The role of life experience in long-term care insurance decisions |
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| Affiliation: | 1. Department of Policy Analysis and Management, Cornell University, 252 MVR Hall, Ithaca, NY 14853, United States;2. College of Commerce and Economics, Konkuk University, 1 Hwayang-dong, Gwangjin-gu, Seoul 143-701, Republic of Korea;1. Department of Management and Organization, University of Arizona, United States;2. The Eitan Berglas School of Economics, Tel-Aviv University, Israel;3. Saïd Business School, Oxford University, United Kingdom;1. Department of Business Administration, La Rioja University, C/La Cigüeña, 60, 26004 Logroño, Spain;2. Department of Education Sciences, La Rioja University, C/San José de Calasanz s/n, 26004 Logroño, Spain;1. Department of Management Studies, Roma Tre University, Via Silvio D’Amico, 77, 00145 Rome, Italy;2. Department of Statistics and Mathematics for Economic Research, Parthenope University of Naples, Via Medina 40, 80133 Naples, Italy;3. Department of Management Studies, Roma Tre University, Via Silvio D’Amico, 77, 00145 Rome, Italy;1. Institute of Economics (IdEP), Università della Svizzera Italiana (USI), Switzerland;2. Department of Management, Information and Production Engineering (DIGIP), University of Bergamo, Italy;3. Munich Center for the Economics of Aging (MEA), Germany;1. Department of Public Health, Graduate School, Yonsei University, Seoul, Republic of Korea;2. Institute of Health Services Research, Yonsei University, Seoul, Republic of Korea;3. Department of Preventive Medicine, Eulji University, Daejeon, Republic of Korea;4. Department of Preventive Medicine, Yonsei University College of Medicine, Seoul, Republic of Korea |
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| Abstract: | This study uses data from a unique survey of the retirement planning behaviors of late middle-aged individuals living in New York State, to test hypotheses regarding the role of earlier life experiences on the demand for long-term care insurance. Our primary focus is on previous provision of informal long-term care, which some studies have found to be correlated with demand for long-term care insurance. We add to the literature by providing a test for causal relationships between previous care-giving and insurance demand, and by exploring the more generally the mechanisms through which previous life experiences are linked to insurance demand. Results are robust to a variety of empirical specifications and estimation methods, including consideration of current care-giving roles and endogenous selection into previous care-giving, and strongly support a causal relationship between previous long-term care-giving and demand for insurance. Our estimates also provide evidence that lifetime health trajectories and family relationships are associated with long-term care insurance demand, and suggest that both emotional and informational forces influence demand. |
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| Keywords: | Long-term care Private long-term care insurance Informal care-giving Insurance purchase intention Emotions and insurance purchase |
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