Why Don't Retirees Insure Against Long-Term Care Expenses? Evidence from Survey Responses

Jeffrey R. Brown, Gopi Shah Goda, Kathleen McGarry

NBER Retirement Research Center Paper No. NB 11-05
Issued in September 2011

---- Acknowledgements -----

The authors are grateful to Tania Gutsche and the ALP staff at RAND for their assistance with developing and fielding the survey; Katherine Carman, Norma Coe, Tom Davidoff, Arie Kapteyn, Lee Lockwood, Erzo F. P. Luttmer, Emily Oster, Mark Warshawsky, David Weir, Robert Willis for helpful comments; and Michael Kent for excellent research assistance. This research was supported by the U.S. Social Security Administration through grant #5 RRC08098400-03-00 to the National Bureau of Economic Research as part of the SSA Retirement Research Consortium. Brown is a Trustee for TIAA and has also received compensation as a speaker, author and consultant from a number of financial services organizations, some of which sell long-term care insurance. The findings and conclusions expressed are solely those of the author(s) and do not represent the views of SSA, any agency of the Federal Government, or the NBER.

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