An Empirical Analysis Of The Influencing Factors Of Long-term Care Insurance Demand Under The Background Of Population Aging

Family planning policy was fully pushed in China since 1973,and more than 400 million people were not born in less than 30 years.However,Population control policy has made great achievements,but also changed the age structure of the population.China entered the ranks of aging countries formally in 2000,and the degree of aging showed a trend of rapid growth.The proportion of the elderly,especially the venerable aged population,is getting higher and higher.Survey data show that the disability rate of activities of daily living index of elderly people over 60 years old is 7.2%,and the disability rate of instrumental activities of daily living index is 20.9%.Besides,the probability of an old man being unable to live independently rises as the age getting older.Nowadays,the demand for long-term care for the elderly in China has surged under the background of rapid population aging.However,from the current market situation it can be found that the majority of nursing services were provided by family members.At present,the family structures in our country mainly consist of "4-2-1"and "4-2-2".The average household population is shrinking,and the ability of family members in the nursing system function is weakened.Thus,the demand for long-term care services is huge and insufficient.From the experience of foreign countries,Long-Term Care Insurance should be an effective way to solve the nursing problems.It is of great significance to study the characteristics and influencing factors of Long-Term Care Insurance in order to grasp the demand,improve the supply,promote the development of the market and improve the relevant system.This article was based on the comprehensive analysis of the theoretical and empirical literature,further combined with the current situation of the market.Finally,the factors that may affect the demand for long-term care insurance in China are summarized in this paper.In the part of empirical test,considering the availability of theory and data,we select the appropriate independent variables and dependent variables,and use Logit model to test the variables.The empirical results show that age,gender,health status,residence and income have a significant impact on the probability of purchasing long-term care insurance.And the intensity of the impact is as follows:health>age>gender>residence>income.For the rural population,the influence of the children number on the consumer decision-making is significant.The smaller the number of children,the higher the probability of the purchase of long-term care insurance.The demand for long-term care insurance for urban residents exceeds that of rural areas.Income and demand are negatively correlated.