Brian E McGarry 1 , Helena Temkin-Greener 2 , Benjamin P Chapman 3 , David C Grabowski 4 , Yue Li 2 Show Affiliations »
Abstract
OBJECTIVE: To determine the effect of consumers' numeric abilities on the likelihood of owning private long-term care insurance. DATA SOURCE: The 2010 wave of the Health and Retirement Study, a nationally representative survey of Americans age 50 and older, was used (n = 12,796). STUDY DESIGN: Multivariate logistic regression was used to isolate the relationship between numeracy and long-term care insurance ownership. PRINCIPAL FINDINGS: Each additional question answered correctly on a numeracy scale was associated with a 13 percent increase in the likelihood of holding LTCI, after controlling for predictors of policy demand, education, and cognitive function. CONCLUSIONS: Poor numeracy may create barriers to long-term care insurance purchase. Policy efforts aimed at increasing consumer decision support or restructuring the marketplace for long-term care insurance may be needed to increase older adults' ability to prepare for future long-term care expenses. © Health Research and Educational Trust.
OBJECTIVE: To determine the effect of consumers' numeric abilities on the likelihood of owning private long-term care insurance. DATA SOURCE: The 2010 wave of the Health and Retirement Study, a nationally representative survey of Americans age 50 and older, was used (n = 12,796). STUDY DESIGN: Multivariate logistic regression was used to isolate the relationship between numeracy and long-term care insurance ownership. PRINCIPAL FINDINGS: Each additional question answered correctly on a numeracy scale was associated with a 13 percent increase in the likelihood of holding LTCI, after controlling for predictors of policy demand, education, and cognitive function. CONCLUSIONS: Poor numeracy may create barriers to long-term care insurance purchase. Policy efforts aimed at increasing consumer decision support or restructuring the marketplace for long-term care insurance may be needed to increase older adults' ability to prepare for future long-term care expenses. © Health Research and Educational Trust.
Keywords:
Long-term care insurance; consumer decision making; long-term care financing; numeracy
Mesh： See more »
Year: 2016
PMID： 26799778 PMCID： PMC4946025 DOI： 10.1111/1475-6773.12439
Source DB: PubMed Journal: Health Serv Res ISSN： 0017-9124 Impact factor: 3.402