In other words, many who favor a market-based insurance approach to LTC provision would thus
argue that markets are likely more efficient than governments at establishing prices and quantities
of long-term care services sold. Some concerned that the poor could end up without care would
likely favour a voucher system so that a minimum level of care could be provided to destitute
consumers requiring LTC, but resulting low benefits and restrictions on access would mean that
most consumers would have to pay for care at prices reflective of economic resource costs. Such
an approach, if combined with mandatory participation, would still embody some inefficiencies,
but it would offer consumers incentives to seek lower-cost alternatives, and to undertake more
self-provision, either through saving or insurance, than would be the case otherwise.
In other words, many who favor a market-based insurance approach to LTC provision would thus
argue that markets are likely more efficient than governments at establishing prices and quantities
of long-term care services sold. Some concerned that the poor could end up without care would
likely favour a voucher system so that a minimum level of care could be provided to destitute
consumers requiring LTC, but resulting low benefits and restrictions on access would mean that
most consumers would have to pay for care at prices reflective of economic resource costs. Such
an approach, if combined with mandatory participation, would still embody some inefficiencies,
but it would offer consumers incentives to seek lower-cost alternatives, and to undertake more
self-provision, either through saving or insurance, than would be the case otherwise.
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