Future of long-term care financing for the elderly in Korea

Journal of Aging & Social Policy
Soonman Kwon

Abstract

With rapid aging, change in family structure, and the increase in the labor participation of women, the demand for long-term care has been increasing in Korea. Inappropriate utilization of medical care by the elderly in health care institutions, such as social admissions, also puts a financial burden on the health insurance system. The widening gap between the need for long-term care and the capacity of welfare programs to fulfill that need, along with a rather new national pension scheme and the limited economic capacity of the elderly, calls for a new public financing mechanism to provide protection for a broader range of old people from the costs of long-term care. Many important decisions are yet to be made, although Korea is likely to introduce social insurance for long-term care rather than tax-based financing, following the tradition of social health insurance. Whether it should cover only the elderly longterm care or all types of long-term care including disability of all age groups will have a critical impact on social solidarity and the financial sustainability of the new long-term care insurance. Generosity of benefits or the level of out-of-pocket payment, the role of cash benefits, and the relation with health insu...Continue Reading

Citations

Aug 11, 2012·Journal of Preventive Medicine and Public Health = Yebang Ŭihakhoe Chi·Hyun-Shik KimYoshio Nakamura
Mar 31, 2016·Health Policy·Sojung ParkSoojung Kim
Jun 5, 2012·Journal of Korean Medical Science·Im-Oak KangYunhwan Lee
Oct 28, 2010·The Journal of Nursing Administration·SoYoung Yu, IlSun Ko
Apr 18, 2020·Liver International : Official Journal of the International Association for the Study of the Liver·Yasser FouadDina Attia
Jan 7, 2021·Sociological Perspectives : SP : Official Publication of the Pacific Sociological Association·Haena Lee, Shannon Ang
Mar 16, 2021·Annals of Geriatric Medicine and Research·Chan Mi Park, Hee-Won Jung
May 18, 2021·Archives of Gerontology and Geriatrics·Shiho KinoIchiro Kawachi

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