“Our guest on the podcast today is Dr. Jeffrey Brown, the Josef and Margot Lakonishok Professor and the Dean of the University of Illinois Gies College of Business. A key focus of Dean Brown’s research is how to create sustainable retirement income, including the role of annuities, Social Security, 401(k)s, pensions and long-term care planning. He’s a research affiliate at the National Bureau of Economic Research, a faculty affiliate of the Institute on Government and Policy Affairs, and a fellow at the TIAA Institute. He also serves as a trustee for TIAA. In addition, he served on the Social Security Advisory Board under President George W. Bush and was also a senior economist at the White House Council of Economic Advisers. He has published extensively on the topic of retirement security and public and private insurance markets, and he has received numerous awards for his research as well. He holds a Ph.D. in economics from MIT, and a master’s in public policy from Harvard.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
Remember the research that showed Medicaid crowds out up to 90% of the market for private LTC insurance? That was the work of Jeff Brown. In this excellent podcast, he covers many retirement planning issues including annuitization and long-term care insurance. I admire his work, although he’s quite wrong about Medicaid LTC benefits requiring “impoverishment.” So I sent him our latest paper debunking that common notion and explaining how retargeting Medicaid to people most in need would provide better care to the needy and incentivize everyone else to plan privately for LTC.