Abstract: Based on the data from the 2018 China Health and Retirement Longitudinal Study, this paper uses the multiple linear regression model to empirically analyze the relationship between whether or not to enroll in social pension insurance and the amount of pension and the physical and mental health of the elderly. It also incorporate life satisfaction, preventive medical service utilization and social activities as mechanism variables into the analytical frameworkto specifically analyze the internal mechanisms through which social pension insurance affects the health of the elderly. The findings show that whether or not to participate in social pension insurance has little effect on the health status of the elderly, while the level of pension has a significant positive relationship with the health level of the elderly. The pension level can enhance the health of the elderly through the improvement of life satisfaction, the preventive medical service utilization and the social activities. Further research reveals that the pension level has a more pronounced effect on the mental health of the urban elderly. In view of this, it is recommended to improve the social pension insurance system, steadily raise the level of pension benefits, and pay attention to the construction of the supporting system for pension services, so as to strengthen the role of social pension insurance in promoting the health of the elderly.

Key words: social pension insurance, health aging, physical health, mental health