@mastersthesis {6276, title = {Demand for Long-Term Care and Long-Term Care Insurance -- A Human Capital Perspective}, volume = {3714584}, year = {2015}, note = {Copyright - Copyright ProQuest, UMI Dissertations Publishing 2015 Last updated - 2015-08-27 First page - n/a}, month = {2015}, pages = {119}, school = {State University of New York at Buffalo}, type = {Ph.D.}, address = {Buffalo, NY}, abstract = {The dissertation examines several aspects of the demand for long-term care and long-term care insurance. It develops and applies a comprehensive "full insurance" model analytically in order to empirically estimate the pattern of relationship between private long-term care insurance and other non-marketable alternatives: self-insurance, self-protection, family insurance and safety-net insurance. It therefore allows us to estimate the degree to which demand for private long-term care insurance is substituted or complemented by its non-marketable alternatives. We explicitly explore the crowding out of private long-term care insurance by Medicaid. The role of education and health in the demand for long-term care and long-term care insurance is the primary focus of this study. Individuals with better education and health expect to live longer; they can purchase this insurance product in better health during their late middle age and get rewarded by insurance companies in the form of lower premiums. Medicaid turns out to be an expensive insurance option for them as it carries a high deductible for people with high income and wealth, and an educated person is aware of the potential financial risk associated with future utilization of long-term care services. While conventional wisdom would suggest that the primary effect of education on demand for long-term care insurance operates through an income effect, the paper carefully shows, both theoretically and empirically that it is the knowledge effect and an independent health effect that have the most influence. The spectrum of knowledge effect goes beyond its immediate relevance for the labor market. The paper tries to provide a complex analysis of interactions of different forms of insurances from a broader human capital perspective. The dissertation carefully explores the primary statistically significant determinants of demand for long-term care with the specific focus on the role of private LTCI coverage in determining the choice of mode of care. The dissertation also delves into an empirical investigation to understand the relationship between private insurance coverage and ultimate utilization of long-term care services in different specific caregiving institutional frameworks. The thesis pays explicit attention to different arguments of demand function of private LTCI and future utilization of long-term care. We explore the decision taken by an individual to purchase private long-term care insurance in different strata of wealth distribution. Our comprehensive analysis provides a useful instrument to develop business strategies regarding forecasting future demand for private long-term care insurance for the firms operating in long-term care insurance industry. Our analysis can also be utilized to evaluate implications of any changes in public policies.}, keywords = {Healthcare, Insurance, Medicare/Medicaid/Health Insurance, Methodology, Net Worth and Assets}, url = {http://proxy.lib.umich.edu/login?url=http://search.proquest.com/docview/1700219388?accountid=14667http://mgetit.lib.umich.edu/?ctx_ver=Z39.88-2004\&ctx_enc=info:ofi/enc:UTF-8\&rfr_id=info:sid/ProQuest+Dissertations+\%26+Theses+Full+Text\&rft_val_fmt=info:ofi/}, author = {Dey, Sanjoy} } @article {5854, title = {Do Households Increase Their Savings When the Kids Leave Home?}, year = {2015}, institution = {Boston College}, abstract = {Much of the disagreement over whether households are adequately prepared for retirement reflects differences in assumptions regarding the extent to which consumption declines when the kids leave home. If consumption declines substantially when the kids leave home, as some life-cycle models of retirement saving assume, households need to achieve lower replacement rates in retirement and need to accumulate less wealth. Using administrative tax data from the Health and Retirement Study (HRS), as well as the Survey of Income and Program Participation (SIPP), this paper investigates whether household consumption declines when kids leave the home and, if so, by how much. Because consumption data are noisy and savings is the flip side of consumption, this paper examines whether savings in 401(k) plans increase when the kids leave home. The paper also investigates alternative methods of saving, including non-401(k) savings and increased mortgage payments.}, keywords = {Consumption and Savings, Event History/Life Cycle, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction}, author = {Irena Dushi and Alicia H. Munnell and Geoffrey T. Sanzenbacher and Anthony Webb} } @article {7886, title = {Disability Shocks Near Retirement Age and Financial Well-Being}, journal = {Social security bulletin}, volume = {73}, year = {2013}, pages = {23-43}, publisher = {73}, abstract = {Using Health and Retirement Study data, the authors examine three groups of adults aged 51 56 in 1992 with different disability experiences over the following 8 years. Our analysis reveals three major findings. First, people who started and stayed nondisabled experienced stable financial security, with substantial improvement in household wealth despite substantial labor force withdrawal. Second, people who started as nondisabled but suffered a disability shock experienced a substantial increase in poverty rates and a sharp decline in median incomes. Average earnings loss was the greatest for that group, with public and private benefits replacing less than half of the loss, whereas the reduction in private health insurance coverage was more than alleviated by the increase in public health insurance coverage. Third, people who started and stayed disabled were behind at the baseline and have fallen further behind on most measures. An important exception is substantial improvement in health insurance coverage because of public safety nets.}, keywords = {Employment and Labor Force, Health Conditions and Status, Income, Medicare/Medicaid/Health Insurance, Net Worth and Assets, Public Policy, Retirement Planning and Satisfaction}, author = {Irena Dushi and Rupp, Kalman} } @mastersthesis {6169, title = {Determinants of the retirement assets and the amount in stock within retirement assets: Evidence from the Survey of Consumer Finances and the Health and Retirement Study}, volume = {Ph.D.}, year = {2012}, school = {Purdue University}, address = {West Lafayette, IN}, abstract = {The purpose of this research was to investigate the determinants of the retirement assets held in Individual Retirement Accounts, Keogh accounts, and current and future pensions. A second purpose was to investigate the determinants of the amount in stock within those retirement assets. Building upon the theory of human capital, the theory of planned behavior, and the bargaining power model, this study proposed that human capital, attitudes related to finances, and the relative bargaining power of the spouse would influence an individual{\textquoteright}s retirement assets and the amount in stocks within the retirement assets. Using data from the Survey of Consumer Finances, Study 1 explored the relationship between the three proposed domains and the amount in retirement assets and the amount in stock within the retirement assets. In Study 2, the relationship between the proposed domains was examined using similar variables but with a relatively older sample (e.g., the Health and Retirement Study). The results of both studies supported the theory of human capital and the theory of health capital. Those who had higher education and those who had better health were more likely to have more in retirement assets, and they have more in the amount of stock within retirement assets. Those who saved regularly and were more likely to take risk when saving and investing had more retirement assets and they have more in the amount of stock within retirement assets. The results on the influence of the spouse on retirement assets and the amount in stock within retirement assets showed some support for the bargaining power model. The retirement assets and the amount in stocks within retirement assets were influenced by the spouse. Age, education, working status of the spouse, and who was the more financial knowledgeable person among the two would influence the retirement assets and the amount in stock within retirement assets of the household head. The results of the study supported the existing literature on human capital and health capital. There was some support for the bargaining power model. The results suggest that educators and financial advisors should encourage couples to discuss their plans about saving for retirement with each other and their advisors. However, many people will be single during some or all of their retirement so individual plans for retirement savings should also be carefully developed. This is an important role for educators and financial advisors. However, older adults with fewer resources (e.g. education, employer-sponsored pension plans) will continue to need the support of Social Security.}, keywords = {Health Conditions and Status, Methodology, Net Worth and Assets, Other, Pensions, Retirement Planning and Satisfaction}, author = {Ting-Ying Yang and Feinberg, Richard A.} } @article {5341, title = {Do Parents Divide Resources Equally Among Children? Evidence from the AHEAD Survey}, year = {1997}, institution = {Syracuse University}, keywords = {Adult children, Net Worth and Assets}, author = {Dunn, Thomas A. and John W R Phillips} }