Family structure and long-term care insurance purchase

Health Economics
Courtney Harold Van HoutvenR Tamara Konetzka

Abstract

While it has long been assumed that family structure and potential sources of informal care play a large role in the purchase decisions for long-term care insurance (LTCI), current empirical evidence is inconclusive. Our study examines the relationship between family structure and LTCI purchase and addresses several major limitations of the prior literature by using a long panel of data and considering modern family relationships, such as the presence of stepchildren. We find that family structure characteristics from one's own generation, particularly about one's spouse, are associated with purchase, but that few family structure attributes from the younger generation have an influence. Family factors that may indicate future caregiver supply are negatively associated with purchase: having a coresidential child, signaling close proximity, and having a currently working spouse, signaling a healthy and able spouse, that long-term care planning has not occurred yet or that there is less need for asset protection afforded by LTCI. Dynamic factors, such as increasing wealth or turning 65, are associated with higher likelihood of LTCI purchase.

References

Jul 21, 2006·The Journals of Gerontology. Series B, Psychological Sciences and Social Sciences·Anne Theisen Cramer, Gail A Jensen
Dec 19, 2008·The Journals of Gerontology. Series B, Psychological Sciences and Social Sciences·Liliana E PezzinBarbara Steinberg Schone
Sep 1, 2006·The American Economic Review·Amy Finkelstein, Kathleen McGarry
Jun 4, 2011·Inquiry : a Journal of Medical Care Organization, Provision and Financing·Yong Li, Gail A Jensen
Dec 20, 2011·Journal of Policy Analysis and Management : [the Journal of the Association for Public Policy Analysis and Management]·Katherine SwartzNadine Farag
Sep 12, 2014·The Gerontologist·Nina R SperberCourtney Harold Van Houtven

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Citations

Mar 6, 2017·Health Economics·Anirban Basu, Norma B Coe
Aug 18, 2016·Inquiry : a Journal of Medical Care Organization, Provision and Financing·Benjamin T AllaireJoshua M Wiener
Mar 27, 2018·Health Economics·Anirban BasuCole G Chapman
Oct 20, 2017·European Journal of Public Health·Maria Michela GianinoGianfranco Damiani
Jul 13, 2020·The European Journal of Health Economics : HEPAC : Health Economics in Prevention and Care·Christophe CourbageJoël Wagner
Dec 26, 2016·International Journal of Health Economics and Management·Jean-Marc BascansCornel Oros
Jun 15, 2021·Social Science & Medicine·Qun WangManuela De Allegri

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