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Discussion on China's Critical Illness Insurance System

In order to reduce the burden of medical expenses for urban and rural residents suffering from critical illness, China established a critical illness insurance system for urban and rural residents in 2012. From the perspectives of financing principle of social medical insurance and risk premium, this paper academically analyzes the critical illness insurance system for urban and rural residents. According to the analysis, it is unreasonable to solve the urban and rural residents’ burden of medical treatment by establishing new systems, because the critical illness insurance system is basically the same as the basic medical insurance system. The basic medical insurance is essentially a basic medical insurance system for critical illnesses; the establishment of new critical illness insurance system independent of the basic medical insurance system is unnecessary and redundant. The correct approach is to improve the basic medical insurance system and emphasize its original meaning of “insuring critical illness”. Keywords—risk premium; moral hazard; capping line