Next Year's Long-Term Care Insurance Rate 12.81%... Insurance Premium per Household Up 898 Won

[Asia Economy Reporter Kim Young-won] The long-term care insurance premium rate for next year will increase by 4.40% compared to this year, and the average monthly premium per subscriber household is expected to rise by 898 KRW.

The Ministry of Health and Welfare announced on the 23rd that at the 5th Long-term Care Committee meeting, the 2023 long-term care insurance fees and premium rates were reviewed and decided accordingly.

The long-term care insurance premium rate relative to next year's health insurance premium was set at 12.81%, up 0.54 percentage points from this year's 12.27%. The long-term care insurance premium is calculated by multiplying the health insurance premium by the long-term care insurance premium rate. The premium rate relative to income increased from 0.86% this year to 0.91%.

The government subsidy for long-term care insurance was budgeted at 1.9916 trillion KRW, an increase of more than 10.6% compared to this year.

Next year's long-term care insurance fees will increase by an average of 4.70% compared to this year. By type, home care benefits will increase by 4.92%, elderly care facilities by 4.54%, and group living homes by 4.61%.

Accordingly, the daily cost for using a care facility will increase by 3,400 KRW from 74,850 KRW to 78,250 KRW for grade 1 users. The monthly usage limit for home services such as day and night care, home care, and nursing will increase by 27,000 KRW to 212,300 KRW depending on the grade.

Meanwhile, the committee also discussed the "Measures to Strengthen Long-term Care Coverage and Improve Service Quality." The committee decided to raise the monthly limit for home care recipients in grades 1 and 2 and to add diseases such as Lou Gehrig's disease and multiple sclerosis to the recognized range of elderly diseases for those under 65 years old.

The Elderly Long-term Care Insurance is a social insurance system that provides services such as physical and household activities to those aged 65 or older, or those under 65 who have elderly diseases such as dementia or cerebrovascular disease and have difficulty living independently for more than six months. As of the end of last year, about 954,000 people, or 10.7% of the total elderly population (8,913,000), were recognized as eligible for long-term care.

Recipients must be assessed by the Long-term Care Grade Assessment Committee and receive a grade from 1 to 5 or a cognitive support grade (mild dementia), and benefits are paid differentially according to the grade.

This content was produced with the assistance of AI translation services.