An Analysis of Increasing Purchase Intention of Long-Term Care Insurance:The Perspectives on Government Policies and Product Design

• Main Authors: YI-CHUN CHIU, 邱億純
• Other Authors: JYUN-JI TIEN
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/3h4bh5

碩士 === 淡江大學 === 保險學系保險經營碩士班 === 102 === In order to avoid the the aging population causing a tremendous cost and further affecting the financial budget, Taiwan Ministry of Health and Welfare set up a long-term care insurance preparation team which indicating the direction for planning long-term care insurances. With the passing of the draft of Long-term Care Services Act in 2011, Taiwan government intend to implement the public long-term care insurances in 2016 and to provide the basic long-term care services to the citizens. According to Taiwan Insurance Institute, the total premium income from private long-term care insurances in 2012 was $10.257 billion, accounting for 0.42 % of the total premium income from life insurances ($2.3968 trillion) or approximately 30% of the total premium income from health insurances of the year ($33.948 billion). These statistics imply that the private long-term care insurance market could be further expanded. This purpose of this study is investigating whether the public long-term care insurance system will increase citizens’ intention to buy the private long-term care insurance and exploring the factors affecting their decision to buy the private long-term care insurance. The empirical results showed that people with an education degree of college/university or higher, working in financial industries, receiving labor pension or retirement pension, having other health insurances, having a family history of certain diseases, and expecting to have a life expectancy of 61 years to 70 years have more willingness to buy the private health insurance. The life insurance companies should regard the above customers as the marketing taget. From the policy aspect, insurance companies operating of the long-term care institution and tax incentives were important factors affecting consumers’ intention to buy long-term care insurances. However, there was no clear evidence indicating that insurance companies should or should not concurrently be a provider of long-term care services. Setting up a uniform set of model clauses was not significantly related to consumers’ intention to buy private long-term care insurances. As for product design, it was found that consumers’ purchase intention would be affected by compensation by specific diseases, term insurance, account flexibility, combination with annuity insurances, combination with healthcare insurances, compensation requirements, and consideration of family disease history in underwriting of the insurance.