Jeffrey R. Brown|Gopi Shah Goda|Kathleen McGarry
Long-Term Care Insurance Demand Limited By Beliefs About Needs, Concerns About Insurers, And Care Available From Family
University of Illinois Urbana-Champaign|Economic Policy Institute|University of California, Los Angeles
spite high costs major financial risks involved longterm care majority older americans longterm care insurance conducted survey designed learn role following four broad factors affecting demand longterm care insurance preferences beliefs notions likelihood one become disabled substitutes insurance savings could spent longterm care substitutes formal care care provided family members features private market concerns high costs coverage found evidence factors important explaining low demand longterm care insurance example people believed might need longterm care likely purchase longterm care coverage people alternative ways pay care savings could use unpaid care family members less likely purchase insurance features private market peoples lack trust insurers high cost coverage made people less likely buy longterm care insurance conclude policy interventions designed address one factor limiting purchase longterm care insurance unlikely dramatically increase demand longterm care insurance