Research On The Influence Of Supplementary Medical : Insurance On The Elderly Family Consumption

Affected by the COVID-19 epidemic,the global economy has been impacted to a certain extent.Investment and exports have further weakened the momentum of economic growth.More attention should be paid to consumer demand.In the key period of accelerating the transformation of China’s economic development model and building a modern socialist power,we must give full play to the attraction of domestic demand for economic growth.By the end of 2022,China’s population over 65 years old is about 209.78 million,accounting for almost 15% of the total population,and this trend is still rising.The increase and proportion of the elderly population scale will promote the development of the elderly industry,and will have an important influence on the economy of our country.Due to the limited coverage of basic health insurance,the medical burden has become an important factor restricting the consumption of elderly families,which leads to a high savings rate of elderly families.The development of supplementary medical insurance is of great significance for improving the multi-level medical security system,helping to reduce the medical burden of elderly families,release the consumption potential,and promote the development of the national economy.Therefore,how the supplementary medical insurance affects the elderly family consumption is worthy of attention and consideration.In order to explore the influential effect of supplementary medical insurance on elderly family consumption,this paper firstly sorted out the relevant literature and drew valuable experience from it.Secondly,it sorted out the related consumption theory and analyzed the possible mechanism of supplementary medical insurance affecting elderly family consumption.Then,this paper discusses the development process of supplementary medical insurance in China and analyzes the status quo of supplementary medical insurance and consumption status of elderly residents.Next,an empirical study was conducted with the micro-survey data of the CHARLS Wave 4(2018)Questionnaire.Finally,the main conclusions of this study are collected and corresponding suggestions are put forward.The empirical study of this paper begins with the impact of the control variables on the consumption level and consumption structure of the elderly family by OLS regression analysis,then,we use the propensity score matching(PSM)method to study the impact of supplementary health insurance on the consumption of elderly families and the heterogeneity of the impact on different types of families.In addition,the mechanism of the effect of supplementary medical insurance on consumption was tested.This empirical study draws the following conclusions: Firstly,participating in supplementary medical insurance can improve the total consumption and non-essential consumption level of elderly families,and increase the proportion of non essential consumption in non medical consumption of elderly households,and optimize the consumption structure.It shows that participating in the supplementary medical insurance has promoted the consumption of elderly families to a certain extent;Secondly,supplementary medical insurance can indeed promote household consumption by reducing the medical burden of elderly families;Thirdly,the impact of supplementary medical insurance on elderly household consumption is heterogeneous: According to the results of regional grouping,participation in supplementary health insurance has greatly stimulated the health care consumption of households in the eastern region,but has little impact on the total consumption and other expenditures of households;According to the results of income grouping,supplementary health insurance has a more obvious role in promoting the medical and health care consumption of low-income groups,while the role in promoting the consumption structure and unnecessary consumption of low-income groups is stronger than that of high-middle income groups;According to the survey results of health groups,supplementary health insurance has a significant effect on promoting medical consumption of elderly families with poor health,while it has a significant effect on promoting unnecessary consumption of elderly families with good health;According to the results of age grouping,participating in supplementary health insurance greatly stimulated the medical care consumption,nonmedical consumption and the total consumption of elderly families,thus optimizing the consumption structure.Based on the conclusions of empirical research,combined with the contents of theoretical analysis and current situation analysis,this paper puts forward the following suggestions: Firstly,the government should actively promote the development of the supplementary health insurance system by providing political support,at the same time,pay attention to the "suit one’s measures to local conditions",according to the situation around,pushing,basic health care system better cohesion;Secondly,insurance companies should innovate the supply of products and services,and formulate complementary medical insurance products according to the characteristics of different consumer groups.Thirdly,strengthen policy publicity and guidance,and increase the coverage rate of supplementary health insurance for residents.