scholarly journals The Impact of Consumer Numeracy on the Purchase of Long-Term Care Insurance

2016 ◽  
Vol 51 (4) ◽  
pp. 1612-1631 ◽  
Author(s):  
Brian E. McGarry ◽  
Helena Temkin-Greener ◽  
Benjamin P. Chapman ◽  
David C. Grabowski ◽  
Yue Li
2020 ◽  
Vol 4 (Supplement_1) ◽  
pp. 176-176
Author(s):  
Hiroto Yoshida ◽  
Yuriko Kihara

Abstract This study examined the impact of frailty on medical and long-term care expenditures in an older Japanese population. The subjects were those aged 75 years and over who responded to the survey (March 2018) in Bibai, Hokkaido, Japan (n=1,203) and have never received certification of long-term care insurance at the survey. We followed up 867 individuals (72.1%) until the end of December 2018 (10 month-period). We defined frailty as a state in performing 4 items and over of 15 items which were composed of un-intentional weight loss, history of falls, etc. Among 867 subjects, 233 subjects (26.9%) were judged to be frailty group, and 634 subjects (73.1%) non-frailty group. We compared period to the new certification of long-term care insurance (LTCI), accumulated medical and long-term care expenditures adjusted for age and gender between the two groups during the follow-up period. Cox proportional hazard models were used to examine the association between baseline frailty and the new certification of LTCI. The relative hazard ratio (HR) was higher in frailty group than non-frailty group (HR=3.51, 95% CI:1.30-9.45, P=.013). The adjusted mean accumulated medical and long-term care expenditures per capita during the follow-up were significantly (P=.002) larger for those in the frailty group (629,699 yen), while those in the non-frailty group were 450,995 yen. We confirmed strong economic impact of frailty in the elderly aged 75 or over in Japan.


2016 ◽  
Vol 10 (2) ◽  
Author(s):  
Hyuk-Sung Kwon ◽  
Bangwon Ko ◽  
Ji-Hae Kim

AbstractLong-term care insurance plays a very important role as providing a protection against financial risk of an individual when he/she becomes in a health condition incurring significant costs for long-term care. Construction of an appropriate actuarial model for long-term care is an integral part of maintaining and improving a long-term care insurance system. A model is suggested for analyzing the impact of change in score-based long-term care grading system and for estimating future cost of long-term care insurance. A spliced distribution was used to model assigned scores for long-term care insurance in Korea based on experience data. The suggested approach is quite flexible, as it allows us to adapt to possible changes in the grading system.


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