Medical bills for older adults approach half of all health care spending

Health care costs covered by Korea’s national insurance system for those aged 65 and older have risen nearly 40 percent over the past four years, exceeding 50 trillion won ($38 billion) in 2023 and accounting for nearly half of the country’s total insured medical spending, government data showed on Wednesday. According to figures submitted to Rep. Kim Mi-ae of the National Assembly’s Health and Welfare Committee, combined co-payments and insurance reimbursements for older adults rose from 37.47 trillion won in 2020 to 52.12 trillion won last year — a 39.1 percent increase. The sharp rise in costs underscores a looming public health challenge for a nation with one of the world’s fastest-aging populations. As the number of older citizens grows, the data points to an urgent need for sustainable long-term care policies to keep the national health insurance system from coming under severe strain. Korea has seen a striking demographic shift over the past two decades, with the share of the population aged 65 and older rising from 9.1 percent in 2005 to 20.3 percent at present, accord

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