We thank our discussants Scott Barkowski, Seth Freedman, Jason Hockenberry, Mark Pauly, Maria Polyakova, and Sally Stearns. We also thank John Asker, Moshe Buchinsky, Paul Grieco, Eli Liebman, Adriana Lleras-Muney, Volker Nocke, Edward Norton, Jonathan Skinner, Bob Town, Peter Zweifel, and seminar and conference participants at Aarhus University, Universitat Autonoma de Barcelona, Berlin Applied Micro Seminar, BU Questrom, Claremont McKenna College, University of Delaware, Duke University, George Washington University, University of Georgia, Georgia State University, Hamburg Center for Health Economics, University of Illinois at Chicago, Indiana University–Purdue University Indianapolis, LSE, NYU, Olin Business School, University of Maryland, University of Pennsylvania, University of Southern California, Pennsylvania State University, Queen’s University, RAND, RWI, Simon Fraser University, Yale University, ASHEcon, EuHEA, iHEA, SHESG, TEAM-Fest, and Whistler for helpful comments. Jean Roth and Mohan Ramanujan provided invaluable help with the data. We thank Anna Wilkens for proofreading this paper very much. Funding from the National Institute on Aging grant #P01 AG005842-29 is gratefully acknowledged. IRB review was provided the NBER Institutional Review Board under reference number #19 393. Neither we nor our employers have relevant or material financial interests related to the research in this paper. We take responsibility for all remaining errors in and shortcomings of the paper. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.