via Wall Street Journal

When it comes to long-term care, two facts stand out. First, an estimated 70% of people will need such care, which will be costly. And second, most of them refuse to buy insurance to cover it. The question is, why?

Part of the explanation, no doubt, is that long-term-care insurance is expensive. Some people also may be assuming, incorrectly, that they will qualify for government assistance to help them pay for nursing-home care. Rules are in place to disqualify many who won’t meet the strict conditions required.

But our research suggests that a deeper problem may be that consumers are looking at long-term-care policies in the wrong way; and, just as important, that insurers may be missing opportunities to tweak their products in ways that might address and overcome some of the root causes of those misunderstandings..

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