Underlying the fast aging in the population, South Korean medical expenses grew 4.8 percent on year in the second quarter to top 10 trillion won ($8.9 billion) threshold.

According to the Bank of Korea Sunday, household medical expenditures excluding public policy coverage totaled 10.04 trillion won in the April to June period.

The central bank attributed the growth in spending in health and nursing care to longevity improvements and fast graying in the population. As of August, people aged 65 and older took up 14 percent of the total population, a share that places South Korea in the “aged” category.

Out-of-pocket expenses also spiked because the population has grown health-conscious and become more willing to take various higher-cost tests.

Underscoring the thinning in minors due to low birth rates, household spending in education has been on downward trend.

By Kim Gyu-sik

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]