Although the volume of medical waste is continuously increasing, the facilities for medical waste incineration are not enough and well distributed. The unmatched supply and demand makes more than 95% of the medical wastes are transported to the designated incinerators in other regions. While transporting in long distance, it gets higher probability that a lot of risk factors may break out. In this research, the mathematical model is devised to suggest the balanced allocation plans which guarantee the minimum cost to manage the waste considering the remained capacity and travelling distance. The proposed model was verified by comparing the performance such as total cost, travelling distance, and number of required vehicles with two rule based models. Based on thee result, it can be said that the proposed model may reduce the total cost by minimizing the travelling distance as well as mitigate the impacts from various risk.