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Dynamic Effects of Long-Term Care Insurance on Healthcare Expenditures: Evidence from South Korea

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Listed:
  • Honsoo Kim

    (Hansun Foundation)

  • Soojin Kim

    (Georgia State University)

  • Wonshik Kim

    (Georgia State University)

  • Kyung Hoon Yang

    (University of Wisconsin, La Crosse)

Abstract

Long-term care expenses pose a large financial risk to the elderly. In 2008, South Korea introduced a public long-term care insurance (LTCI) program for individuals older than 65. We study the dynamic effects of the LTCI on various healthcare expenditures. We find that after the implementation of the LTCI, average prescription drug and outpatient expenditures of the elderly increased. Dynamically, we observe that the growth in these expenditures moderates. We also find suggestive evidence that after the LTCI program, the elderly utilize LTC hospitals, substituting out of inpatient hospital services. These findings underscore the importance of understanding the long-term effects of LTCI on health and healthcare expenditures of the elderly and the need to account for such interactions in policy design.

Suggested Citation

  • Honsoo Kim & Soojin Kim & Wonshik Kim & Kyung Hoon Yang, 2022. "Dynamic Effects of Long-Term Care Insurance on Healthcare Expenditures: Evidence from South Korea," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper2209, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
    • Handle: RePEc:ays:ispwps:paper2209
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    File URL: https://icepp.gsu.edu/files/2023/01/paper2209.pdf
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    Cited by:

    1. Guangbo Ma & Kun Xu, 2022. "Value-Based Health Care: Long-Term Care Insurance for Out-of-Pocket Medical Expenses and Self-Rated Health," IJERPH, MDPI, vol. 20(1), pages 1-20, December.

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