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Projecting the Cost of Long-Term Care Insurance in Korea

Author

Listed:
  • Kwon Hyuk-Sung

    (Department of Statistics and Actuarial Science, Soongsil University)

  • Lee Chang-Soo

    (Department of Statistics and Actuarial Science, Soongsil University)

  • Hur Jun-Soo

    (School of Social Welfare, Soongsil University)

Abstract

These days aging population is a common phenomenon in most countries in the world. As a result, many countries are making great effort to improve the quality of life of elderly people after retirement. A long-term care insurance system is one of the products of those efforts. In the middle of year 2008, long term care insurance as a form of social insurance was introduced in Korea and has been providing various services for people who need assistance with daily living activities. A myriad of opinions from various perspectives such as finance and quality have been suggested for improvement of the system. In order to resolve problems and to reflect suggestions for the purpose of developing the system, the future demand and cost needs to be carefully estimated. Also, various important decisions associated with the insurance policy should be based on the results of the projection. This paper provides a case study of public long-term care insurance in Korea and discusses methods to make projections on the future costs of long-term care insurance.

Suggested Citation

  • Kwon Hyuk-Sung & Lee Chang-Soo & Hur Jun-Soo, 2012. "Projecting the Cost of Long-Term Care Insurance in Korea," Asia-Pacific Journal of Risk and Insurance, De Gruyter, vol. 7(1), pages 1-22, December.
    • Handle: RePEc:bpj:apjrin:v:7:y:2012:i:1:p:1-22:n:4
    DOI: 10.1515/2153-3792.1163
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    References listed on IDEAS

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    1. Rickayzen, B.D. & Walsh, D.E.P., 2002. "A Multi-State Model of Disability for the United Kingdom: Implications for Future Need for Long-Term Care for the Elderly," British Actuarial Journal, Cambridge University Press, vol. 8(2), pages 341-393, June.
    2. Karlsson, Martin & Mayhew, Les & Rickayzen, Ben, 2007. "Long term care financing in four OECD countries: Fiscal burden and distributive effects," Health Policy, Elsevier, vol. 80(1), pages 107-134, January.
    3. Karlsson, Martin & Mayhew, Les & Plumb, Robert & Rickayzen, Ben, 2006. "Future costs for long-term care: Cost projections for long-term care for older people in the United Kingdom," Health Policy, Elsevier, vol. 75(2), pages 187-213, January.
    4. Karlsson, Martin & Mayhew, Les & Rickayzen, Ben, 2007. "Long term care financing in 4 OECD countries: fiscal burden and distributive effects," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 34405, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
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