The Long-Term-Care Insurance Puzzle: Modeling and Measurement
NBER Working Paper No. 22726
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An earlier draft of this paper circulated under the title “Late-in-Life Risks and the Under-Insurance Puzzle.” This research is supported by a program project grant from the National Institute on Aging P01-AG026571. The Vanguard Group, Inc. supported the data collection through the VRI (Vanguard Research Initiative). Vanguard’s Client Insight Group and IPSOS SA were responsible for implementing the Survey and provided substantial input into its design. The design of the VRI benefited from the collaboration and assistance of Wandi Bruine de Bruin, Alycia Chin, Brooke Helppie McFall, Minjoon Lee, Mi Luo, and Ann Rodgers, as part of the program project, from Annette Bonner of the Vanguard Group, Inc., and from the research staff at IPSOS SA. We thank Norma Coe, Mariacristina De Nardi, Rebecca Diamond, Sebastian Di Tella, Eric French, Amanda Starc, Víctor Ríos-Rull, and Moto Yogo for useful comments and suggestions. The views expressed herein are those of the authors and do not necessarily reflect the views of The Vanguard Group, Inc. or the Federal Reserve Board of Governors. For documentation of the VRI, including a dynamic link to the survey instrument, see http://ebp-projects.isr.umich.edu/VRI/. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.