Ninety-seven elderly hospitalized patients were asked about their preferences for several treatments under three hypothetical levels of future cognitive functioning: intact, confused, and unconscious. Levels of cognitive functioning and depression were also assessed. Sixty-six percent of the patients were more likely to want treatment if they expected to be cognitively intact than when a future condition involved impaired cognition; 36% did not want any treatment in at least 75% of the conditions; and 16% wanted treatment in at least 75% of the conditions studied. A minority (12%) did not show any pattern in their preferences. The absence of a definite pattern was related to lower levels of education and to higher levels of depressive symptoms. Patients self-reported their preferences for treatments being influenced most by their personal values, religion, and by experiences with illnesses of others.