In accordance with the new policy, insurance subscribers can submit a simple confirmation form, to be provided by their insurer, that shows whether they meet certain health criteria related to smoking, blood pressure and BMI index. (image: KobizMedia/ Korea Bizwire)
SEOUL, April 12 (Korea Bizwire) – Obtaining discounts on health insurance premiums will become much easier for South Koreans starting in July.
Discounted contracts, which provide up to 20 percent discounts on existing installments, are offered by 14 insurance companies for healthy individuals who meet certain health standards.
However, only 3.8 percent of the subscribers took advantage of the offer in the past due to the inconvenience of having to go through a rigorous physical examination designated by the companies, in addition to a lack of promotion with the companies taking a passive attitude towards disclosing the details of the discounts.
Submitting outside health exam results was also possible but there have been cases in which the reports were rejected by the insurers, while some subscribers who were shunned had to submit additional health information.
In accordance with the new policy, insurance subscribers can submit a simple confirmation form, to be provided by their insurer, that shows whether they meet certain health criteria related to smoking, blood pressure and BMI index. The companies are also obliged to inform their customers of their eligibility to apply for discounted contracts via periodic emails or letters.
“We removed some of the unreasonable aspects from the existing practice, which we believe will help make it easier for consumers to benefit from insurance premiums with discounted rates,” said an FSS official.
By Kevin Lee (kevinlee@koreabizwire.com)
