What affects the demand for long-term care insurance? A study of middle-aged and older adults in Hong Kong

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Abstract

Despite the potential of private insurance in financing long-term care (LTC), its coverage remains rather limited. This study is built on a comprehensive framework to examine the demand for LTC insurance in Hong Kong, a rapidly aging Asian society. A telephone survey was conducted in 2016 to collect data that formed a sample of 1,474 middle-aged and older adults. Multivariate analysis reveals more nuanced characteristics of Hong Kong middle-aged and older adults who tend to show a demand for LTC insurance, including: (a) being younger, better educated, relatively high status, and financially literate; (b) living with children but reluctant to be a burden on the family; (c) being in a better financial situation and able to afford premiums; and (d) anticipation of LTC needs and dependence, and a preference for formal care. This study offers preliminary evidence to understand the demand structure of the LTC insurance market in an Asian society. Copyright © 2018 The Author(s).
Original languageEnglish
Pages (from-to)413-422
JournalJournal of Applied Gerontology
Volume39
Issue number4
Early online dateMar 2018
DOIs
Publication statusPublished - Apr 2020

Citation

He, A. J., & Chou, K.-L. (2020). What affects the demand for long-term care insurance? A study of middle-aged and older adults in Hong Kong. Journal of Applied Gerontology, 39(4), 413-422. doi: 10.1177/0733464818766598

Keywords

  • Long-term care insurance
  • Aging
  • Financing
  • Disability
  • Hong Kong

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