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Abstract
Due to the trends of the increase in life expectancies and decrement in fertility rates, the world population is moving towards becoming an ageing nation. With the rise in the number of older people, the demand for long-term care services is expected to increase. Long-term care services are ubiquitous in the developed country, especially in the European region as the countries have become the aged nations. Apart from that, the cost for long-term care services differs for individuals based on the level of needs and the service provider, either public or private nursing home for long-term care. Due to the growing cost of long-term care services, a long-term care insurance policy may be seen as an alternative to covering the cost of long-term care services because the risk is mitigated for individuals. However, most Asian countries are not familiar with the long-term care insurance policy as there is no specific insurance policy for long-term care services offered yet in these countries. The essential factor in constructing a long-term care insurance policy is to identify the risks that are insurable to be included in the policy to be used later for pricing long-term care insurance policy in Malaysia. This study provides an in-depth review and understanding of the insurable risks associated with long term care insurance in European and Asian countries.
Highlights
The development in the health technology sector has led to an increase in the life expectancy of society
For long-term care insurance, the premiums charge differ by purchasing age, as higher premiums are charged for those purchased at an older age, and lower premiums are charged for younger individuals
This study examines many risks, including diseases as well as lifestyles, associated with the demand for long-term care insurance
Summary
The development in the health technology sector has led to an increase in the life expectancy of society. As people are expected to live healthily until the age of 65 years old on average, in the remaining years, people are predicted to require assistance in doing daily activities [2]. This is because their health status may deteriorate due to agerelated diseases. Older people with disabilities tend to require more personal care, especially if they are unable to move around by themselves They may need professional caregivers to assist them in their daily life activities. This kind of service will become a heavy burden for the patients in financing their long-term care services costs. To construct an insurance policy, it is crucial to identify the insurable risks associated with long-term care
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