Private Long-Term Care Insurance Decision: The Role of Income, Risk Propensity, Personality, and Life Experience
1
Department of Business Management, National Sun Yat-sen University, Kaohsiung City 804, Taiwan
2
Kaohsiung Veterans General Hospital, Kaohsiung City 813, Taiwan
3
Division of Social Sciences, The University of Chicago, Chicago, IL 60637, USA
*
Author to whom correspondence should be addressed.
Healthcare 2021, 9(1), 102; https://doi.org/10.3390/healthcare9010102
Received: 21 November 2020
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Revised: 23 December 2020
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Accepted: 15 January 2021
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Published: 19 January 2021
(This article belongs to the Section Health Policy)
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.
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Keywords:
long-term care insurance; consumer decision making; risk propensity; personality; discretionary income
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MDPI and ACS Style
Yeh, S.-C.J.; Wang, W.C.; Chou, H.-C.; Chen, S.-H.S. Private Long-Term Care Insurance Decision: The Role of Income, Risk Propensity, Personality, and Life Experience. Healthcare 2021, 9, 102. https://doi.org/10.3390/healthcare9010102
AMA Style
Yeh S-CJ, Wang WC, Chou H-C, Chen S-HS. Private Long-Term Care Insurance Decision: The Role of Income, Risk Propensity, Personality, and Life Experience. Healthcare. 2021; 9(1):102. https://doi.org/10.3390/healthcare9010102
Chicago/Turabian StyleYeh, Shu-Chuan J., Wen C. Wang, Hsueh-Chih Chou, and Shih-Hua S. Chen. 2021. "Private Long-Term Care Insurance Decision: The Role of Income, Risk Propensity, Personality, and Life Experience" Healthcare 9, no. 1: 102. https://doi.org/10.3390/healthcare9010102
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