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Why People Don't Buy Long-Term Care Insurance
The researchers, Jeff Brown of the University of Illinois, Gopi Shah Goda of Stanford, and Kathleen McGarry of UCLA conducted a research survey based their conclusions on responses of 1,512 people over age 50 in a survey taken in May and June. The study found multiple reasons leading to the fact that American people don’t show favoritism in Long-term insurance. The most important reason is price. Other reasons include weak feeling of necessity, too young to buy, and concerns regarding carriers’ later ability to pay claims or premium raise. It also suggests that people who are aware that Medicaid covers long-term care are slightly more likely to buy than whose who do not. Medicaid coverage may still crowd-out private insurance for low-income buyers, but it did not matter much for those in this survey.
Source:Forbes