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Long-Term Care: How Big a Risk?

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  • Leora Friedberg
  • Wenliang Hao
  • Wei Sun
  • Anthony Webb

Abstract

The brief’s key findings are: *Long-term care is expensive, but only 13 percent of single individuals over 65 have long-term care insurance. *Previous models of care usage appear to understate the risk of going into care and overstate the duration of care for those who require it. *If long-term care is a more likely, but less expensive, event, fewer people may benefit from insurance than previously estimated. *Our analysis shows that it is optimal for only about 20-30 percent of single individuals to buy insurance. *This result strengthens the finding of previous research that Medicaid crowd-out can explain why most households do not buy insurance.

Suggested Citation

  • Leora Friedberg & Wenliang Hao & Wei Sun & Anthony Webb, 2014. "Long-Term Care: How Big a Risk?," Issues in Brief ib2014-18, Center for Retirement Research.
    • Handle: RePEc:crr:issbrf:ib2014-18
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    File URL: http://crr.bc.edu/briefs/long-term-care-how-big-a-risk/
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