Abstract
Purpose: As an important measure to alleviate long-term care (LTC) costs for the disabled due to the aging of the population, long-term care insurance (LTCI) system has been paid more attention in China. In addition to the government-led public LTCI system that has been piloted in cities such as Qingdao, Chongqing and Shanghai, health insurers such as the China Life Insurance Company are also experimenting with various types of commercial LTCI in the private market. However, the commercial LTCI market is developing very slowly due to public awareness and other reasons. On the other hand, COVID-2019 has had an impact on the cognition of the importance of long-term care for the elderly due to the fact that the death cases of COVID-2019 have been mainly concentrated in the elderly population with chronic diseases such as hypertension. Therefore, the purpose of this study is to explore the differences in the purchase intention of commercial LTCI among the elderly in two different periods: before and after the outbreak of COVID-2019. Methods: By using the Andersen behavioral model and two investigations in two different periods before and after the outbreak of COVID-2019, this study explores the impacts of COVID-2019 on the purchase intention of commercial LTCI. Results: Some significant discoveries were found. For example, 25.8% of interviewees showed purchase intention in LTCI in the time before the COVID-2019 outbreak, while this proportion increased to 37.6% after the COVID-2019 outbreak. People who were younger (OR = 2.128, before COVID-2019; OR = 1.875, after COVID-2019) or who had more education (OR = 1.502, before COVID-2019; OR = 2.218, after COVID-2019) were more interested in commercial LTCI. Conclusion: This study shows that COVID-2019 has had an obvious impact on the purchase intention of commercial LTCI, which provides some enlightenment for China to improve the LTCI system in the future, especially to accelerate the development of commercial LTCI. For example, it is essential to promote the importance of long-term care among the elderly in a focused and targeted way. In terms of the key target audience, it can be developed gradually from the groups with higher education levels and the middle elderly aged 45–64 years old.
Highlights
The aging population in some countries has led to a growing number of disabled elderly, creating a massive need for long-term care and increased costs, which is a heavy economic burden on the families of the disabled elderly and governments
The purpose of this study was to discuss the influence of COVID-2019 on the buying intentions of commercial long-term care insurance in the periods before and after the outbreak of COVID-2019
By using the Andersen behavioral model, this study attempts to answer two questions: (a) Which factors have a great influence on the purchase intention of commercial long-term care insurance (LTCI) among the elderly in China? (b) Does COVID-2019 have an obvious impact on the purchase intention of commercial LTCI in China?
Summary
The aging population in some countries has led to a growing number of disabled elderly, creating a massive need for long-term care and increased costs, which is a heavy economic burden on the families of the disabled elderly and governments. Aging of the population has created an immense demand for long-term care (LTC) with a dramatic increase in chronic diseases in China. Long-term care (LTC) refers to “a system of care activities carried out by informal caregivers (family, friends or neighbors) and professionals (health and social services) to ensure that those who do not have full self-care capacity continue to enjoy a higher quality of life” (WHO) [2]. Long-term care (LTC) service forms can be either home care, i.e., professional nursing personnel door-to-door service or institutional care, i.e., including in nursing homes, apartments for the elderly and other non-hospital professional nursing institutions for professional care. In 2016, there were 220 million people over the age of 60 and nearly
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