SEOUL – As South Korea rapidly transitions into a super-aging society, the financial burden of age-related illnesses is escalating, raising concerns about the long-term sustainability of the country's healthcare system.
According to data submitted by the National Health Insurance Service to Rep. Kim Mi-ae of the People Power Party, expenditures for 24 geriatric diseases, including dementia, stroke, and cerebral infarction, reached approximately 5.58 trillion won ($4.2 billion USD) in 2023. This represents a substantial 19.3% increase compared to 2019, when expenditures totaled 4.68 trillion won.
The surge in costs is particularly alarming given the accelerating pace of aging. In the first half of 2023 alone, spending on geriatric diseases amounted to 2.89 trillion won, suggesting that the total expenditure for the year could approach 6 trillion won.
The number of individuals receiving treatment for age-related illnesses has also risen sharply, from 2.03 million in 2019 to 2.32 million in 2023, a 16% increase. In the first half of 2024, the number of patients already reached 1.85 million.
South Korea's aging population is expanding at an unprecedented rate. As of June 2023, the number of people aged 65 and over who are covered by health insurance surpassed 10 million, highlighting the growing strain on the healthcare system.
Rep. Kim Mi-ae emphasized the urgent need for a comprehensive and robust long-term care system to ensure that elderly individuals receive the necessary care and support in a comfortable and safe environment.
[Copyright (c) Global Economic Times. All Rights Reserved.]
