Willingness to Purchase Hypothetical Private Long-Term Care Insurance Plans in a Super-ageing Society: Evidence from Hong Kong

被引:4
|
作者
He, Alex Jingwei [1 ,4 ]
Qian, Jiwei [2 ]
Chan, Wai-Sum [3 ]
Chou, Kee-Lee [1 ,4 ]
机构
[1] Educ Univ Hong Kong, Dept Asian & Policy Studies, Hong Kong, Peoples R China
[2] Natl Univ Singapore, East Asian Inst, Singapore, Singapore
[3] Chinese Univ Hong Kong, Dept Finance, Hong Kong, Peoples R China
[4] Hong Kong Univ Sci & Technol, Div Publ Policy, Hong Kong, Peoples R China
关键词
Financing; Hong Kong; Insurance; Long-term care; FINANCIAL LITERACY; DEMAND; FUTURE; NEEDS;
D O I
10.1080/08959420.2023.2182084
中图分类号
R4 [临床医学]; R592 [老年病学];
学科分类号
1002 ; 100203 ; 100602 ;
摘要
Despite the soaring demand for long-term care (LTC) services in aging societies, dedicated risk-pooling mechanisms are largely absent. Private insurance has been advocated but the market remains small. This study seeks to unravel this paradox through an empirical study in Hong Kong, a super-aging society. We analyzed middle-aged individuals' willingness to purchase hypothetical private LTC insurance plans derived from a discrete choice experiment. A survey was conducted in 2020 and sampled 1,105 respondents. We noted a fairly encouraging level of acceptance but also found clear barriers toward potential purchase. The desire for self-sufficiency and preference for formal care powerfully increased individuals' interest. Cognitive difficulty, habitual adherence to out-of-pocket payment, and unfamiliarity with the LTC insurance market reduced such interest. We explained the results with reference to the changing social dynamics and drew policy implications for LTC reforms in Hong Kong and beyond.
引用
收藏
页码:780 / 805
页数:26
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