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<p>This study examines how private health insurance (PHI) influences household participation in risky asset markets. Using nationally representative survey data from Korea, we find that households with PHI are more likely to hold risky assets than otherwise similar households without coverage, even after controlling for financial literacy, risk aversion, and other socioeconomic characteristics. Distinguishing between indemnity and lump-sum products, we find that each is significantly associated with greater participation in risky assets, with the largest effect observed among households holding both types of coverage. Focusing on working-age adults, we show that the insurance-portfolio link extends beyond retirees to economically active populations, for whom early investment decisions can have long-term consequences. Overall, our findings suggest that PHI not only mitigates downside financial risks but also enables opportunity-enhancing behavior, pointing to the broader role of insurance in shaping financial decisions.</p>

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Empowering portfolios: health insurance ownership and financial risk taking in South Korea

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2026年5月26日

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  • Hyejeong Mun,
  • Sojung Carol Park

摘要

This study examines how private health insurance (PHI) influences household participation in risky asset markets. Using nationally representative survey data from Korea, we find that households with PHI are more likely to hold risky assets than otherwise similar households without coverage, even after controlling for financial literacy, risk aversion, and other socioeconomic characteristics. Distinguishing between indemnity and lump-sum products, we find that each is significantly associated with greater participation in risky assets, with the largest effect observed among households holding both types of coverage. Focusing on working-age adults, we show that the insurance-portfolio link extends beyond retirees to economically active populations, for whom early investment decisions can have long-term consequences. Overall, our findings suggest that PHI not only mitigates downside financial risks but also enables opportunity-enhancing behavior, pointing to the broader role of insurance in shaping financial decisions.