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- Title
The Impact of Consumer Numeracy on the Purchase of Long-Term Care Insurance.
- Authors
McGarry, Brian E.; Temkin‐Greener, Helena; Chapman, Benjamin P.; Grabowski, David C.; Li, Yue; Temkin-Greener, Helena
- Abstract
<bold>Objective: </bold>To determine the effect of consumers' numeric abilities on the likelihood of owning private long-term care insurance.<bold>Data Source: </bold>The 2010 wave of the Health and Retirement Study, a nationally representative survey of Americans age 50 and older, was used (n = 12,796).<bold>Study Design: </bold>Multivariate logistic regression was used to isolate the relationship between numeracy and long-term care insurance ownership.<bold>Principal Findings: </bold>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.<bold>Conclusions: </bold>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.
- Subjects
MATHEMATICAL ability; ACALCULIA; LOGISTICS; MATH anxiety; MATHEMATICS; CUSTOMER satisfaction; LONG-term care insurance; LONG-term care insurance statistics; ECONOMICS; RESEARCH funding; SURVEYS
- Publication
Health Services Research, 2016, Vol 51, Issue 4, p1612
- ISSN
0017-9124
- Publication type
journal article
- DOI
10.1111/1475-6773.12439