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The lifetime medical spending of retirees

Author: John Bailey JonesMariacristina De NardiEric FrenchRory McGeeJustin KirschnerAll authors
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2018.
Series: Working paper series (National Bureau of Economic Research), no. 24599.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Using dynamic models of health, mortality, and out-of-pocket medical spending (both inclusive and net of Medicaid payments), we estimate the distribution of lifetime medical spending that retired U.S. households face over the remainder of their lives. We find that at age 70, households will on average incur $122,000 in medical spending, including Medicaid payments, over their remaining lives. At the top tail, 5  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: John Bailey Jones; Mariacristina De Nardi; Eric French; Rory McGee; Justin Kirschner; National Bureau of Economic Research,
OCLC Number: 1035848900
Notes: "May 2018"
Description: 1 online resource (31 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 24599.
Responsibility: John Bailey Jones, Mariacristina De Nardi, Eric French, Rory McGee, Justin Kirschner.

Abstract:

Using dynamic models of health, mortality, and out-of-pocket medical spending (both inclusive and net of Medicaid payments), we estimate the distribution of lifetime medical spending that retired U.S. households face over the remainder of their lives. We find that at age 70, households will on average incur $122,000 in medical spending, including Medicaid payments, over their remaining lives. At the top tail, 5 percent of households will incur more than $300,000, and 1 percent of households will incur over $600,000 in medical spending inclusive of Medicaid. The level and the dispersion of this spending diminish only slowly with age. Although permanent income, initial health, and initial marital status have large effects on this spending, much of the dispersion in lifetime spending is due to events realized later in life. Medicaid covers the majority of the lifetime costs of the poorest households and significantly reduces their risk.

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