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KMID : 0379220090290010177
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Journal of Korea Gerontological Society
2009 Volume.29 No. 1 p.177 ~ p.194
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Estimating the Willingness-To-Accept for Cash Benefit of Long-Term Care Insurance
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Shin Hye-Jeong
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Abstract
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Korea government has launched long-term care insurance from 2008. However, one of the most important issues, whether or not providing cash benefit, is still unresolved. In this paper, in order to provide policy guidelines for the long-term care insurance, I attempt to estimate the Willingness-To-Accept (WTA) of the cash subsidy for informal care by using Double Bounded Dichotomous Choice method, a branch of Contingent Valuation Method (CVM). In doing so, I also estimated the determinants of the preference for cash benefit. Data were obtained from face-to-face survey interviews with 300 informal care-givers at three major general hospitals in Seoul, Korea. The questionnaire was constructed with two scenarios (mild/severe symptom). The results from logistic regression analyses and the estimation of WTA indicate that informal
care-givers are willing to accept the cash benefit as low as 628 thousands won for mild fragile elderly and 1,072 thousands won for severe fragile elderly. The strength of this paper is that I estimated the WTA of the cash benefit by reflecting the changes in preferences of informal care-givers. The analytic results from the this paper suggest that the cash benefit in long-term care insurance is indispensible in achieving the goal of the long-term care system.
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KEYWORD
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WTA, informal care, cash benefits, Long-term care insurance, contingent valuation, willingness to accept
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