Korea is grappling not only with an unprecedented decline in birth rates but also with the challenges of a rapidly aging society and increasing concerns about the social safety net. (Image courtesy of Yonhap)
SEOUL, Dec. 21 (Korea Bizwire) – In July, a man in his 60s tragically ended the life of his wife, whom he had dedicated over three years to caring for in Seoul. The man had given up his job to provide support to his wife, who suffered from a rare disease. He explained to the police, “I felt helpless, unable to do more for her, and financial struggles exacerbated by the long hours of caregiving overwhelmed me.”
In a similar incident in April, another man in his 60s who had been caring for his wife for five years, who was dealing with lung cancer and Parkinson’s disease, attempted to end both their lives. Long-term caregiving proves to be an arduous journey for family members.
Korea is grappling not only with an unprecedented decline in birth rates but also with the challenges of a rapidly aging society and increasing concerns about the social safety net.
Crucially, the burden of care costs has become widely recognized as “caregiving hell,” leading to the emergence of the term “caregiving bankruptcy” due to overwhelming caregiving expenses.
A survey by the Korean Health and Medical Workers’ Union (KHMU) revealed that 40.8% of caregivers spent more than 110,000 won per day on care. For severely ill patients, monthly care expenses often surpass 4 million won, making it challenging to secure caregivers even with a daily payment of 150,000 won. The need for ‘care robots’ is urgently emphasized.
Unfortunately, patients’ care costs are not covered by health insurance except for the ‘integrated nursing and caregiving service.’ Nursing hospitals, where severely ill or immobile elderly patients usually stay, do not offer integrated services, forcing patients and their guardians to bear the full cost.
Patients and guardians have expressed frustration, noting additional charges for meals and extra fees due to the patient’s size. With the average daily wage ranging from 130,000 to 150,000 won, monthly costs exceed 4 million won, an amount unaffordable for most.
Some caregivers abandon their jobs to personally attend to their loved ones rather than bear the high monthly cost.
Crucially, the burden of care costs has become widely recognized as “caregiving hell,” leading to the emergence of the term “caregiving bankruptcy” due to overwhelming caregiving expenses. (Yonhap TV)
This financial strain has dire consequences, as caregivers fall ill due to the demands of working and caring for family members in rotation to save costs. Calls for health insurance coverage for caregiving are growing, with 75.5% of respondents in the KHMU’s survey advocating for such coverage.
The Korea Health Insurance Institute suggests that applying health insurance to caregiving could significantly reduce annual out-of-pocket expenses for nursing home care from 18 million to 23 million won to a more manageable range of 3.8 million to 8.3 million won.
However, the challenge lies in the substantial financial burden. According to Korea’s Ministry of Consumer Affairs and Trade, care expenses surged from 6.8 trillion won in 2014 to 8 trillion won in 2018.
Considering the escalating demand for care due to the rapidly aging population, estimates indicate that care expenditures may surpass 10 trillion won annually.
Addressing this issue through health insurance would necessitate a significant financial commitment from the healthcare system, prompting suggestions that a national consensus is imperative.
M. H. Lee (mhlee@koreabizwire.com)
