Based on the four-period panel data of the China Health and Retirement Longitudinal Study(CHARLS)from 2011 to 2018,this paper tests the impact of long-term care insurance on the savings rate of middle-aged and elderly families using DID model.The study finds that long-term care insurance can reduce the savings rate and stimulate consumption of middle-aged and elderly families,and this conclusion remains valid under a series of validity and robustness tests.Further re-search finds that the main channel for long-term care insurance to reduce the savings rate is the ex-pected effect,rather than the income effect or expenditure effect.This means that most middle-aged and elderly families have already generated an expected effect,even without actually using long-term care insurance.This indicates that promoting long-term care insurance is a low-cost consump-tion stimulating policy.The policy effect of long-term care insurance needs to be further expanded in terms of coverage,encouraging residents to actually use long-term care insurance,so as to fully stimulate the consumption of middle-aged and elderly families through income effect,expenditure effect,and expected effect.
long-term care insurancesavings rateconsumptionexpected effect
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