Modelling a comprehensive Long-Term Care Insurance (LTCI) plan for societal well-being in Malaysia
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Item type | Scientific Poster |
Subjects | 400 Language > 407 Education, research & related topics |
Division/Agency | LPPKN - National Population and Family Development Board, Malaysia: Population and Family Research Division |
Keywords | Social insurance, Population aging, Retirement, Long-term care insurance (LTCI), Care economy |
Additional Information | This poster have been presented at Seminar Penyelidikan LPPKN 2024, November 25, 2024 in IDEAS Hotel Kuala Lumpur. |
Abstract | Malaysia is currently going through a demographic transition as an aging country that is affected by two main factors, namely the decline in the overall fertility rate, as well as the increase in average life expectancy. The elderly are often associated with a decline in physical and cognitive abilities, which requires them to seek long-term care. This poses a major challenge for a country facing the phenomenon of population aging, as it impacts society and the government, particularly in economic and social aspects. Accordingly, it is important for Malaysia to immediately formulate a comprehensive strategy to deal with issues related to the aging of the population, particularly in the aspect of long-term care, to ensure the well-being of the people, as well as the sustainability of the country's fiscal management. Data collection for this study was conducted through seven focus group discussion sessions from March to August 2022, where the focus was on the four main aspects of long-term care insurance (LTCI), namely benefits, financing, eligibility, and supply. Taking into account policy makers' targets as well as the country's fiscal and economic situation, this study presents three main recommendations which are i) the implementation of a social insurance plan as a post-retirement benefit; ii) development of care economy; iii) increasing the retirement age limit. These measures are believed to help the country to meet the needs of the Malaysian community in facing the aging population transition. |