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The Joint Impact of Social Security and Medicaid on Incentives and Welfare

Tatyana Koreshkova () and Karen Kopecky ()

No 967, 2012 Meeting Papers from Society for Economic Dynamics

Abstract: We evaluate the joint effects of social security and Medicaid on labor supply, savings, economic inequality, and welfare in an environment with idiosyncratic risk in labor earnings, health expenses, and survival. The model features households consisting males and females; a progressive social security system which provides insurance against lifetime earnings, health expense, survival and spousal death risks; and a means-tested social insurance system that proxies for the US Medicaid program. We show that the annuity role of social security benefits entails important welfare gains in the presence of health expense risk and Medicaid.

Date: 2012
New Economics Papers: this item is included in nep-age, nep-dge and nep-ias
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More papers in 2012 Meeting Papers from Society for Economic Dynamics Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA. Contact information at EDIRC.
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