Long-term care (LTC) is the largest insurable risk that old-age individuals face in most western societies. However, the demand for LTC insurance is still ostensibly small in comparison to the financial risk, which is reflected in the formation of expectations of insurance coverage. One...

The UK Government recently announced plans to reform the system that determines how much the state contributes to people's long-term care costs. The reforms will start in 2016 and introduce a lifetime cap on the costs an individual will need to pay towards 'eligible' care and support needs. They...