|Title||The Impact of Consumer Numeracy on the Purchase of Long-Term Care Insurance.|
|Publication Type||Journal Article|
|Year of Publication||2016|
|Authors||McGarry, BE, Temkin-Greener, H, Chapman, BP, Grabowski, DC, Li, Y|
|Journal||Health Serv Res|
|Date Published||2016 08|
|Keywords||Consumer Behavior, Financing, Personal, Health Surveys, Humans, Insurance, Long-Term Care, Middle Aged|
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.
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|Alternate Journal||Health Serv Res|
|PubMed Central ID||PMC4946025|
|Grant List||R01 MD007662 / MD / NIMHD NIH HHS / United States |
R36 HS023714 / HS / AHRQ HHS / United States