Elderly Healthcare Costs Soar,With Over Half Spent on Those 75 and Older
SEOUL,SOUTH KOREA – Healthcare spending for South Korea’s elderly population reached 11 trillion won in the first quarter of this year,with a striking trend emerging: more than half of those costs are concentrated on individuals aged 75 and older,according to a recent national audit. The findings highlight a growing financial burden on the nation’s health finance system and underscore the need for targeted policy interventions to address the escalating costs of care for the aging population.
The surge in expenses isn’t simply a matter of overall rising healthcare costs, but a structural issue focused on a specific age group and associated conditions. Individuals in thier 60s primarily require outpatient care for chronic diseases like hypertension and diabetes, while those 75 and over face significantly higher costs due to severe illnesses such as cancer, dementia, cardiovascular disease, and respiratory ailments – frequently enough requiring long-term hospitalization and specialized treatment, including care in nursing hospitals.
per capita health expenditure has doubled from approximately 2.2 million won in 2015 to 4.12 million won in 2024. Purchasing Power Parity (PPP) increased from $2539 to $4797 during the same period, a rise of 89% – exceeding the OECD average increase of 71%. Health expenditures as a percentage of GDP also climbed from 6.5% in 2015 to 8.8% in 2022, and Korea is projected to surpass the OECD average of 9.1% in the near future.
“Increasing the cost of medical care for the elderly is only a overall financial burden, but in fact, it should be understood as a structural problem that is concentrated on certain items such as the age of 75 or older,” stated Representative Kim, who led the audit. He added that the government and the National Health Insurance Corporation will be urged to develop practical countermeasures that consider intergenerational equity and access to essential medical care,moving beyond simple statistical analysis.
