Question: Long-term care for the elderly involves helping individuals with activities (such as bathing, dressing, and toileting) that they cannot perform for themselves. How were these

Long-term care for the elderly involves helping individuals with activities (such as bathing, dressing, and toileting) that they cannot perform for themselves. How were these needs taken care of a century ago? Explain why moral hazard and adverse selection make long-term-care insurance so expensive today that few people choose to buy it.

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