SEOUL, March 2 (Korea Bizwire) – People with monthly salaries exceeding 4.49 million won (US$4,155) will pay more for state health insurance starting in July, the government said Friday. According to the Ministry of Health and Welfare, a total of 2.44 million people, 13.6 percent of company-subscribed state insurance payers, will pay a maximum of [...]
SEOUL, Sept. 15 (Korea Bizwire) — Health care costs for foreigners covered by South Korea’s state health insurance have more than doubled over the past five years as more subscribe to the scheme, data showed Friday. The total medical cost for covered foreigners came to 553 billion won (US$487 million) last year, up 109 percent [...]
SEOUL, May 4 (Korea Bizwire) – The latest data from the National Health Insurance Corporation has revealed that South Korea may have to spend over 90 trillion won ($79.5 billion) annually by 2030 – when the baby boomers (born 1955 to 1963) enter their old age – on health care for seniors. According to the [...]
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 [...]
SEOUL, Feb. 20 (Korea Bizwire) – Following criticism of recurrent foot-and-mouth disease outbreaks in South Korea, the Ministry of Agriculture, Food and Rural Affairs announced Sunday that it will introduce a pilot project for a mutual aid system that will function much like a health insurance policy for cattle. The “premiums” will be split fifty-fifty [...]
SEOUL, Jan. 23 (Korea Bizwire) – South Korea is pushing to revise its national health insurance program to halve the fees for low income earners in an effort to make health care more affordable, officials said Monday. The Ministry of Health and Welfare released a revision to the national health insurance system, subject to parliamentary [...]
SEOUL, Dec. 21 (Korea Bizwire) – False health insurance claims in South Korea are expected to flirt with 600 billion won this year despite a crackdown on scammers, data showed Wednesday. According to the data by the National Health Insurance Service, medical providers’ false and unfair insurance claims came to 545 billion won (US$456 million) [...]
SEOUL, Aug. 25 (Korea Bizwire) – Starting September 1, adult ADHD patients in Korea will be able to have their ADHD medication expenses partially covered by the national health insurance plan. Attention deficiency hyperactivity disorder, or ADHD, although largely perceived as a condition most prevalent in children and teenagers, is also becoming common among adults. [...]
SEOUL, Aug. 23 (Korea Bizwire) – It has been almost three months since the Supreme Court of Korea ruled that insurance companies must pay the families of suicide victims, but a recent report from the Financial Supervisory Service (FSS), submitted to lawmaker Min Byung-doo (Minjoo Party of Korea), revealed that insurance companies have yet to [...]
SEOUL, Aug. 4 (Korea Bizwire) – Insurance companies have been caught recommending expensive health insurance plans intended for the elderly and people with chronic diseases to otherwise healthy customers. These expensive insurance plans are referred to as Simple Evaluation Insurance (SEI), and were designed to meet demand from the rising number of elderly Koreans and [...]