In 20 Years, 40% of the Population Will Be Over 65... "Need for Change in Care System"

Joint Forum by Presidential Committee on Low Fertility and Aging Society and Seoul National University
"Care System Must Shift to Public and Home-Based Models"

By 2045, which is 20 years from now, it is expected that 40% of the population will be aged 65 or older. Against this backdrop, the government has emphasized the need to shift the elderly care system to a public-centered approach.

On April 24, the Presidential Committee on Ageing Society and Population Policy, together with the National Strategy Institute for the Future of Korea at Seoul National University and the Seoul National University Center for Health Finance, jointly held the 'Sustainable Super-Aged Society Strategy Forum' under the theme 'How to Cope with the Rapidly Increasing Future Elderly Care Needs.'

The purpose of this forum was to explore national strategies to respond to the surge in care demand due to the arrival of a super-aged society, as well as to discuss in greater detail the 'Measures to Strengthen Community-Based Integrated Care Systems' announced by the Committee in January.

On the 24th, the Presidential Committee on Ageing Society and Population Policy and Seoul National University jointly held the 'Sustainable Super-Aged Society Strategy Forum.' Provided by the Presidential Committee on Ageing Society and Population Policy

Joo Hyunhwan, Vice Chairperson of the Presidential Committee on Ageing Society and Population Policy, stated, "With the anticipated care crisis and soaring medical costs resulting from super-aging, it is necessary to shift care from a family-centered to a public-centered model, and from an institution-centered to a home-based model." He emphasized, "It is most important to fundamentally transform the elderly care system by improving both the quality and quantity of facilities, as well as establishing a stable financial structure capable of supporting these changes."

In fact, by the end of last year, Korea had entered a super-aged society at the fastest pace in the world. According to the Presidential Committee on Ageing Society and Population Policy, the average annual increase in the proportion of the elderly population in Korea is projected to surge from 0.39 percentage points between 2000 and 2017 to 0.85 percentage points between 2025 and 2045. At this rate of increase, by 2045, 4 out of every 10 people in Korea will be aged 65 or older, and among them, 2.5 will be aged 75 or older with a very high need for medical and care services.

Vice Chairperson Joo also stressed the need to establish a Korean-style elderly care system. He said, "In order to reduce the burden on future generations regarding health insurance and long-term care insurance, and to fundamentally transform the care system, we need in-depth discussions on how to reform the scale and procurement methods of mid- to long-term funding." He added, "We must further specify measures to expand the discretionary power of local governments over care services and finances, establish practical region-centered governance, and create conditions that encourage greater private sector participation."

At the forum, Hong Seokcheol, Professor of Economics at Seoul National University, who gave a presentation on 'The Fiscal Impact of a Super-Aged Society and Response Strategies,' said, "Public social expenditure as a percentage of GDP will double from 14.8% in 2022 to 28.3% in 2035." He added, "The period before 2030, when elderly-related expenditures are expected to begin rising sharply, is the golden time for policy action."

The Presidential Committee on Ageing Society and Population Policy plans to review the additional supplementary tasks and improvement measures discussed at the forum and reflect them in the '5th Basic Plan for Low Fertility and Aging Society,' which will be announced later this year after inter-ministerial consultations.

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