The Feasibility Study on Establishing Elderly Care Insurance in China

Abstract

China population aging problem and change in family structure provide conditions for developing the elderly care insurance; however, due to the traditional family-supporting concept, weak insurance consciousness and deficiency of national, enterprise and personal ability to pay, all these make the elderly care insurance as a new product uncertain. Currently, by learning from advanced experience domestic and foreign and after increasing the publicity, China can intensify the consciousness of elderly care insurance, rapidly develop the elderly care service industry and design elderly care insurance products that fit Chinese national conditions, hence strengthening the legal construction of elderly care insurance. With economic development and enhancement of national insurance consciousness in the country, the elderly care insurance in China should employ the pattern combining social insurance with commercial insurance.