The Chinese economy has entered a new stage of development, which requires expanding domestic demand and stimulating consumption potential. As the aging population increases, stimulating the consumption potential of the elderly will have a positive impact on promoting the domestic cycle. Studies have found that the saving rate of the elderly increases with age, and the main reason is to prevent health risk. Long-term care insurance can effectively alleviate health risk and affect household consumption expenditure behavior. From the perspective of health risk, the study applies the CFPS (2012-2018) data to explore the impact of long-term care insurance policies on household consumption expenditure decisions. The analysis results show that the implementation of the long-term care insurance system has reduced the savings rate of elderly households by 9.7%, while significantly increasing consumption expenditure, effectively promoting elderly household consumption, with a significant increase in health and entertainment consumption. The greater the health risk, the more significant the effect of long-term care insurance on promoting consumption in elderly households would be. In addition, long-term care insurance policy has a more significant effect on increasing the consumption in urban and high-income households.
Key words
long-term care /
elderly households /
health risk /
consumption expenditure
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