Expectancies and Ownership of Long-Term Care Insurance Policies Among Older Married Couples

• Published in: Journal of applied gerontology Vol. 30; no. 5; pp. 562 - 586
• Main Authors: Caro, Frank G., Porell, Frank W., Kwan, Ngai
• Format: Journal Article
• Language: English
• Published: Los Angeles, CA SAGE Publications 01.10.2011; SAGE PUBLICATIONS, INC
• Subjects: Couples; Decisions; Elderly; Financial Support; Health; Insurance policies; Long Term Care; Long term care insurance; Long term health care; Married couples; Nursing Homes; Older people; Ownership; Risk; nursing home expectancies; long-term care insurance; planning; married couples
• ISSN: 0733-4648; 1552-4523
• DOI: 10.1177/0733464810376374

The study was concerned with perceived risk of need for long-term care (LTC) as a factor in decisions among older married couples to purchase or retain LTC insurance policies. The study examined the relationship between expectancies of moving to a nursing home and ownership of private LTC insurance policies among married couples in which both partners were at least aged 65. Data from the 2002 and 2004 Health and Retirement Study were analyzed. Higher subjective probabilities of moving to a nursing home within the next 5 years among both primary respondents and spouses were positively associated with the primary respondent’s possession of private LTC insurance. The findings add to evidence that among married older people decisions to purchase and retain LTC insurance policies are made jointly. For public education efforts to encourage planning to address LTC financing, the results underscore the importance of attention to the joint concerns of married couples.