Impact of LTCI on Degree of Life Satisfaction and Psychological Blessedness of the Elderly Population: An Empirical Analysis of Psychological Mechanisms and Moderating Effects

Abstract

In order to keep a proactive watch on the economic aspect of old age care, the Chinesegovernment strives not only to build the sense of life satisfaction and blessedness in families, but also ensuresocial development through social support mechanisms, including the Long-Term Care Insurance (LTCI) plan.This study examines the impact of LTCI on the degree of life satisfaction and psychological blessedness of theold and further investigates the psychological mechanisms and moderating factors involved. Methods: Inorder to use authentic data related to coping measures for population aging, the CHARLS (China Health andRetirement Longitudinal Study) database was chosen to examine the impact of the LTCI system. Results: Thestudy results found that LTCI significantly improved the degree of life satisfaction of middle-aged and olderpeople. The effect was found to be heterogeneous at the level of gender, marital status, and the number ofchildren through heterogeneity analysis. The results revealed that LTCI had a significant improvement effecton the degree of life satisfaction of middle-aged and older adults, particularly of the male population, invariables such as marital status, having fewer children, increased intergenerational financial support, all ofwhich wove a mechanism showing how LTCI made an improvement effect on the degree of life satisfactionof middle-aged and older people. Conclusion: These results are of great significance in promoting theformulation and implementation of LTCI policies. It provides useful insights to the government, socialorganizations, and individuals with a scientific basis for the impact of LTCI on the mental health of the old. Italso provides a valuable reference for improving the quality of life and blessedness of the elderly population.