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KMID : 1170320230290010027
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Korean Journal of Health Economics and Policy
2023 Volume.29 No. 1 p.27 ~ p.50
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The Effect of Medical Expenditure for the Elderly on Household Delinquency
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Jeon Seong-Ae
Hyung Nam-Won
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Abstract
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This study analyzes households’debt delinquency risk using household level data to examine the correlation between household delinquency and medical expenditure. Estimation of the delinquency probability model using the Survey of Household Finances and Living Conditions released by Statistics Korea in 2019~2020 shows that the delinquency risk of households are strongly associated with households’ medical expenses. In addition, the effects of medical expenditure on delinquency risk are also affected by other characteristics of household such as home-ownership or age. We find that the delinquency rate of the elderly, classified by age of head of household, is significantly higher than that of other groups, and the risk of delinquency is higher for the households with the higher medical expenditure. Housing characteristics of the elderly, such as owner/renter status, are considered to analyze the impact of owned properties on the correlation between household delinquency and medical expenditure. The risk of delinquency is higher for renters than for owner at any level of medical expenses. The risk of delinquency of the elderly is low for the home-owner but increases rapidly as household medical expenditure increases. This is believed to be due to the low liquidity of real estate, which makes it difficult to cope with the delinquency situation through sale.
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KEYWORD
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Survey of Household Finances and Living Conditions, medical expenditure, logit model, delinquency risk
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