Long-Term Health Care: Is Social Insurance Desirable?
The aging of the U.S. population portends steep increases in the demand for health care services well into the next century. Although many Americans rely on public health programs and private health insurance to provide financial protection for a diverse group of medical risks, the availability of such support for long-term disabilities is woefully inadequate. As of 1992, fewer than 10 percent of those age 65 or older were covered by private long-term care insurance.
The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit clevelandfed.org for updates.