GLP-1 drugs help regulate blood sugar levels by suppressing appetite and promoting insulin secretion, with Wegovy and Saxenda being the most prominent examples. (Image courtesy of Yonhap)
SEOUL, Dec. 4 (Korea Bizwire) – In response to growing demand for obesity medications, Samsung Fire & Marine Insurance has launched health insurance products that cover high-cost obesity treatments, marking a significant development in the Korean health insurance market.
These new plans offer coverage for GLP-1 class obesity medications, such as Wegovy and Saxenda, which are known for their effectiveness in managing both obesity and diabetes.
On Monday, Samsung Fire & Marine announced two new plans: the “Obesity-related Major Metabolic Disease Non-coverage GLP-1 Treatment” and the “Diabetes GLP-1 Coverage Treatment.”
These are the first insurance products in Korea to cover obesity medications. GLP-1 drugs help regulate blood sugar levels by suppressing appetite and promoting insulin secretion, with Wegovy and Saxenda being the most prominent examples.
Under the new plans, individuals with a body mass index (BMI) over 30 who also suffer from at least one major metabolic disease—such as hypertension, diabetes, or dyslipidemia—will receive up to 1 million won per year if they are prescribed non-covered obesity treatments at a general hospital. For diabetic patients prescribed covered GLP-1 treatments, the plan will also provide an initial payment of 1 million won.
While obesity treatments have not been reimbursed under traditional health insurance plans in Korea, these new products offer a much-needed financial safety net. The cost of GLP-1 treatments like Wegovy and Saxenda can be substantial, ranging from 300,000 to 800,000 won per month, making them inaccessible to many without insurance coverage.
The launch comes as demand for these medications surges. Data from the Health Insurance Review & Assessment Service shows that prescriptions for Saxenda via telemedicine increased 18-fold from 183 in December 2023 to 3,347 in October 2024.
Samsung Fire & Marine’s new products are available as add-ons to their existing health insurance plans, such as “MyFit” and “NewMoney3.”
Following Samsung’s lead, other insurers are reportedly considering similar offerings. However, as no compensation data is yet available for obesity treatments, insurers are expected to implement strict criteria in the early stages to prevent excessive claims.
Experts note that while interest in obesity treatments is high, insurers must carefully balance coverage with the risk of increased loss ratios.
Ashley Song (ashley@koreabizwire.com)
