Impact of LTCI on Degree of Life Satisfaction and Psychological Blessedness of the Elderly Population: An Empirical Analysis of Psychological Mechanisms and Moderating Effects

Abstract

Objectives: In order to keep a proactive watch on the economic aspect of old age care, the Chinese government strives not only to build the sense of life satisfaction and blessedness in families, but also ensure social development through social support mechanisms, including the Long-Term Care Insurance (LTCI) plan. This study examines the impact of LTCI on the degree of life satisfaction and psychological blessedness of the old and further investigates the psychological mechanisms and moderating factors involved. Methods: In order to use authentic data related to coping measures for population aging, the CHARLS (China Health and Retirement Longitudinal Study) database was chosen to examine the impact of the LTCI system. Results: The study results found that LTCI significantly improved the degree of life satisfaction of middle-aged and older people. The effect was found to be heterogeneous at the level of gender, marital status, and the number of children through heterogeneity analysis. The results revealed that LTCI had a significant improvement effect on the degree of life satisfaction of middle-aged and older adults, particularly of the male population, in variables such as marital status, having fewer children, increased intergenerational financial support, all of which wove a mechanism showing how LTCI made an improvement effect on the degree of life satisfaction of middle-aged and older people. Conclusion: These results are of great significance in promoting the formulation and implementation of LTCI policies. It provides useful insights to the government, social organizations, and individuals with a scientific basis for the impact of LTCI on the mental health of the old. It also provides a valuable reference for improving the quality of life and blessedness of the elderly population.