The Impact of Medical and Nursing Home Expenses on Savings
构建生命周期模型，量化医疗和养老院自付费用对储蓄的影响，发现其解释美国13.5%的总财富，其中养老院费用占一半，且增加养老院社会保险能改善福利。
We consider a life-cycle model with idiosyncratic risk in earnings, out-of-pocket medical and nursing home expenses, and survival. Partial insurance is available through welfare, Medicaid, and social security. Calibrating the model to the United States we show that savings for old-age, out-of-pocket expenses account for 13.5 percent of aggregate wealth, half of which is due to nursing home expenses; cross-sectional out-of-pocket nursing home risk accounts for 3 percent of aggregate wealth and substantially slows down wealth decumulation at older ages; and all newborns would benefit if social insurance for nursing home stays was made more generous.