How Does Retiree Health Insurance Influence Public Sector Employee Saving PDF Download
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| Author | : Robert Louis Clark |
| Publisher | : |
| Total Pages | : 40 |
| Release | : 2013 |
| Genre | : Economics |
| ISBN | : |
Download How Does Retiree Health Insurance Influence Public Sector Employee Saving? Book in PDF, ePub and Kindle
Economic theory predicts that employer-provided retiree health insurance benefits crowd-out household wealth accumulation. Nevertheless, there is little research on the impacts of retiree health insurance on wealth accruals, so this paper utilizes a unique data file on three baseline cohorts from the Health and Retirement Study to explore how employer-provided retiree health insurance may influence net household wealth among public sector employees, where retiree healthcare benefits are still quite prevalent. We find that most full-time public sector employees who anticipate receiving employer-provided health insurance coverage in retirement save less than their private sector uncovered counterparts.
| Author | : Robert L. Clark |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 191 |
| Release | : 2010-01-01 |
| Genre | : Political Science |
| ISBN | : 1849808139 |
Download Retiree Health Plans in the Public Sector Book in PDF, ePub and Kindle
While retiree health plans are a dying benefit in the private sector, all US states and many local governments extend health insurance coverage to their retired employees. This book is the first to thoroughly examine public sector health insurance plans. Retiree Health Plans in the Public Sector provides a detailed description of the current plans offered and compares how they vary across states. Health insurance is an important component of compensation in the public sector as it helps governments attract and retain quality workers and encourages timely retirement for career employees. Rapidly rising medical costs, an aging labor force, and an increasing number of retirees have dramatically increased the cost of providing this benefit. A central theme of this analysis is a presentation of the actuarial accrued liabilities, the unfunded liabilities and the annual required contribution of the employers based on the actuarial statements for retiree health plans. The authors alsoinvestigate why some states face major funding problems while the costs of other states? plans are much more manageable. Extensively researched and well-suited for classroom and professional use alike, academics in the fields of economics and public policy will find this an unmatched resource. So too will policymakers, economists, legislators, public sector union leaders and those invested in public sector healthcare.
| Author | : John B. Shoven |
| Publisher | : |
| Total Pages | : |
| Release | : 2013 |
| Genre | : Economics |
| ISBN | : |
Download The Role of Retiree Health Insurance in the Early Retirement of Public Sector Employees Book in PDF, ePub and Kindle
Most private sector workers with employer-provided health insurance have a strong incentive to continue working until Medicare eligibility in order to maintain group health coverage. However, most government employees have access to retiree health coverage, which allows them access to group health coverage even if they retire before Medicare eligibility. We study the impact of retiree health coverage on the probability of stopping work among public sector workers between the ages of 55 and 64. We find that, for state and local government employees, retiree health coverage raises the probability of stopping work by 5.1 percentage points (around 28 percent) between ages 60 and 64. However, we find no evidence that retiree health coverage influences state and local employees' decisions to stop work at ages 55-59, or that such coverage has an effect on the probability of stopping work for federal and military employees.
| Author | : Robert Louis Clark |
| Publisher | : |
| Total Pages | : 36 |
| Release | : 2010 |
| Genre | : Government employees' health insurance |
| ISBN | : |
Download The funding status of retiree health plans in the public sector Book in PDF, ePub and Kindle
While no longer common in the private sector, most public sector employers offer retiree health insurance (RHI) as a retirement benefit to their employees. While these plans are thought to be an important tool for employers to attract, retain, motivate, and ultimately retire workers, they represent a large and growing cost. This paper reviews what is currently known about RHI in the public sector, while highlighting many important unanswered research questions. The analysis is informed by detailed data from states on their liabilities associated with RHI, which were produced in accordance with the 2004 Government Accounting Standards Board Rule 45 (GASB 45). We consider the extent of the unfunded liabilities states face and explore what factors may explain the variation in liabilities across states. The importance and sustainability of RHI plans in the public sector ultimately depends on how workers view and value this post-retirement benefit, yet little is known about how RHI directly impacts the public sector labor market. We conclude with a discussion of the future of RHI plans in the public sector.
| Author | : Edmund J. McMahon |
| Publisher | : |
| Total Pages | : |
| Release | : 2010 |
| Genre | : Civil service pensioners |
| ISBN | : |
Download Iceberg Ahead Book in PDF, ePub and Kindle
"New York taxpayers spend billions of dollars a year on health insurance coverage for retired state and local government employees, many of whom are too young to be eligible for Medicare. But the mounting "pay-as-you-go" bill for retiree healthcare is just the tip of a much larger iceberg. Now, thanks to a new government accounting standard, the true cost of this long-term entitlement is finally emerging from the murky depths of state and local finances. Based on a review of financial reports for the state and its largest local governments, school districts and public authorities, this report estimates that New York's total unfunded liability for public-sector retiree health insurance comes to $205 billion. This figure represents a mammoth potential transfer of wealth from future taxpayers to current government employees and retirees--for a type of benefit that is not available to the vast majority of private-sector workers. The burden of retiree health care is clearly unsustainable and unaffordable. This report, designed as a primer on the issue for taxpayers and government officials, recommends a four-step plan for curbing retiree health care costs before it is too late."
| Author | : Judith F. Mazo |
| Publisher | : University of Pennsylvania Press |
| Total Pages | : 288 |
| Release | : 1994 |
| Genre | : Health insurance |
| ISBN | : |
Download Providing Health Care Benefits in Retirement Book in PDF, ePub and Kindle
This volume, from the Pension Research Council of the Wharton School, highlights many of the special health insurance problems facing the elderly and some of the solutions that any reform process must consider.
| Author | : Paul Fronstin |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2010 |
| Genre | : |
| ISBN | : |
Download Retiree Health Benefit Trends Among the Medicare-Eligible Population Book in PDF, ePub and Kindle
This paper examines the prevalence of retiree health benefits among Medicare-eligible retirees. It discusses the percentage of retirees with employment-based retiree health benefits over the 1994-2008 period. It also examines the trend for individually purchased coverage as a supplement to Medicare. Perhaps the single most-important factor that has affected the availability of health benefits for retirees through former private-sector employers was a 1990 accounting rule. FAS 106 required companies to record and disclose retiree health benefit liabilities on their financial statements and triggered many of the changes to retiree health benefits, most notably the sharp decline in the benefits being offered. GASB Statements No. 43 and 45, which impose new accounting standards on public-sector sponsors of retiree health benefits, are similar to FAS 106 and will have a similar, if not greater, impact on the financial statements of public-sector entities. As a result of FAS 106 and the rising cost of providing retiree health benefits, most U.S. private-sector workers will never become eligible for health insurance in retirement through a former employer. Fewer employers are offering health benefits to future retirees; when those benefits are offered, eligibility criteria are becoming harder to meet; and employer subsidies are disappearing. In 2008, 26 percent of 65-69-year-olds had retiree health benefits, down from 32 percent in 1994, and the numbers are lower for older retirees. It is possible that the decline in coverage would have been even larger had it not been for changes in the work status of individuals eligible for Medicare. In 1995, 59 percent of individuals ages 65-69 considered themselves retired, and that fell to 53.6 percent in 2008, while those saying they were working increased from 28 percent in 1995 to 35 percent in 2008. The PDF for the above title, published in the January 2010 issue of EBRI Notes, also contains the full text of another January 2010 EBRI Notes article abstracted on SSRN: “Employee Tenure, 2008.”
| Author | : National Research Council |
| Publisher | : National Academies Press |
| Total Pages | : 230 |
| Release | : 2013-01-10 |
| Genre | : Social Science |
| ISBN | : 0309261961 |
Download Aging and the Macroeconomy Book in PDF, ePub and Kindle
The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.
| Author | : Paul Fronstin |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2010 |
| Genre | : |
| ISBN | : |
Download Implications of Health Reform for Retiree Health Benefits Book in PDF, ePub and Kindle
This paper examines how current health reform legislation being debated in Congress will impact the future of retiree health benefits. The paper also provides background on the impact of private-sector accounting rule changes on the availability of retiree health benefits since the mid-1990s; the more recent impact of public-sector accounting rule changes on retiree health benefits in the public sector; the impact on employment-based retiree health benefits of adding a drug benefit to Medicare; and the potential impact of current health reform legislation on employment-based health benefits for early retirees and Medicare beneficiaries. In general, the proposals' provisions will have a mixed impact on retiree health benefits: In the short term, the reinsurance provisions would help shore up early retiree coverage and Medicare Part D coverage would become more valuable to retirees. In the longer term, insurance reform combined with new subsidies for individuals enrolling for coverage through insurance exchanges, the maintenance-of-effort provision affecting early retiree benefits, increases to the cost of providing drug benefits to retirees, and enhanced Medicare Part D coverage, would all create significant incentives for employers to drop coverage for early retirees and drug coverage for Medicare-eligible retirees. With some exceptions, the House-passed legislation would prohibit employers from changing the benefits offered to retirees and their beneficiaries once a person has retired. This provision could have a number of different effects: More employers may move toward capping their contributions; employers that want to maintain retiree health benefits may react by cutting the health benefits of active workers; employers may eliminate retiree health benefits altogether to avoid being locked into providing a permanent benefit; or they may drop benefits if they think there is no need to provide them.
| Author | : Paul Fronstin |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2008 |
| Genre | : |
| ISBN | : |
Download Savings Needed to Fund Health Insurance and Health Care Expenses in Retirement Book in PDF, ePub and Kindle
This paper examines the cost of health insurance and health care expenses in retirement. It examines recent trends in private- and public-sector retiree health benefits and the impact of these trends on current and future retirees. It also presents options that retirees currently have to supplement the Medicare program, and provides estimates of how much those options will cost current and future retirees.
