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What is the Distribution of Lifetime Health Care Costs from Age 65?

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  • Anthony Webb
  • Natalia A. Zhivan

Abstract

Medical and long-term care costs represent a substantial uninsured risk for most retired households. In 2007, spending on Medicare premiums and copayments among married couples age 65 and over averaged $7,600. But such statistics are of limited value to households trying to determine how much to set aside for health care costs in retirement or how to manage wealth decumulation during retirement. Households care not only about average costs, but also about the risk of incurring unusually high costs. Furthermore, calculations of the distribution of health care costs incurred by households in any particular year tell us little about lifetime risk unless we also know the extent to which the same individuals are incurring high health care costs every year.

Suggested Citation

  • Anthony Webb & Natalia A. Zhivan, 2010. "What is the Distribution of Lifetime Health Care Costs from Age 65?," Issues in Brief ib2010-4, Center for Retirement Research, revised Mar 2010.
    • Handle: RePEc:crr:issbrf:ib2010-4
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    File URL: http://crr.bc.edu/briefs/what-is-the-distribution-of-lifetime-health-care-costs-from-age-65/
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    Cited by:

    1. Silvia Helena Barcellos & Mireille Jacobson, 2015. "The Effects of Medicare on Medical Expenditure Risk and Financial Strain," American Economic Journal: Economic Policy, American Economic Association, vol. 7(4), pages 41-70, November.
    2. Poterba, James M. & Venti, Steven F. & Wise, David A., 2017. "The asset cost of poor health," The Journal of the Economics of Ageing, Elsevier, vol. 9(C), pages 172-184.
    3. Christelis, Dimitris & Georgarakos, Dimitris & Sanz-de-Galdeano, Anna, 2020. "The impact of health insurance on stockholding: A regression discontinuity approach," Journal of Health Economics, Elsevier, vol. 69(C).
    4. M. Martin Boyer & Franca Glenzer, 2021. "Pensions, annuities, and long-term care insurance: on the impact of risk screening," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 46(2), pages 133-174, September.

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