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Development and Model Construction of Home Long-Term Care Insurance

In: Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022)

Author

Listed:
  • Ying Xi

    (The Australia National University)

Abstract

In today’s society, with the background of aging problem, while the old-age dependency ratio has been growing constantly, the demand for LTC is accordingly increasing gradually. This paper discusses the development of family joint LTC (Long-term care) insurance and constructs a state transition matrix including healthy, mild disability, severe disability and death based on the CLHLS China Elderly Health Influencing Factors Tracking Survey data. Besides, with the calculation of net premium of family joint care insurance products, the pricing model of family joint care insurance was constructed under the assumption that age difference affects joint care insurance. Then, the paper concludes that compared with single home care insurance products, family joint care insurance products have obvious advantages on their cost efficiency and promotion.

Suggested Citation

  • Ying Xi, 2022. "Development and Model Construction of Home Long-Term Care Insurance," Advances in Economics, Business and Management Research, in: Faruk Balli & Au Yong Hui Nee & Sikandar Ali Qalati (ed.), Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022), pages 1413-1423, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-052-7_157
    DOI: 10.2991/978-94-6463-052-7_157
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