As Korea Ages, Medical Spending Shifts Deeper Into Old Age (Image courtesy of Yonhap)
SEOUL, Jan. 7 (Korea Bizwire) — South Koreans spend nearly 250 million won (about $190,000) per person on medical care over their lifetimes, according to a new analysis that underscores how rapidly rising healthcare costs are becoming concentrated in old age as the population grows older.
A report released Wednesday by the Health Insurance Research Institute of the National Health Insurance Service estimated that the average lifetime medical spending per person reached 246.6 million won as of 2023. The figure includes costs covered by the national health insurance system, legally required out-of-pocket payments and non-covered services.
One of the most striking findings was a sharp shift in the age at which medical spending peaks. In 2004, healthcare costs were highest at age 71, averaging about 1.72 million won.
By 2023, the peak had moved to age 78, with annual spending surging to roughly 4.46 million won—more than two and a half times higher. Researchers said this reflects not only longer life expectancy but also a lengthening period in which people rely on high-cost medical services late in life.
Medical staff members walk at a general hospital in Seoul on July 29, 2024. (Yonhap)
Women were found to spend significantly more on healthcare over their lifetimes than men—about 214.7 million won compared with 182.6 million won. The gap is largely explained by women’s longer life expectancy, which extends the duration of medical service use.
The report also showed that the largest share of lifetime medical spending goes to everyday care. Pharmacies and local clinics accounted for the highest cumulative costs, followed by large general hospitals and tertiary medical centers, highlighting how routine healthcare use adds up over decades.
Serious illnesses dramatically increase the burden. A person diagnosed with cancer at age 30 is expected to spend an additional 111.4 million won on cancer treatment alone over their lifetime. Pancreatic cancer carried the highest estimated cost, followed by lung and breast cancers, all exceeding 100 million won.
South Koreans Spend Nearly 250 Million Won on Medical Care Over a Lifetime, Study Finds (Image supported by ChatGPT)
The analysis warned that population aging is placing growing strain on the health insurance system. While a one-year increase in life expectancy raised lifetime medical costs by about 20 percent in 2004, the same gain now pushes costs up by more than 50 percent, reflecting heavier use of advanced medical technologies and long-term care among older adults.
Researchers emphasized that extending “healthy life expectancy,” rather than simply prolonging life, will be critical to easing future financial pressure. They called for stronger prevention-focused policies, including lifestyle management and early detection of chronic diseases, as South Korea grapples with the mounting costs of an aging society under the Democratic Party–led government.
Lina Jang (linajang@koreabizwire.com)
