As China's ageing population continues to grow, addressing the long-term care needs of the elderly has become a pressing issue. Yifei Huang, a class of 2016 alum of the University of Nottingham Ningbo China (UNNC), has been at the forefront of research in this area. Her recent research, published in the core journal "Price Theory and Practice," provides valuable insights into building a sustainable long-term care insurance system.
Currently a researcher at the University of International Business and Economics, Yifei Huang focuses on China's long-term care insurance system, which aims to provide care and financial compensation for incapacitated elderly individuals. As the system evolves, it may become the sixth pillar of China's social insurance system. A significant challenge is determining the optimal contribution rate to ensure the fund's financial sustainability without burdening the public.
Yifei's study, using data from Zhejiang Province, suggests that a contribution rate of 0.24% of the medical insurance base from 2024 to 2031 would maintain the fund's stability without imposing undue financial burdens on urban workers and rural residents. “This approach offers significant benefits to society by providing effective coverage for severely incapacitated elderly individuals with relatively small funds,” she noted.
Yifei's academic journey has been marked by a series of cross-disciplinary explorations. Initially enrolled in the Electrical and Electronic Engineering programme at UNNC, she later ventured into business analysis, healthcare, and finally medical insurance.
“I clearly remember when I first arrived at UNNC, founding president Professor Fujia Yang encouraged us at the fresher welcome ceremony to be brave in trying new things and to find our inner fire.” This message not only enlightened Yifei at the time, but also became a guiding light on her journey of exploration.
Inspired by this, Yifei worked on radar signal programming in her second year and later participated in a civil engineering project focused on the Beidou satellite. Collaborating with students and faculty from diverse backgrounds, she discovered the appeal of interdisciplinary work. The unique academic atmosphere at UNNC has also significantly developed her interdisciplinary skills and led to opportunities from top global institutions.
Her experience at UNNC impressed the Massachusetts Institute of Technology, which recognised her skills in applied mathematics and interdisciplinary learning. Consequently, she received offers for both an Electrical Engineering master's programme and a Business Analytics programme. Guided by her passion for mathematics, she chose the latter.
During her studies and work in the United States, Huang continued to pursue her desire for exploration. Initially, she worked on commercial data analysis projects with companies like General Electric. However, she always aspired to apply her knowledge to broader and more socially valuable areas and therefore turned her focus to the healthcare sector.
As a researcher at MIT, she delved into medical finance, collaborating with over ten American healthcare institutions and publishing her findings in the renowned journal "JCO Clinical Cancer Informatics." This marked the discovery of the "fire" she had been seeking.
"As long as one holds firm to their beliefs and keeps trying, everyone can achieve their own success," she concluded.
Published on 10 January 2025