Tag: decline cognitive ability

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Why Do People Lapse Their Long-Term Care Insurance?

Issue Brief by Wenliang Hou, Wei Sun, and Anthony Webb

October 6, 2015

The brief’s key findings are: More than one quarter of those who buy long-term care insurance at age 65 will let their policies lapse at some point, forfeiting all benefits. Lapses could be due to the burden of insurance premiums, a strategic calculation that care use is less likely, or poor decisions due to declining…

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