Research And Improvement Of Long-term Care Insurance Products In China

With the development of economic system and the improvement of residential living standards,China has gradually entered an aging society.However,the family structure has been narrowed with fewer children,empty nest trend being aggravated and the fertility rate in low level.In the circumstances,The nursing burden is further aggravated for individuals,families even the whole society.On this background,it is extremely urgent to establish a LTC insurance system which accords with the situations of our country.In China’s commercial insurance market,there are many defects in the LTC insurance products,such as single variety,the fewer quantity of listed products,high premium and the unreasonable design of the provisions which can not meet the needs of long-term care for residents.That’s why these products have not been popularized in commercial insurance market.Therefore,the author conduct the research in view of micro and takes the product as study object by drawing on advanced experience of the United States.This paper studies the Chinese LTC insurance in order to find out the countermeasures to optimize its products.The purpose is to provide more perfect long-term care for residents,as the same time promote the improvement of ability of business insurance company and ensure social stability.Firstly,the definition and the main content of the LTC insurance are introduced in this paper.The following analysis shows that the necessity of developing LTC insurance in China which is mainly discussed from two aspects.One is the improvement of insurance awareness,the other is the aggravation of social aging.After that,the author introduces the current situation of Chinese LTC insurance,and lists the LTC products in five insurance companies in our country so as to sum up their common defects which contain the terms of the contract,the underwriter’s settlement and the system.The problems are confirmed based on the details of two representative LTC products in PICC Health Insurance company.Following are the main features and experience of LTC insurance products in the United states.Taking Genworth for an example to show the policy of a specific product.And comparing American products with China by means of comparative analysis.Finally the author puts forward some ideas and suggestions for improving LTC insurance products under the national conditions according to the problems listed above by drawing lessons from the advanced experience of the United States.The order of presentation is from the terms of the design to the construction of the system,and then to the support of the policy which are guided from the local to the whole,from microcosmic to macroscopic.