Marshall Parker & Associates LLC
Scranton, PA:
Why Do People Lapse Their Long-Term Care Insurance?
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 cognitive ability.
The analysis finds support for both the “financial burden” and “cognitive decline” explanations.
The consequences of lapsing are significant, as lapsers are actually more likely than non-lapsers to use care in the future, partly due to cognitive decline.
Thus, for some lapsers, having…
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