The Impact of Long-Term Care Insurance on the Spending Behavior of Elderly Households——From the Perspective of Health Risk
The Chinese economy has entered a new stage of development,which requires expanding domestic demand and stimulating consumption potential.As the aging population increases,stimulating the consumption potential of the elderly will have a positive impact on promoting the domestic cycle.Studies have found that the saving rate of the elderly increases with age,and the main reason is to prevent health risk.Long-term care insurance can effectively alleviate health risk and affect household consumption expenditure behavior.From the perspective of health risk,the study applies the CFPS(2012-2018)data to explore the impact of long-term care insurance policies on household consumption expenditure decisions.The analysis results show that the implementation of the long-term care insurance system has reduced the savings rate of elderly households by 9.7％,while significantly increasing consumption expenditure,effectively promoting elderly household consumption,with a significant increase in health and entertainment consumption.The greater the health risk,the more significant the effect of long-term care insurance on promoting consumption in elderly households would be.In addition,long-term care insurance policy has a more significant effect on increasing the consumption in urban and high-income households.
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