Report

Reviving the Social Contract: Economic Strategies to Promote Health Insurance & Long-Term Care

William A. Galston

Americans are living longer, but not necessarily living better. With fewer Americans saving adequately for retirement or their long-term health needs, and the corresponding decline in public and private pension plans, we are facing both a retirement and health security crisis.

Recommendations
The next President should explore programs that:

  • distinguish more clearly between savings and insurance when addressing individual financial security
  • mandate both personal savings and the purchase of insurance against risk to avoid free-riding, security-oriented programs
  • offer subsidies to mitigate the burdens of saving and insurance premiums on low-wage workers and their families
  • disseminate information and facilitate individual choice
  • require all individuals to pay risk-based prices for insurance against self-incurred risks

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