On the Economic Value of the Family Care of the Aged: From the Perspective of Long-Term Care Policy

Abstract

Abstract: Based on the data of China Health and Retirement Longitudinal Study（CHARLS） of 2011, this paper estimates the economic value of family care of the aged by means of the well-being evaluation method. The findings show that according to the sample average, the economic value of an hour of family care of the aged is worth about 10.3 Yuan. Due to the difference of time spent on the care, the monthly financial compensation for caregivers is between 581 Yuan and 2,611 Yuan. Limited by the regional development gap in the level of care services, paid family care is an attempt to gradually solve the problem of long-term care of the aged. The government should give priority to encouraging and supporting family care services, make up for the welfare losses due to the high-strength family care work, meanwhile, promote the balanced development of care service market, and put the high-quality and accessible long-term care service into practice.

Key words: long term care policy, family care of the aged, economic value, well-being evaluation method

CLC Number:

D669.6

YUAN Di, CHEN Tao. On the Economic Value of the Family Care of the Aged: From the Perspective of Long-Term Care Policy[J]. Journal of Jiangxi University of Finance and Economics, 2020, 0(5): 58-69.

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