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Couples Managing the Risk of Financing Long-Term Care

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  • Amanda Barnett
  • Marlene Stum

Abstract

This study examined the complexity of financial long-term care (LTC) decision outcomes among married couples. Supporting the theory of planned behavior, couples reported a range of consensus patterns with their financial LTC intentions and behaviors. Five newly articulated typologies of couples emerged from consensus patterns revealing that couples reported a range of financial LTC intentions and behaviors. More couples reported consensus with their financial LTC behaviors compared to intentions; financial LTC decision outcomes reflected a dynamic and on-going process; and couples were not always in agreement on their financial LTC decision outcomes. Findings reinforce the importance of family practitioners going beyond working with individuals to understanding couple-level planning for financing LTC. Copyright Springer Science+Business Media, LLC 2012

Suggested Citation

  • Amanda Barnett & Marlene Stum, 2012. "Couples Managing the Risk of Financing Long-Term Care," Journal of Family and Economic Issues, Springer, vol. 33(3), pages 363-375, September.
    • Handle: RePEc:kap:jfamec:v:33:y:2012:i:3:p:363-375
    DOI: 10.1007/s10834-012-9298-z
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    References listed on IDEAS

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    1. Nancy Jianakoplos & Alexandra Bernasek, 2008. "Family Financial Risk Taking When the Wife Earns More," Journal of Family and Economic Issues, Springer, vol. 29(2), pages 289-306, June.
    2. Anne Theisen Cramer & Gail A. Jensen, 2006. "Why Don't People Buy Long-Term-Care Insurance?," The Journals of Gerontology: Series B, The Gerontological Society of America, vol. 61(4), pages 185-193.
    3. David Zimmer, 2009. "Insurance Arrangements Among Married Couples: Analysis of Benefit Substitution and Compensating Differentials," Journal of Family and Economic Issues, Springer, vol. 30(4), pages 428-439, December.
    4. Tansel Yilmazer & Angela Lyons, 2010. "Marriage and the Allocation of Assets in Women’s Defined Contribution Plans," Journal of Family and Economic Issues, Springer, vol. 31(2), pages 121-137, June.
    5. Linda Skogrand & Alena Johnson & Amanda Horrocks & John DeFrain, 2011. "Financial Management Practices of Couples with Great Marriages," Journal of Family and Economic Issues, Springer, vol. 32(1), pages 27-35, March.
    6. Ajzen, Icek, 1991. "The theory of planned behavior," Organizational Behavior and Human Decision Processes, Elsevier, vol. 50(2), pages 179-211, December.
    7. Patricia Schaber & Marlene Stum, 2007. "Factors Impacting Group Long-Term Care Insurance Enrollment Decisions," Journal of Family and Economic Issues, Springer, vol. 28(2), pages 189-205, June.
    8. Kathleen Malone & Susan Stewart & Jan Wilson & Peter Korsching, 2010. "Perceptions of Financial Well-Being among American Women in Diverse Families," Journal of Family and Economic Issues, Springer, vol. 31(1), pages 63-81, March.
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    Cited by:

    1. Christopher R. Tamborini, 2021. "Family and Health over the Past Decade: Review of Selected Studies and Areas of Future Inquiry," Journal of Family and Economic Issues, Springer, vol. 42(1), pages 62-69, July.
    2. Chang, Tai-Wei, 2023. "An indispensable role in promoting the electric vehicle Industry: An empirical test to explore the integration framework of electric vehicle charger and electric vehicle purchase behavior," Transportation Research Part A: Policy and Practice, Elsevier, vol. 176(C).
    3. Marie-Hélène BROIHANNE, 2021. "Testing the gender gap in subjective financial literacy of spouses," Working Papers of LaRGE Research Center 2021-08, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.
    4. Ventura-Marco, Manuel & Vidal-Meliá, Carlos & Pérez-Salamero González, Juan Manuel, 2023. "Joint life care annuities to help retired couples to finance the cost of long-term care," Insurance: Mathematics and Economics, Elsevier, vol. 113(C), pages 122-139.

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