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Why the Young Do Not Buy Long-Term Care Insurance

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  • Meier, Volker

Abstract

This paper explains why those individuals who purchase long-term care insurance usually postpone their decision until they reach the age of retirement. This behavior is shown to be rational if there are fixed costs of loading or if there is uncertainty about the costs of disability. Individuals with a low risk of becoming disabled before retirement may prefer to buy insurance late in order to avoid losses in expected income. However, if the probability of becoming disabled after retirement is uncertain, it is generally preferable to buy long-term care insurance early. Copyright 1999 by Kluwer Academic Publishers

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Bibliographic Info

Article provided by Springer in its journal Journal of Risk and Uncertainty.

Volume (Year): 18 (1999)
Issue (Month): 1 (April)
Pages: 83-98

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Handle: RePEc:kap:jrisku:v:18:y:1999:i:1:p:83-98

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Web page: http://www.springerlink.com/link.asp?id=100299

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Cited by:
  1. CREMER, Helmuth & PESTIEAU, Pierre & PONTHIERE, Grégory, . "The economics of long-term care: a survey," CORE Discussion Papers RP -2466, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. repec:hal:wpaper:halshs-00564862 is not listed on IDEAS
  3. Costa-Font, Joan & Rovira-Forns, Joan, 2008. "Who is willing to pay for long-term care insurance in Catalonia?," Health Policy, Elsevier, vol. 86(1), pages 72-84, April.
  4. Rinaldo Brau & Matteo Lippi Bruni, 2006. "Eliciting the Demand for Long Term Care Coverage: A Discrete Choice Modelling Analysis," Working Papers 2006.71, Fondazione Eni Enrico Mattei.

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