Abstract
There is not currently a developed market for long-term social care insurance in England. Policymakers are interested in what behavioral influences should be considered in the design of insurance products for long-term social care to increase uptake. This review describes the behavioral factors that might be barriers or facilitators of uptake and could be considered in future policy solutions. Behavioral factors include psychological capabilities (knowledge and understanding), which are important given that public knowledge on this topic is poor. Psychological motivations (reflective or automatic biases) may also influence consumers' decision-making. Cultural factors such as language barriers and family norms for caring are considered. Overall, the authors demonstrate processes by which the uptake of long-term social care insurance can be encouraged, pertinent to policymakers.
Highlights
Social care in older age affects most people at some point in their lives, but it is not well-understood by much of the general public in England
We do acknowledge that state support will continue to exist; the cultural expectations in England stem from general healthcare being funded by the National Health Service (NHS), a system that is free at the point of use and through taxation – yet longterm social care does not work through this model
Drawing on work from behavioral economics and psychology, we discussed interventions that might increase the uptake of social care insurance
Summary
Social care in older age affects most people at some point in their lives, but it is not well-understood by much of the general public in England. Insurance providers can help consumers’ make an informed choice about their social care based on financial factors such as savings and value of their own home. We propose some policy level remedies to increase uptake, such as effective ways to market care insurance products and to help consumers with their decision-making processes.
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