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Funding long-term care: applications of the trade-off principle in both public and private sectors.
J Aging Health 2003; 15(1):15-44JA

Abstract

The uncertain need for long-term care services is a risk best protected by insurance. However, the current funding relies heavily on personal payment and public welfare, and only lightly on social and private insurances. This method, akin to sitting on a two-legged stool, is unlikely to be sustainable. To incorporate insurance as a key component of funding and to mobilize public and private resources more effectively, we propose a three-legged-stool funding model under which social insurance would provide a basic protection, to be supplemented by private insurance and personal payment. When these sources do not provide sufficient protection for some individuals, Medicaid as public welfare would serve as a safety net. This article (a) discusses how to implement this funding model by using the trade-off principle in both the public and private sectors when resources for long-term care are scarce, and (b) analyzes several objections to this model from cognitive psychology/behavioral economics

Authors+Show Affiliations

University of Massachusetts at Boston, USA.

Pub Type(s)

Journal Article
Research Support, Non-U.S. Gov't

Language

eng

PubMed ID

12611401

Citation

Chen, Yung-Ping. "Funding Long-term Care: Applications of the Trade-off Principle in Both Public and Private Sectors." Journal of Aging and Health, vol. 15, no. 1, 2003, pp. 15-44.
Chen YP. Funding long-term care: applications of the trade-off principle in both public and private sectors. J Aging Health. 2003;15(1):15-44.
Chen, Y. P. (2003). Funding long-term care: applications of the trade-off principle in both public and private sectors. Journal of Aging and Health, 15(1), pp. 15-44.
Chen YP. Funding Long-term Care: Applications of the Trade-off Principle in Both Public and Private Sectors. J Aging Health. 2003;15(1):15-44. PubMed PMID: 12611401.
* Article titles in AMA citation format should be in sentence-case
TY - JOUR T1 - Funding long-term care: applications of the trade-off principle in both public and private sectors. A1 - Chen,Yung-Ping, PY - 2003/3/4/pubmed PY - 2003/3/22/medline PY - 2003/3/4/entrez SP - 15 EP - 44 JF - Journal of aging and health JO - J Aging Health VL - 15 IS - 1 N2 - The uncertain need for long-term care services is a risk best protected by insurance. However, the current funding relies heavily on personal payment and public welfare, and only lightly on social and private insurances. This method, akin to sitting on a two-legged stool, is unlikely to be sustainable. To incorporate insurance as a key component of funding and to mobilize public and private resources more effectively, we propose a three-legged-stool funding model under which social insurance would provide a basic protection, to be supplemented by private insurance and personal payment. When these sources do not provide sufficient protection for some individuals, Medicaid as public welfare would serve as a safety net. This article (a) discusses how to implement this funding model by using the trade-off principle in both the public and private sectors when resources for long-term care are scarce, and (b) analyzes several objections to this model from cognitive psychology/behavioral economics SN - 0898-2643 UR - https://www.unboundmedicine.com/medline/citation/12611401/Funding_long_term_care:_applications_of_the_trade_off_principle_in_both_public_and_private_sectors_ L2 - http://journals.sagepub.com/doi/full/10.1177/0898264302239013?url_ver=Z39.88-2003&rfr_id=ori:rid:crossref.org&rfr_dat=cr_pub=pubmed DB - PRIME DP - Unbound Medicine ER -