OBJECTIVES: This study was designed to evaluate the political effect of Long-Term Care Insurance (LTCI) in Korea for the past 10 years from the point of view social value.

METHODS: In this study, the Social Return on Investment (SROI) method was applied to evaluate the social value of LTCI policies. The steps of SROI are as follows. 1) Establish scope of study, 2) Identify key stakeholders, 3) Estimate resources and cost, 4) Map outcomes, 5) Value to outcomes, 6) Calculate the SROI. Also, this study identified the effect of LTCI by dividing it into in-home care and facility care. this study identified the effectiveness of LTCI by type of care (facility care/in-home care) and duration of care (1/2/3/4 years).

RESULTS: The result according to the type of care indicated that the in-home care type created not only social value but also economic value higher than facility care. These results are consistent with the Korean government's goal of implementing LTCI, which aims to encourage older people to use in-home care rather than facility care. In addition, the results of measuring the effect according to the period included in the LTCI showed that the SROI increased as the period of receiving the benefits of the LTCI increased.

CONCLUSIONS: The results of this study suggest that social value is considered together with economic value in evaluating future policy performance. In addition, social value should be evaluated in a long-term perspective, not in a short-term perspective, and further studies of indexes related to LTCI and proxies to be used for monetizing should continue to assess accurate social value.