1,721,022 research outputs found
Pensions and home ownership in the welfare mix for older persons
No full textThe paper draws on actuarial mathematics, examining the role of housing in the welfare mix for older persons. New concepts for asset-based welfare, where the housing owned by the occupant is part of the investment portfolio comprised of state pension, occupational defined contribution (private) pension and one's residential property, are examined. We present how the variance of pension income after retirement is reduced by using residential property as the 4th pillar of the pension system, as proposed in the EC Green Paper on Pensions (2010). The study is focusing on modelling the decumulation of the housing equity and the defined contribution private pension, incorporating insurance mechanisms for management of longevity. Here we propose a new model in which periodic payout that the beneficiary receives is the difference between the amount drawn and the annuity premium for longevity insurance. The paper shows how the drawing amount in the loan model ERS (reverse mortgage) is decreasing with the increasing interest rate, while the pension arising from defined contribution systems is increasing with the increasing interest rate. According to Markowitz's Portfolio Theory, these findings show that in combination of these products, the volatility of a combined pension cash flow from all pillars induced by volatile interest rates decreases, which improves the pension portfolio, i.e. where pensions from defined contribution systems exist
Matematični modeli financiranja socialne infrastrukture za izvajanje dolgotrajne oskrbe
No full textIn accordance with the »Operational Programme for the implementation of the European Cohesion Policy for the period 2014–2020«, as a key area Slovenia identified Promoting the availability of affordable, sustainable and high-quality services, including health and social services of general interest also for old and very old inhabitants. These services include the long-term care. The key issue which until now has not been answered is how to develop a quantitative model for measuring the quality of social care services for the elderly, and how to plan the facilities for needs of seniors which will be available in accordance with the demand. As stated in the Operational Programme, Slovenia does not have a compact system for regulation of long-term care. Services and rights are arising from the different existing systems - health, pension and disability insurance as well as from the social welfare system. Given the demographic structure and projections developed by European Commission and presented in The Ageing Report 2015, there is a need for reform that will enable the establishment of a uniform system of high-quality community-based services for ageing in place and for those that will need institution forms of care. Slovenia is preparing new legislation in the field of long-term care (LTC), which will have to take into consideration also a different type of facilities where LTC services will be provided. This will require the development of model for projections of needs and eligibility for integrated health and social services, LTC, monitoring of recipients of services and funds for LTC, and coordinating the development of integrated community-based services, as required in Operational Programme for the implementation of the European cohesion policy for the period 2014–2020 (European Commission, 2014). In the book, we shall develop a model for measuring the quality of the system of LTC, for which even the OECD documents state that has not yet been developed and show how the optimal policy requires higher dynamics of providing facilities for seniors. A more objective measuring instrument, based on an actuarial - mathematical methods will be presented. Thus, the objective of the boook is to present how to develop an actuarial model for determining the quality of care in different types of facilities in the system of LTC. The book will also present the proposal for model of collecting and processing data in the system of statistical reports relevant for the whole country, to better forecast the long-term needs of facilities for seniors with declining functional capacities.
The core of the book describes a multiple decrement model embeded in housing and urban planning as a tool for better forecasting a housing market and housing needs of senior citizens with decreasing functional capacities and therefore changing housing needs on their lifetime horizon. The presented approach enables development of appropriate, flexible equity release schemes (ERS) and better management of cash flows related to the portfolio of residential properties in the context of ERS. The schemes are designed to allow elderly homeowners to convert the equity in their homes to the income and to keep the possibility to sell the property and move to the more appropriate dwelling under the same contract. In these ERS products homeowner can also keep the mathematical reserves for longevity insurance, based on the initial contract, when elderly homeowner moves and sells the initial residential property and buys a new one. Elderly homeowner also keeps his/her lifetime annuities if elderly homeowner finally sells the property and moves to the long-term care in a retirement home. The reverse mortgage schemes/longevity insurance is not tied to the single property as it is the case in the existing reverse mortgage products all over the world, but it is tied to the life of the senior homeowner
Planning capacity of facilities for seniors dependent on a help of others in Slovenia
No full textIn accordance with the "Operational Programme for the implementation of the European Cohesion Policy for the period 2014–2020", as a key area Slovenia identified Promoting the availability of affordable, sustainable and high-quality services, including health and social services of general interest also for old and very old inhabitants. These services include the long-term care. The key issue which until now has not been answered is how to develop a quantitative model for measuring the quality of social care services for the elderly, and how to plan the facilities for needs of seniors which will be available in accordance with the demand. As stated in the Operational Programme, Slovenia does not have a compact system for regulation of long-term care. Services and rights are arising from the different existing systems - health, pension and disability insurance as well as from the social welfare system. Given the demographic structure and projections developed by European Commission and presented in The Ageing Report 2015, there is a need for reform that will enable the establishment of a uniform system of high-quality community-based services for ageing in place and for those that will need institution forms of care. Slovenia is preparing new legislation in the field of long-term care (LTC), which will have to take into consideration also a different type of facilities where LTC services will be provided. This will require the development of model for projections of needs and eligibility for integrated health and social services, LTC, monitoring of recipients of services and funds for LTC, and coordinating the development of integrated community-based services, as required in Operational Programme for the implementation of the European cohesion policy for the period 2014–2020 (European Commission, 2014). In the paper, we shall develop a model for measuring the quality of the system of LTC, for which even the OECD documents state that has not yet been developed and show how the optimal policy requires the dynamics of providing facilities for seniors. A more objective measuring instrument, based on an actuarial - mathematical methods will be presented. Thus, the objective of the paper is to present how to develop an actuarial model for determining the quality of care in different types of facilities in the system of LTC. The paper will also present the proposal for the model of collecting and processing data in the system of statistical research relevant for the whole country, to better forecast the long-term needs of facilities for seniors with declining functional capacities
Housing rights of seniors in the process of deinstitutionalization
No full textThe primary need of human beings is housing. It involves shelter for survival and protection of the human dignity, simply a place to live in the home. Housing provides a privacy and overall a sense of personal space. The adequate and an appropriate housing forms the core of housing rights. When older person loose his/her functional capacities the adequacy of home is reduced and when lives his/her home and goes to the institutional care, some important dimensions of these rights are lost. It is estimated that in the EU around 1 million aged people live in long-term care institutions where they are segregated from their communities. Such institutions were originally created to provide care, food and shelter, but by now evidence has shown that they cannot ensure person-centered services and appropriate support according to the needs of an individual aged person. Ensuring the rights of seniors with declining functional capacities to integrity and independency is substantially reduced when they move from community-based homecare to the institutional long-term care. In its recent documents the European Union recommends to Slovenia to start the process of deinstitutionalization of residential nursing homes and to develop community base services for senior citizens. The paper will explore if any international, European or national sources of law already oblige Slovenia to conduct deinstitutionalization. In this respect special emphasis will be on the human rights issues. European Social Charter and in the European Charter of Fundamental Rights entail rights of elderly persons to choose their lifestyle freely and to lead independent lives. On the other hand, the Slovenian Constitution does not provide for special article on rights of seniors. We believe that special consideration should be made for elderly with declining functional capacities, and thus depended on help of others, when their human rights are at the stake, also in the context of right to appropriate housing (Article 78 Slovenian Constitution). This right belongs to the catalogue of social rights, which do not operate on the basis of universally recognized minimum standards and therefore their vagueness and flexibility could affect their effectiveness. However, due to vulnerability of seniors with declining functional capacities unsuitable housing conditions could result also in breach of their civil rights, such as personality and privacy rights. Therefore the absence of proper actions of the state could result in the breach of states binding constitutional commitments
Demographic drivers of social infrastructure
No full textAgeing of population requires certain dynamics in development of age friendly environment. In the next 45 year, 30% of the built environment will need to be modified for the use of people with declining functional capacities. These dynamics will presure the public finances for investment in hospitals, schools and other public buildings. In this paper we analyse The Ageing Report 2015, giving projections of needed structure of social infrastructure in some European countries. The paper presents the differences between northern and southern countries as well as the differences between east and west. The list of recommendations how to develop and managing private-public partnerships and the needed financial instruments will be presented in this paper with the final goal to achieve suitable social infrastructure in the framework of limited public financial sources
Ageing in place driving urban transformations
No full textResearch question: This article provides an answer to the question: What kind of housing do the
seniors in Slovenia prefer after a substantial decrease of their functional capacities, i.e. when they
already need long-term care services?
Purpose: During the study, the seniors participating in the study were still able to live in their
current dwelling – in the home where they lived for years together with their family or alone; but
because of a substantial decrease of their functional capacities they had become aware that it
would be difficult to continue to stay there. We wanted to know where they would like to migrate
or move to when needed, and what kind of housing should be provided on the housing market for
these cohorts.
Method: After our study of the relevant European and American literature we found that the
construction of housing for seniors can be developed in different types of structures and that there
is a substantial gap between the needs and the availabilities of housing arrangements in Slovenia,
which also increases the rigidity of the Slovenian housing market and reduces land rent in
comparison with USA and Western Europe. Seniors using long-term care services provided by
municipalities in their own homes, living outside the main Slovenian central places, were included
in the survey. To identify the preferred structure of the built environment for seniors we organised
3 groups of interviews with assisted living inhabitants from three Slovenian municipalities and
evaluated the percentages of each desired type of housing and care.
Results: The results show that more than half of Slovenian seniors do not have the possibility to
move to retirement villages or other better adapted homes in assisted living housing units, where
they could protect their dignity and independence better than in institutional care in nursing
homes.
Local administration and society: These findings refer to the local administration initiative to
(a) built proper housing units for seniors with decreasing functional capacities themselves, or (b)
to initiate investments in local areas that would, in turn, attract private investments in proper and
affordable housing for seniors.
Novelty: This study is the first of its kind in Slovenia while its results provide better insight into
what matters most to Slovenian seniors regarding their housing arrangements.
Further extension: The study could give different results in the case of metropolitan areas, e.g.
for the case of Ljubljana
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