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KMID : 1170320080140020027
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Korean Journal of Health Economics and Policy
2008 Volume.14 No. 2 p.27 ~ p.56
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Financial Structure and Prospects of the Long-Term Care Insurance for the Elderly in Korea
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Seo Dong-Min
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Abstract
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The Long-Term Care Insurance is enforced in Korea from July 2008. The purpose of this paper is to clarify the characteristics of Financial Structure and prospect the financial burden of Long-Term Care Insurance for the elderly in Korea. Through the study on Financial Structure of Long-Term Care Insurance in Korea, the following four characteristics were defined.
1. Enlargement of the insured and limitation of certification
2. Simplification of service type and permission of special cash benefits
3. Unification of insurer and unenforcement of care-manager system
4. Minimization of government financial support and gradation of co-payment
The estimate model was designed to prospect the recipients, the benefit cost, and distribution of financial resources for Long-Term Care Insurance for the elderly.
The results were divided into three parts; Firstly, it is estimated that the recipients will increase from some 147 thousand people at the beginning to 398 thousand people by the end of 2030. Secondly, the benefit cost is estimated to be 583 billion Won in 2008 and 6,663 billion Won in 2030. Finally, the distribution of financial resources is estimated to be comprised of the government finances 25%, the revenue of premium 63%, the co-payment 12% of the total cost. And some political implications in order to secure the Financial sustainability of Long-Term Care Insurance are discussed.
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KEYWORD
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long-term care insurance, financial structure, financial prospect
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