We are grateful to Michael Grossman and Philip DeCicca and would like to thank Oby Okoye, Sean P. Kilpatrick, Clayton T. Cook, and Matthew Miller for their research assistance at Rutgers University, the State University of New Jersey, U.S.A. Any credits, analyses, interpretations, conclusions and the views expressed in this paper are those of authors, and do not necessarily reflect those of the institutions. We greatly acknowledge the research support provided by the Research Council of Rutgers University, the State University of New Jersey, U.S.A. (#2-02180 and 2-02243). This paper was presented at International Conference for Healthcare and Long Term Care Costs funded by the Special Grant to Hitotsubashi University for Intergenerational Equity Problem from the Ministry of Education and Science of Japan.