A majority of adults in South Korea are not adequately prepared for the eventual need for elderly care. (Image courtesy of Kobiz Media)
SEOUL, Jan. 29 (Korea Bizwire) – A recent survey has highlighted that the majority of adults in South Korea are not adequately prepared for the eventual need for elderly care, which becomes necessary due to aging or age-related diseases that hinder daily activities.
The Korea Insurance Research Institute (KIRI) conducted a survey among 1,900 adults aged 19 to 69 nationwide, asking about their expectations and preparations for the potential need for elderly care for themselves or their family members. Respondents anticipated living up to an average age of 83 and estimated a need for approximately six years of elderly care.
A significant 72.8% of respondents expressed concern about the likelihood of requiring elderly care in the future. However, 67.9% admitted to being unprepared for the risk of needing such care, with only 32.1% stating they had made preparations.
The survey revealed that long-term care insurance was the most common preparation method, with 59.6% of respondents relying on it. Other strategies included saving for caregiving expenses (41.2%), signing up for dementia or caregiving insurance (19.5%), researching nursing facilities (14.2%), and looking into professional caregiving services (12.4%).
Concerns were also raised regarding the care of elderly family members, with many feeling worried but generally unprepared. While 77.4% of respondents were concerned about the possibility of needing to provide care for an elderly family member, only 36.1% had made preparations for such a scenario.
Among the 6.7% of respondents currently providing care for a family member, 91.4% expressed concern about the increasing burden of caregiving responsibilities. The most significant worry was the rising cost of caregiving (76.4%), followed by the difficulties of direct caregiving due to worsening health conditions (68.5%), and the increasing expenses associated with long-term care facilities or nursing homes (51.2%).
Researchers Byun Hye-Won and Oh Byung-Guk from the KIRI noted, “Given the widespread concern about the need for elderly care, it appears that many are not making concrete plans or preparations. To adequately prepare, individuals need to understand the quality and costs of desired caregiving services and the coverage provided by long-term care insurance.”
M. H. Lee (mhlee@koreabizwire.com)
