Korea’s health insurance outlays hit US$30bn

August 31 2017 by InsuranceAsia News Staff

Korea’s health insurance spending in the first half of the year rose to W33.9 trillion (US$30.1 billion), according to the Health Insurance Review and Assessment Service and the National Health Insurance Corp.

The health insurance outlays during the period rose 9.2% on-year, covering medical examinations, hospitalisations and drug purchases.

The bulk of the health insurance spending went to senior citizens aged over 65, accounting for W13.56 trillion.

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

According to data by Statistics Korea, the ratio of senior citizens aged 65 and over in Korea rose to an all-time high in 2015.