Analysis on the Welfare Effect of Long-term Care Insurance System in China——An empirical research based on CFPS data
With the deepening of population aging and the expanding scale of the disabled elderly,it is an important institutional arrange-ment to establish a long-term care insurance(LTCI)system to solve the problem of caregiving for the disabled elderly.This paper used DID model to estimate the impacts of long-term care insurance on the subjective well-being and objective welfare for the elderly by utilizing the panel data of the China Family Panel Studies(CFPS)2016-2020 and regarding the first batch of LTCI system pilots in China as a quasi-natural experiment.The results show that:(1)In terms of subjective welfare,the implementation of LTCI system has significantly improved the sense of gain,happiness,and security of the insured elderly;(2)In terms of objective welfare,on the one hand,children's pressure of intergenerational transfer payments to parents has been significantly relieved without reducing the emotional connection between children and their parents.On the other hand,medical expenses have been controlled by significantly reducing hospitalization expenses and out-of-pocket medical expenses.The moderating effect shows that participants with higher levels of disability benefit more.Further heterogeneous analysis results indicate that,compared with the non-agricultural Hukou group and urban employees,the effect of LTCI system on improving welfare is more obvious on the agricultural Hukou group as well as urban and rural residents.In general,LTCI system can benefit all family members including the care re-cipients and caregivers;meanwhile,the policy effects on different groups are hugely different,which has certain practical significance for the im-provement and promotion of the system in the future.
long-term care insurance systemsubjective well-being,objective welfare,PSM-DID
NETL
NSTL
万方数据
