As South Korea enters a super-aging society, it is estimated that the cost of treating geriatric diseases such as dementia will increase by about 28% over the next five years, reaching around 6 trillion won. (Image courtesy of Yonhap)
SEOUL, Feb. 13 (Korea Bizwire) — Healthcare costs for age-related illnesses in South Korea, including dementia, have jumped approximately 28% over the past five years, reaching an estimated 6 trillion won, as the nation’s elderly population continues to expand.
The number of South Koreans aged 65 and older covered by national health insurance and medical benefits exceeded 10 million in the first half of last year, marking a historic milestone in the country’s demographic shift.
According to data obtained from the National Health Insurance Service by lawmaker Kim Mi-ae, a lawmaker from the People Power Party who serves on the National Assembly’s Health and Welfare Committee, insurance payments for 24 age-related diseases reached 5.6 trillion won in 2023, a 19.3% increase from 4.68 trillion won in 2019. The first half of 2024 alone saw payments of 2.9 trillion won, already surpassing half of the previous year’s total.
The number of patients receiving treatment for age-related illnesses has also risen significantly, climbing 16% from 2 million in 2019 to 2.32 million in 2023. By mid-2024, 1.85 million elderly patients had already sought treatment.
The surge in elderly healthcare demands reflects South Korea’s rapid transition to a super-aged society. The total number of citizens aged 65 and older covered by medical benefits reached 10.14 million in June of last year, with 9.45 million under national health insurance and the remainder receiving medical support as low-income beneficiaries.
This represents a dramatic 46% increase from 2016, when the covered elderly population stood at approximately 6.94 million.
“With the medically covered elderly population exceeding 10 million for the first time, we must properly prepare a comprehensive system for long-term care services to ensure the elderly receive adequate and diverse care safely in our super-aged society,” Kim said.
Lina Jang (linajang@koreabizwire.com)
