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ltci
| Variable | Question text | Label |
|---|---|---|
| amount_ltc | ltci amount | |
| lt001 | We would now like to ask you about private long-term-care insurance. Long-term care refers to receiving help with the activities of daily living, such as eating, bathing, dressing, walking, and so on. In a typical long-term-care insurance contract:
There are other types of insurance for late-in-life health care that are NOT private long-term care insurance. These include:
Please do not consider these types of policies when answering questions in this section. Please select whichever of the following is true: | own ltci |
| lt002 | You have indicated that you own at least one private long-term care insurance policy. If you own
more than one private long-term care insurance policy, please think of the largest such policy you
own.
What is the maximum annual long-term care spending your insurance covers? | maximum annual long-term care spending your insurance covers |
| lt003_randomizer | Indicates ltci amount randomizer | ltci amount randomizer |
| lt005 | Suppose that you own a long-term care insurance policy that covers a maximum annual spending of $^fl_amount_ltc on long-term care in any year in which you need care.
^lt005_randomizer. This means that the policy will never make any payment. This might occur if the insurance company goes out of business, they claim you violated a clause in the contract, or they ruled the policy void for some other reason. What is the percent chance this occurs? | ltci becoming worthless |
| lt005_randomizer | randomizer ltci frame 5 | |
| lt006 | Suppose that you own a long-term care insurance policy that covers a maximum annual spending
of $^fl_amount_ltc on long-term care in any year in which you need care.
Suppose that you will need long-term care for the next calendar year. We would now like to focus on what might happen just during this next calendar year. You have been given 20 balls to put in the following bins. Each bin describes a scenario that involves the long-term care insurance payment that you are supposed to receive next year. The more likely you think a bin is, the more balls you should put in that bin. What do you think will happen to the long-term care insurance payment next year? | probability ltci payment |
| lt007 | You put ^ltc_balls[2] ball(s) in the bin marked "I will receive a payment less than I am supposed to receive." Please distribute those balls in the following bins. The more likely you think a bin is, the more balls you should put in that bin.
If you do receive a payment that is less than you are supposed to receive, how much do you think you would get? | less expected distribution |
| lt008 | The way you put balls into various bins shows that you expect to receive about ^ltc_exp_value% of your long-term care insurance payment next year. It also shows that you could receive more or less than ^ltc_exp_value% of the promised payment.
Let's call this distribution of possible payments, as described by you using the bins and balls, your "uncertain payments." So, your uncertain payments are whatever payments you think you might receive next year. We are now interested in how you value having a contract with no uncertainty. Imagine a contract that is guaranteed to pay ^ltc_discount% of your long-term care insurance payment with no risk of the insurance company not paying out as promised. This is like having all 20 balls on this certain percentage. This contract is unbreakable and cannot be changed by anybody. This contract has no risk, but is guaranteed to pay less than the full promised amount of your original contract. Would you rather have: | preference discount |
| lt009 | Suppose that you own a long-term care insurance policy that covers a maximum annual spending of $^fl_amount_ltc on long-term care in any year in which you need care. Suppose that you will need long-term care for the next calendar year.
Earlier you put ^ltc_balls[1] ball(s) in the bin indicating "I will receive no payment at all". Suppose that this actually happened. In the case that you receive no payment next year, what is the percent chance that the long-term care insurance never makes another payment at any point in the future? This might occur if the insurance company goes out of business, they claim you violated a clause in the contract, or they ruled the policy void for some other reason. | chance never ltci payment |
| lt010 | In general, how much effort do you think you will need to put in to receive the long-term care insurance payments you are promised? For example, this could include you or your family members doing paperwork, talking with claims officers, talking with doctors, hiring lawyers, or other such activities. Please choose one of the following: | how much effort needed |
| ltc_discount | Indicates discount | ltci discount |
| ltc_discount_randomizer | ltci discount randomizer | |
| ltc_exp_value | ltci expected value | |
| own_ltci | own ltci |