The Relationship between the Recognition on Long-term Care Insurance and the Old Life Preparation for People under 65

Abstract

This study examines whether the awareness of middle-aged Koreans under 65 about Long-term Care Insurance. The significance of this study lies in its contribution to charting the direction for developing Long-term Care Insurance. Using the data from the Korean Retirement and Income Study (KReIS), this study utilizes logistic regression and multiple regression analysis. The results of this study can be summarized as follows. First, education, economic activity, and income are positively associated with awareness about Long-term Care Insurance. Second, awareness about Long-term Care Insurance is associated with physical preparation for people under 65. This study has an important policy implication on information equality. Although policy knowledge is associated with physical preparedness for old-age, the primary beneficiaries for social welfare who are economically inactive with a lower education and lower income, are less likely to know the existence of Long-term Care Insurance. Thus, this study suggests the importance of education on policy knowledge for policy target population.