On the value of Medicaid in providing access to long‐term care
Journal of Public Economic Theory, 2020, vol. 22, issue 4, 933-948
The crowding‐out by Medicaid has been identified as a possible reason for the low demand for private long‐term care (LTC) insurance in the USA. I extend the previous analysis to the case in which budget constraints inhibit access to care. This reduces the role of the implicit tax and fundamentally changes the nature, scope, and welfare implications of crowding‐out. It suggests a large value of Medicaid that a private insurance market is unable to offer due to a dilemma prevalent in—but not exclusive to—the market for LTC insurance: a dilemma between access and affordability.
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Working Paper: When the affordable has no value, and the valuable is unaffordable: The U.S. market for long-term care insurance and the role of Medicaid (2016)
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