The Responsiveness of Private Savings to Medicaid Long Term Care Policies

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The Responsiveness of Private Savings to Medicaid Long Term Care Policies

Author Info

Purvi Sevak (Hunter College)
Lina Walker (Congressional Budget Office)

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Purvi Sevak

Abstract

This paper examines the extent to which private savings responds to the availability of a social insurance program. We focus on the Medicaid nursing home assistance program and uses variation in state Medicaid policies in the 1960s and 1990s to identify whether household wealth correlates negatively with access to public insurance coverage. We use data from the 1962 and 1970 Survey of Consumer Finances and the 1992 through 2002 Health and Retirement Study. We find that household savings in 1970 was substantially lower in states with easier access to Medicaid assistance and that household savings in the 1990s was lower when access to the Medicaid program was lower.

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Paper provided by University of Michigan, Michigan Retirement Research Center in its series Working Papers with number wp150.

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Length: 36 pages
Date of creation: Jan 2007
Date of revision:
Handle: RePEc:mrr:papers:wp150

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This paper has been announced in the following NEP Reports:

NEP-ALL-2007-04-28 (All new papers)
NEP-HEA-2007-04-28 (Health Economics)
NEP-IAS-2007-04-28 (Insurance Economics)

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Other versions:
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Other versions:
- Mariacristina De Nardi & Eric French & John Bailey Jones, 2006. "Differential Mortality, Uncertain Medical Expenses, and the Saving of Elderly Singles," NBER Working Papers 12554, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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Jonathan Skinner & Stephen P. Zeldes, 2002. "The Importance of Bequests and Life-Cycle Saving in Capital Accumulation: A New Answer," American Economic Review, American Economic Association, vol. 92(2), pages 274-278, May. [Downloadable!]
Lara Gardner & Donna Gilleskie, 2006. "The Effects of State Medicaid Policies on the Dynamic Savings Patterns of the Elderly," NBER Working Papers 12208, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)

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This page was last updated on 2009-11-4.

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