Who can see it coming? Demand-side selection in long-term care insurance related to decision-making abilities

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<title>Who can see it coming? Demand-side selection in long-term care insurance related to decision-making abilities</title>
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<namePart>Lambregts, Timo R. </namePart>
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<namePart>Schut, Frederik T. </namePart>
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<abstract displayLabel="Summary">Despite the growing demand for long-term care (LTC), the uptake of private LTC insurance (LTCI) is low and even declining in the United States. One reason is the complexity of LTCI decisions. Researchers have therefore suggested to support decision-making abilities. This paper shows, however, that such support would not unambiguously enhance functioning of the LTCI market. We analyze whether selection arises from two correlated but different decision-making abilities at old age, education and numeracy, and interactions thereof with private information. Using historical data from the Health and Retirement Survey we find that education generates adverse selection, which is only partially offset by advantageous selection due to numeracy</abstract>
<note type="statement of responsibility">Timo R. Lambregts y Frederik T. Schut</note>
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<topic>Mercado de seguros</topic>
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<topic>Toma de decisiones</topic>
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<topic>Seguros</topic>
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<topic>Seguro de dependencia</topic>
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<topic>Salud</topic>
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<topic>Servicios asistenciales</topic>
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<url displayLabel="electronic resource" usage="primary display"> https://doi.org/10.1111/jori.12465</url>
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<title>The Journal of risk and insurance</title>
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<publisher>Nueva York : The American Risk and Insurance Association, 1964-</publisher>
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<identifier type="issn">0022-4367</identifier>
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<text>02/09/2024 Volumen 91 Número 3 - septiembre 2024 , p. 697 - 719</text>
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