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Estimating Demand for Long-term Care Insurance in Thailand: Evidence from a Discrete Choice Experiment

Worawan Chandoevwit and Nada Wasi
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Worawan Chandoevwit: Khon Kaen University

PIER Discussion Papers from Puey Ungphakorn Institute for Economic Research

Abstract: At present, the Thai public health insurance schemes cover medical care. However, the financial risk associated with long-term care needs is unprotected. The increasing likelihood of Thai elderly living longer and living alone has raised great concern about their quality of life. In the wake of the declining informal support capacity, a public long-term care insurance (LTCI) system has been considered as a potential alternative. Because the public will have to contribute to the LTCI fund, this paper explores whether the Thai people are willing to pay for such a provision. The LTCI demand is estimated based on the stated preference survey data. Our results show that most respondents are willing to pay to insure against their risk associated with long-term care expenditure, but their preferences are very heterogeneous. Gains and losses for different policy scenarios, measured by consumer surplus, are discussed.

Keywords: Long-term Care Insurance; Discrete Choice Experiment; Discrete Choice Model; Unobserved Heterogeneity; Demand for LTCI; Willingness to Pay (search for similar items in EconPapers)
JEL-codes: I13 I18 I31 J58 C35 C90 (search for similar items in EconPapers)
Date: 2019-03, Revised 2019-03
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