Abstract
The rising aging population contributes to increased caregiver burden and a greater need for long-term care services, thereby posing stronger financial burden. The current study aimed to examine the effect of income, risk-taking propensity, personality traits, and life experience on the ownership of and intention to own private long-term care insurance (LTCI). Primary data were collected from 1373 registered nurses with a minimum of two years of full-time working experience. Multinomial logistic regression was used to examine the relationships between ownership of LTCI and personal discretionary income, risk propensity, openness to experience, and life experience. Personal discretionary income was a crucial positive indicator in predicting ownership of LTCI. Higher risk-taking propensity was found to be negatively related to both currently own and future intention to own private LTCI. Participants who currently live with elders and who agree to caregiving responsibilities with government-provided cash allowance showed future intention to purchase LTCI. Little evidence was found for an association between life experience and future intention to own LTCI. Income, risk-taking propensity, and personality traits differ in their impact on ownership of and future intention to own LTCI. Our results provide policy makers with a better understanding of the forces driving demand in the private LTCI market, as well as the accompanying implications for public LTCI.
Highlights
The aging problem has urged countries worldwide to take initiative in establishing long-term care systems. Developed countries such as Germany, Japan, the United States, and the United Kingdom have acted early on to establish public and private long-term care insurance (LTCI) programs, in which both the government and private sector have played a fundamental role in insuring for LTC expenditures [1,2,3]
We examined differences in participants’ characteristics for the three groups
Literature has documented that long-term care coverage from LTCI is not suitable for everyone, for those with lower income [66]
Summary
The aging problem has urged countries worldwide to take initiative in establishing long-term care systems. Developed countries such as Germany, Japan, the United States, and the United Kingdom have acted early on to establish public and private long-term care insurance (LTCI) programs, in which both the government and private sector have played a fundamental role in insuring for LTC expenditures [1,2,3]. Oftentimes, this part is taken up by family members In countries such as Germany, France, and Austria, adult children are legally compelled to assist ailing parents who have exhausted their own financial resources [4]. The increasing aging population and workload of working-aged adults facilitate the needs of long-term care. Hong Kong, and South Korea will have 4.5, 3.8, and 4.6 working-age adults per elderly person in 2020, but 2.8, 2.3, and 2.7, respectively, by 2030, and just 1.5 apiece by 2050 [19]
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