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The Economics of Long-Term Care: Key Concepts and Major Financing and Delivery Models

The Economics of Long-Term Care: Key Concepts and Major Financing and Delivery Models
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Author(s): Peter P. Yuen (The Hong Kong Polytechnic University, Hong Kong)
Copyright: 2018
Pages: 18
Source title: Sustainable Health and Long-Term Care Solutions for an Aging Population
Source Author(s)/Editor(s): Ben Fong (The Hong Kong Polytechnic University, Hong Kong), Artie Ng (The Hong Kong Polytechnic University, Hong Kong)and Peter Yuen (The Hong Kong Polytechnic University, Hong Kong)
DOI: 10.4018/978-1-5225-2633-9.ch001

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Abstract

This chapter presents key concepts of economics relevant to the financing and delivery of long term care services. It first examines the magnitude of population aging in developed economies, and the associated implications for long term care. Key economic concepts relating to the demand, supply and financing of long term care services are then discussed. Policies, practices and major models of financing of long term care are further explored followed by a presentation of the conceptual framework for reform. It concludes that in view of the magnitude of the problem, incremental changes in the existing systems are unlikely to be adequate. A clear understanding of the economic concepts to underpin major transformation of existing systems and policies that do not align with populations trends is urgently needed.

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