In the Era of 100-Year Lifespans, 'Oh No'... 7 out of 10 People "Unprepared for Elderly Care"

Korea Insurance Research Institute Survey of 1,900 People
"Elderly Care Expected for About 6 Years"

A survey revealed that most adults are not adequately prepared for 'elderly care' needed when they become elderly or suffer from age-related diseases that prevent them from carrying out daily activities.

On the 28th, the Korea Insurance Research Institute announced the results of a survey conducted on 1,900 men and women aged 19 to 69 nationwide, asking about their expectations and preparations regarding the possibility of needing elderly care for themselves or their family members. Among the respondents, 72.8% expressed concern about their own possibility of requiring 'elderly care.' Respondents answered that they expect to live until an average age of 83 and anticipate needing elderly care for about six years on average. However, the majority of them, 67.9%, said they were not prepared for the risk of needing elderly care, while only 32.1%, about one in three, said they were prepared.

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6 out of 10 Rely on Long-Term Care Insurance

Regarding preparation methods for their own elderly care risk, long-term care insurance (59.6%) was the most frequently chosen. This was followed by savings for caregiving expenses (41.2%), subscribing to dementia or caregiving insurance (19.5%), searching for nursing facilities (14.2%), and searching for professional care services (12.4%).

Respondents also expressed concern about family elderly care but were generally not well prepared. Those worried about the possibility of family caregiving accounted for 77.4%. However, only 36.1% of these respondents said they were prepared for the risk of family caregiving. Additionally, 31.5% expected to be responsible for family caregiving within the next 10 years, though not immediately.

Currently, 6.7% of respondents reported that they are caregiving for a sick family member. Most of those caregiving family members (91.4%) expressed concern about the increasing burden of family caregiving. The most burdensome aspect was the increased cost of caregiving (76.4%). Other significant burdens included difficulties in direct caregiving due to worsening illness (68.5%) and increased costs of long-term care facilities or nursing hospitals (51.2%).

Researchers Byeon Hyewon and Oh Byungguk from the Korea Insurance Research Institute stated, "Although many people worry about elderly caregiving, they are not prepared for it," adding, "For concrete planning and preparation, it is necessary to understand the quality and cost of desired caregiving services as well as the coverage details of long-term care insurance."

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