Korea: Balancing Economic Growth and Social Protection for Older Adults

Abstract

Population aging in Korea is projected to be the most rapid among Organisation for Economic Co-operation and Development (OECD) countries between 2000 and 2050. However, social spending in Korea remains low, reflecting Korea's relatively young population, limited health and long-term care insurance coverage, and immaturity of its pension system. As these factors evolve in coming years, social spending in Korea is likely to rise toward the OECD average. Sustaining economic growth requires policies to mitigate the impact of rapid population aging by providing social protection for the elderly population. Korea confronts difficult challenges in balancing economic growth and social protection for the elderly population, whereas also ensuring efficiency in social spending.

Factors affecting quality of life of older adults with cancer in Korea

“…With increasing awareness of Long‐Term Care Insurance, the proportion of older adults who have applied for benefits reached 12.3% in 2010, with 45.9% deemed to be eligible. Because of limited coverage and immaturity of Long‐Term Care Insurance, the proportion of older adults receiving benefits was 4.4% in 2010, and the findings reflect this lack of usage of the governmental program …”

“…While out‐of‐pocket payments might discourage frivolous demands and limit costs, they can hardly care for catastrophic or chronic illness, and for those unable to afford even modest copayments. In addition to penalizing low‐income households, out‐of‐pocket payments create a substantial burden on those with chronic health problems, such as older adults with cancer …”

Quality of life and national pension receipt after retirement among older adults

“…Our subgroup analysis confirmed that receipt of national pension benefits was associated with QoL among individuals with low levels of income or wealth. Although we know of no previous research examining the relationship between national pension receipt and QoL among retired elderly Koreans, many reports emphasize the importance of national pensions for older adults …”

“…Pensionable ages were adjusted from 60 to 61 years‐of‐age in 2013, and will increase by 1 year every 5 years until the retirement age reaches 65 years in 2033 . Nevertheless, the NPS is expected to record a deficit in 2044 and to reduce its benefits in response to an increase in spending that is projected to exceed the increase in revenue . Thus, the pension system in Korea might need to be further reformed in the near future.…”

Day care vs home care: Effects on functional health outcomes among long‐term care beneficiaries with dementia in Korea

“…LTCI primarily covers social care services, with a focus on providing support for those who need lifetime assistance with daily activities, regardless of their income level. Since its inception, long‐term care (LTC) services have been successfully offered to older adults with severe functional limitations, and the coverage rate in the Korean population increased from 1.4% in 2008 to 7.5% in 2016 . There was a three‐level eligibility system under the Korean LTCI.…”