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Estimation of determinants and potential demand for private health insurance for the elderly in Korea

  • Journal of Insurance and Finance
  • 2019, 30(1), pp.107-140
  • DOI : 10.23842/jif.2019.30.1.004
  • Publisher : Korea Insurance Research Institute
  • Research Area : Social Science > Business Management
  • Received : January 7, 2019
  • Accepted : February 14, 2019
  • Published : February 28, 2019

Sung-ho Kang 1,  KIM DAEHWAN ORD ID 2,  Lee， Soon-Jae 3

1(사) 보험연구원
2동아대학교
3세종대학교

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ABSTRACT

The purpose of this study is to estimate the determinants of private health insurance (PHI) demand and potential demand for the elderly. The main determinants are found to be income and age, and the potential demand of PHI was estimated as KRW116,000 per month. Only 6.1% of the elderly meet this level. Comparing the unfulfilled gap rates of the unfulfilled persons only, 67.1% of the non-elderly and 91.7% of the elderly showed very weak demand. This result shows that the higher the age of the elderly, the higher the unfulfilled rate of PHI premiums, suggesting the need for policy measures such as aging reserve.

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