| In today’s China,the aging of the population is gradually deepening,while the population growth rate is gradually slowing down and the proportion of newborn population is decreasing year by year,as can be seen from the data of the 7th census,the aging population in China has reached 260 million people,accounting for 18.7% of the total population,and there is also a trend of accelerating the degree of aging,along with the aging comes a huge number of elderly people in society will often appear to be disabled,semi-disabled,How to provide perfect care services for the disabled and semi-disabled elderly,so that they can spend their old age in a stable and decent way is a big challenge in the modernization of China.Drawing on the experience of foreign countries that have entered the aging society earlier,it can be seen that long-term care insurance plays a pivotal role in dealing with the disability problem of the aging population,and by establishing a long-term care insurance system with a high degree of protection,it can enable the elderly population to spend their old age in a decent way,and at the same time,enable part of the labor force to return to social production.At present,long-term care insurance in China is still in its initial stage,and many governments across the country have started to explore their own long-term care insurance systems according to their own economic and social development,However,there are still many difficulties to overcome in the development of this insurance,such as the standardization of premiums,the demand of residents,and the role of the government in this insurance.The future development of long-term care insurance needs to be explored both theoretically and practically to establish a long-term care insurance system that maximizes the effectiveness of society as a whole,taking into account individual differences and economic laws.Therefore,The size of Chinese residents’ willingness to pay for long-term care insurance and the factors affecting residents’ willingness to pay are measured and analyzed in this paper.In this paper,the two-boundary dichotomous CVM method is used to design the questionnaire survey residents’ willingness to pay for long-term care insurance,and the maximum likelihood method is used to estimate the willingness to pay,and logistic regression is used to analyze the influencing factors of willingness to pay.First,This paper defines the concepts related to long-term care insurance,introduces the two-boundary dichotomous CVM theory and its economic principles,and sorts out how the theory guides the questionnaire design.Second,the design and distribution process of the questionnaire is introduced,and descriptive statistical analysis of the returned questionnaires is conducted.Again,the maximum likelihood estimation method was used to estimate the maximum willingness to pay for long-term care insurance,and logistic regression was used to analyze the heterogeneity of the factors influencing the willingness to pay for long-term care insurance.Finally,based on the findings of the empirical analysis,policy recommendations are proposed.The results of the study showed that the main factors influencing residents’ willingness to pay for long-term care insurance were the number of children,living area,personal economic status,and family members’ attitudes toward insurance products;the number of children was negatively correlated with the willingness to pay for longterm care insurance,those living in urban areas were more willing to pay than those living in rural areas,those who were more economically well-off were more willing to pay than those who were less economically well-off,and family members were more willing to pay than those who were less economically well-off.The more supportive the family members are in purchasing insurance products,the higher the individual’s willingness to pay for long-term care insurance;meanwhile,the average willingness to pay for long-term care insurance for all residents was calculated to be 685.8 yuan/year,and the maximum willingness to pay for low-income groups and people living in rural areas was 395.5 yuan/year.In response to the survey results,recommendations were made to: establish a long-term care insurance system combining social insurance and commercial insurance;Long-term care insurance premiums are stratified according to income level and physical health differences;The government strengthens all-round subsidies and initial investment in long-term care insurance;establishing models of care that combine formal and informal care;Strengthen the publicity of long-term care insurance. |
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