Abstract
AbstractGiven the aging population and high cost of long‐term care, many Americans are concerned about financing long‐term care services. Despite this concern, private long‐term care insurance policy sales have experienced slow growth. On average only about 7 percent of the population aged 65 and older has long‐term care insurance, but this percentage varies greatly across the states. In this study we test hypothesized relationships between purchase of long‐term care insurance and various explanatory factors. We provide evidence that state Medicaid nursing home expenditure levels and the relative sizes of the elderly population and the nursing home population are significant explanatory factors of purchase rates. We find no evidence that public–private partnership regulation, the quality of available facilities, or agent marketing controls affect purchase. Findings of the study are useful to insurers, legislators, regulators, and others involved in the public policy debate about financing long‐term care.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
