Abstract
Health capital investment is a component of human capital and can increase labor productivity in the economy. This study analyzes the returns on health investment based on the perspective of medical insurance. China’s basic medical insurance system provides a suitable institutional setting, which comprises three schemes: Urban Employee Basic Medical Insurance, Urban Resident Basic Medical Insurance, and New Rural Cooperative Medical Scheme. Using the China Health and Retirement Longitudinal Study and various econometric models, we find that medical insurance significantly impacts health outcomes of Chinese population aged 45 years and more. The result differs by the types of medical insurance, health indicators, and age groups. Furthermore, the convenience of obtaining medical insurance benefits, rarely mentioned in academic literature, is a significant factor affecting population health. From the perspective of health capital investment, investment in medical insurance must target younger groups.
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