health insurance or Medicaid mitigated these expenses. Finally, there were significant differences in out-of-pocket expenditure levels among the multiple-morbidity combinations.

IMPLICATIONS: Increasing rates of multiple morbidities in conjunction with escalating health care costs and stable or declining incomes among elders warrant creative attention from providers, researchers, and policy makers. Further understanding how specific multiple-morbidity constellations impact out-of-pocket spending moves us closer to effective interventions to support vulnerable elders.

}, keywords = {Aged, Arthritis, Chronic disease, Comorbidity, Cost of Illness, Female, Financing, Personal, Health Expenditures, Health Surveys, Heart Diseases, Humans, Hypertension, Interviews as Topic, Male, Middle Aged, United States}, issn = {0016-9013}, doi = {10.1093/geront/47.4.423}, author = {Schoenberg, Nancy E. and Hyungsoo Kim and Edwards, William and Fleming, Steven T.} } @article {7105, title = {Driving cessation and consumption expenses in the later years.}, journal = {J Gerontol B Psychol Sci Soc Sci}, volume = {61}, year = {2006}, month = {2006 Nov}, pages = {S347-53}, publisher = {61B}, abstract = {

OBJECTIVES: This study examined the association between consumption and driving status among older persons within the context of selected variables, including self-rated health and functional status.

METHODS: The data were from the 1998, 2000, and 2002 Health and Retirement Study and the 2003 Health and Retirement Study Consumption and Activities Mail Survey. We conducted Tobit regression analyses on five consumption categories of basic needs (such as food) and higher order needs (such as trips and dining out).

RESULTS: Consumption and driving status were significantly associated, showing that driving cessation was related to a 46\% to 63\% reduction in spending on trips, tickets, and dining out. Another significant relationship emerged between consumption and having never driven. Driving cessation was minimally related to consumption of basic needs (such as food and clothing) and was more strongly associated with higher order needs (such as trips).

DISCUSSION: The findings demonstrate the association between older people{\textquoteright}s driving status and consumption, specifically higher order activities. Older persons who drive and, presumably, have more opportunities to go to stores, restaurants, and other outside events, spend more on food, tickets, and dining out than those who cease driving or have never driven. Although the direction of causality remains unclear, these findings have implications for those concerned with alternative transportation resources for older adults.

}, keywords = {Aged, Automobile Driving, Economics, Female, Health Status, Humans, Male, Sex Factors, Surveys and Questionnaires, Transportation}, issn = {1079-5014}, doi = {10.1093/geronb/61.6.s347}, author = {Hyungsoo Kim and Virginia E. Richardson} } @article {7100, title = {The Impact of Age and Health on Vehicle Choices among Elders}, journal = {Journal of Family and Economic Issues}, volume = {27}, year = {2006}, pages = {437-457}, publisher = {27}, abstract = {We examine older Americans choice of vehicle types and the impact of age and health status on this choice. Using the 1998 and 2000 Health and Retirement Study (HRS) and the 2001 HRS Consumption and Activities Mail Survey (CAMS), we estimate a multinomial logit model of older Americans choice of vehicle types. We find that both age and health status influence the type of vehicle purchased or leased. Compared to Americans aged 50 59, those aged 70 or older prefer passenger cars to trucks and sport utility vehicles (SUVs). We also find that elders with health problems are more likely to prefer SUVs to passenger cars than those without health problems.}, keywords = {Consumption and Savings, Health Conditions and Status}, author = {Hyungsoo Kim and Jinkook Lee and Kim, Doh-Khul} } @article {7104, title = {The Impact of Comorbidity on Wealth Changes in Later Life}, journal = {Journals of Gerontology, Series B: Psychological Sciences and Social Sciences}, volume = {61B}, year = {2006}, pages = {S307}, publisher = {61B}, abstract = {Despite the high prevalence of comorbidity in later life, scientists do not fully understand its financial impact. The objective of this study was to enhance researchers{\textquoteright} understanding of the impact of compounded health problems on the wealth of older people. Using data from the Asset and Health Dynamics Among the Oldest Old study (1995 to 2002 waves), we conducted ordinary least squares regression analysis on wealth changes. We found that comorbidity leads to significant wealth depletion in later life, especially for single elders. Single elders with comorbidity depleted 20 to 22 of their wealth over a 2- to 3-year time period, especially those with the combination of heart disease and diabetes. The impact of comorbidity was disproportionately greater than the estimated impact of a single health problem. However, the impact of comorbidity did not appear to be significant among married people. We found that compounded health problems also create compounded financial problems in later life. For an accurate estimation of the financial consequences of health problems, it is important to consider comorbid health problems, as the effect of comorbidity is not equal to the sum of the effects of single health problems.}, keywords = {Demographics, Healthcare, Net Worth and Assets}, url = {http://psychsoc.gerontologyjournals.org/}, author = {Hyungsoo Kim and Jinkook Lee} } @article {7071, title = {Medicaid and Family Wealth Transfer}, journal = {The Gerontologist}, volume = {46}, year = {2006}, pages = {6-13}, publisher = {46}, abstract = {Purpose: This study examines whether the relationship between making familial wealth transfers and becoming a Medicaid recipient sheds light on the current debate about Medicaid estate planning, whereby some elders transfer their assets to their families to qualify for Medicaid. Design and Methods: Using the Health and Retirement Study, we tracked a national sample of community-based elders who did not receive Medicaid at the 1993 baseline interview but became Medicaid recipients during a 10-year time period and examined wealth transfers for these new Medicaid beneficiaries. Results: Among elders aged 70 or older who did not receive Medicaid in 1993, 16.4 became Medicaid recipients over 10 years. Among these new Medicaid recipients, 17.9 transferred their wealth to family members before receiving Medicaid benefits, with an average transfer amount of 8,507 during the 2 years prior to receiving Medicaid benefits. In addition, 15.2 of community-residing elders entered a nursing home during the 10-year period, and 26.3 of these were covered by Medicaid. Of these new Medicaid recipients living in nursing homes, 12.6 transferred wealth to their families in the mean amount of 4,112. Implications: Familial wealth transfers do occur before changes in Medicaid eligibility in a small, but nontrivial, number of cases, but the amount transferred is modest, especially among nursing home residents. This finding implies that policies to reduce Medicaid long-term-care expenditures by limiting such transfers may not be very effective.}, keywords = {Adult children, Medicare/Medicaid/Health Insurance}, url = {http://gerontologist.gerontologyjournals.org/}, author = {Jinkook Lee and Hyungsoo Kim and Tanenbaum, Sandra} } @article {7069, title = {Older Women{\textquoteright}s Health and Its Impact on Wealth}, journal = {Journal of Women and Aging}, volume = {18}, year = {2006}, pages = {75-91}, publisher = {18}, keywords = {Adult children, Health Conditions and Status, Net Worth and Assets}, author = {Hyungsoo Kim} } @article {7022, title = {Unequal Effects of Elders{\textquoteright} Health Problems on Wealth Depletion across Race and Ethnicity.}, journal = {J Consum Aff}, volume = {39}, year = {2005}, note = {ProCite field 3 : U KY; OH State U}, month = {2005 Apr}, pages = {148-172}, publisher = {39}, abstract = {

We investigate the impact of health on wealth depletion of African American, Hispanic, and non-Hispanic white elders. Using the data from 4,464 elderly households that participated in both the 1993 Asset and Health Dynamics of the Oldest Old and the 1998 Health and Retirement Study, we find that health problems contribute to wealth depletion differently across elders in different racial and ethnic groups. We draw policy implications from the findings regarding ways to help consumers protect their financial security from health shocks in later life.

}, issn = {0022-0078}, doi = {10.1111/j.1745-6606.2005.00007.x}, author = {Hyungsoo Kim and Jinkook Lee} } @article {6857, title = {An Examination of the Impact of Health on Wealth Depletion of the Elderly}, journal = {The Journals of Gerontology: Social Sciences}, volume = {58B}, year = {2003}, pages = {S120-126}, publisher = {58B}, abstract = {Objectives. This study investigates the effects of new health events and existing health conditions on wealth depletion in elderly individuals. Methods. A model deriving from life-cycle theory is proposed and estimated using Waves 1 and 2 of the Asset and Health Dynamics of the Oldest Old (AHEAD) data set. Results. Both new health events and existing health conditions significantly influence wealth depletion of elders, but their impacts differ across marital status. Whereas an occurrence of new health events brought wealth depletion of elders in married households, having existing chronic health conditions was associated with wealth depletion of elders in single households. Discussion. Poor health, both a new health event and existing chronic conditions, leads to considerable wealth depletion in elderly individuals. Considering the significant impacts of health on wealth, the public needs to be better informed of potential health events in later life and the associated financial burden. Additional health insurance plays an important role in preventing elders from financial hardship.}, keywords = {Demographics, Healthcare, Net Worth and Assets}, url = {http://psychsoc.gerontologyjournals.org/}, author = {Jinkook Lee and Hyungsoo Kim} }