A nudge for long-term care insurance

Included in the new health care legislation winding its way through Congress is a proposed government-run long-term care insurance program in which participating companies would automatically enroll their eligible employees. These employees would have the option to opt-out.

Long-term care insurance helps pay for nursing home care or other bills of aging people who need living and medical assistance. With most people saving too little for retirement, they are failing to budget enough for these twilight years expenses.

“No one thinks they need long-term care until two years after they need it,” says Richard Thaler, the other co-author of “Nudge.” ”The theme of our book is we should try to help people make decisions without telling them what they have to do.”

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