Article

Market Conditions and General Practitioners’ Referrals

Oslo University, Health Economics Research Programme, HERO On line Working Paper Series 01/2009;
Source: RePEc

ABSTRACT This paper constructs a model of saving for retired single people that includes heterogeneity in medical expenses and life expectancies, and bequest motives. We estimate the model using Assets and Health Dynamics of the Oldest Old data and the method of simulated moments. Out-of-pocket medical expenses rise quickly with age and permanent income. The risk of living long and requiring expensive medical care is a key driver of saving for many higher-income elderly. Social insurance programs such as Medicaid rationalize the low asset holdings of the poorest but also benefit the rich by insuring them against high medical expenses at the ends of their lives. (c) 2010 by The University of Chicago. All rights reserved..

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Keywords

Assets
 
bequest motives
 
expensive medical care
 
higher-income elderly
 
includes heterogeneity
 
low asset holdings
 
medical expenses
 
Oldest Old data
 
Out-of-pocket medical expenses rise
 
paper constructs
 
permanent income
 
rich
 
simulated moments
 
single people