@article {8839,
	title = {Late-in-Life Risks and the Under-Insurance Puzzle},
	number = {Working Paper No. 22726},
	year = {2016},
	month = {10/2016},
	pages = {1-62},
	institution = {National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {Individuals face significant late-in-life risks, including needing long-term care (LTC). Yet, they hold little long-term care insurance (LTCI). Using both "strategic survey questions," which identify preferences, and stated demand questions, this paper investigates the degree to which a fundamental lack of interest and poor product features determine low LTCI holdings. It estimates a rich set of individual-level preferences and uses a life-cycle model to predict insurance demand, finding that better insurance would be far more widely held than are products in the market. Comparing stated and model-predicted demand shows that flaws in existing products provide a significant, but partial, explanation for this under-insurance puzzle.},
	keywords = {Affordable Care Act, Health Insurance, Health Shocks, Medicare/Medicaid/Health Insurance, Older Adults, Risk Factors, Social Security},
	doi = {10.3386/w22726},
	url = {http://www.nber.org/papers/w22726.pdf},
	author = {Ameriks, John and Briggs, Joseph S. and Caplin, Andrew and Matthew D. Shapiro and Tonetti, Christopher}
}
