News eDaily01 Sep 2017

South Korea:Health insurance spending rises in 1H2017

01 Sep 2017

South Korea's health insurance outlays rose to KRW33.9 trillion (US$30.1 billion) during the first half of this year, as more senior citizens are requiring medical attention.

According to a report by the Health Insurance Review and Assessment Service and the National Health Insurance Corp, the total outlay on medical examinations, hospitalisations and drug purchases rose by 9.2% on-year from January through June.

The amount involved to cover senior citizens aged over 65 jumped by 13.5% year on-year to KRW13.56 trillion during the period, reported Yonhap News Agency citing the report.

Most of the medical spending by senior citizens was to treat senile cataracts, high blood pressure, teeth and gums, and acute bronchiolitis, the report shows.

South Korea has one of the fastest aging populations in the world.

The Moon government has pledged to increase overall health insurance benefits. In line with this, South Korea will increase its national health insurance rate by 2.04% next year. The increase will push current insurance rate of 6.12% of a worker's monthly income to 6.24% in 2018, the Ministry of Health and Welfare said.

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