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The cost effectiveness of aging in place: A literature review

Author

Listed:
  • Nguyen Tan Loi

    (Eastern International University, Vietnam)

  • Nguyen Tien Dung

    (University of Economics and Law, Vietnam)

  • Ho Nhut Quang

    (International University, Vietnam)

Abstract

The objective of this paper is to discover the evidence supporting or refuting the cost-effectiveness of Assisted Living Technology (ALT) in aging in place of older adults through a comprehensive presentation of cost studies and economic analyses. The search was conducted on two main databases for health economic valuation: The NHS economic valuation database (NHS EED) and the health economic valuation database (HEED). The study was evaluated using the protocol required by Campbell and Cochrane Economic Methods. As an aging society evolves, the need for long-term care services increases. The prevalence of chronic diseases increases in the older population; seniors may have to abandon their bative social life and need long-term care in a nursing home. Aging is a global phenomenon. Asia is aging rapidly. By 2030, the number of Asians aged 65 and over will increase from the current 300 million to 565 million. By 2050, this number will increase to 900 million, about one-sixth of the number of people in Asia. Aging trends are regional, but demographic changes are diverse. Countries such as Japan, South Korea, Singapore, and China, whose populations are steadily aging, are in extreme situations. Research has shown that ALT can reduce costs in some cases, but with little precise data and low quality. Later developments, e.g., capacity methods, should be used for further research. Qualitative research is needed to assess the cost-effectiveness of ALT before making reliable conclusions about the application.

Suggested Citation

  • Nguyen Tan Loi & Nguyen Tien Dung & Ho Nhut Quang, 2021. "The cost effectiveness of aging in place: A literature review," HO CHI MINH CITY OPEN UNIVERSITY JOURNAL OF SCIENCE - SOCIAL SCIENCES, HO CHI MINH CITY OPEN UNIVERSITY JOURNAL OF SCIENCE, HO CHI MINH CITY OPEN UNIVERSITY, vol. 11(1), pages 40-54.
    • Handle: RePEc:bjw:socien:v:11:y:2021:i:1:p:40-54
    DOI: 10.46223/HCMCOUJS.soci.en.11.1.1925.2021
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