The Impact of Consumer Numeracy on the Purchase of Long-Term Care Insurance.

ABSTRACT:

Objective

To determine the effect of consumers' numeric abilities on the likelihood of owning private long-term care insurance.

Data source

The 2010 wave of the Health and Retirement Study, a nationally representative survey of Americans age 50 and older, was used (n = 12,796).

Study design

Multivariate logistic regression was used to isolate the relationship between numeracy and long-term care insurance ownership.

Principal findings

Each additional question answered correctly on a numeracy scale was associated with a 13 percent increase in the likelihood of holding LTCI, after controlling for predictors of policy demand, education, and cognitive function.

Conclusions

Poor numeracy may create barriers to long-term care insurance purchase. Policy efforts

SUBMITTER: McGarry BE 

PROVIDER: S-EPMC4946025 | biostudies-literature | 2016 Aug

REPOSITORIES: biostudies-literature