SEOUL, KOREA - A parliamentary investigation revealed that the healthcare cost for the elderly would increase at a rapid pace and the deficit in health insurance would reach 132 trillion won by the year 2060.
According to Congressman Lee Mok-hee (New Politics Alliance for Democracy) on October 19 based on data submitted by the National Health Insurance Service, the deficit in its finance would snowball from 6.3 trillion won in 2020 to 28.0 trillion won in 2030, 64.5 trillion won in 2040, 102.2 trillion won in 2050,
Given the total healthcare expenditure was 38 trillion won in 2013, this is an astronomical sum of deficit. According to a projection by the National Statistical Office, the share of elderly population in total will rise from 11.0 percent in 2010 to 24.3 percent in 2030 and 40.1 percent in 2060.
The 2013 Health Insurance Statistical Yearbook published jointly by the Health Insurance Review & Assessment Service and the National Health Insurance Service said that the cost paid out for senior citizens last year was 18,085.2 billion won, accounting for 35.5 percent. The ratio is expected to rise to 45.6 percent by 2020.
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