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Long-term care expenditures represent one of the largest uninsured financial risks facing the elderly. Medicaid provides incomplete insurance against these costs: unlimited nursing home benefits with a deductible equal to the savings and income above the means-testing limits. This paper exploits the state-variation in Medicaid generosity to study the financial response of the elderly to perceived future nursing home needs. I find that the elderly shift their consumption and savings decisions in response to Medicaid. Single households have lower net worth through the median of the distribution due to Medicaid policy. On the other hand, I find that married households do not lower their total net worth, but they change their relative holdings of protected and non-protected assets.
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Papers that cite the same references — the relational fallback while embeddings are still backfilling.
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