In an effort to help reduce country's medical burden and improve access to healthcare the Korean Federation of Community Credit Cooperatives (KFCCC) and its affiliated foundation will fully cover insurance premiums for 477 underprivileged children and adolescents across the country.
According to a news story in the Korean news portal The Korea News Plus, the KFCCC, a Seoul-based organisation is an umbrella organisation for about 1,300 financial cooperatives nationwide. More than 20m people benefit from its services. This financial outfit helps reduce medical burden and improve access to healthcare of the young in the country.
The new initiative is a part of its public insurance programme, Hope-Sharing Insurance. The programme is designed to alleviate the medical expenses of underprivileged youths and support their healthy development. The policy provides comprehensive coverage for hospitalisation, outpatient treatment, and surgeries caused by illness or injury.
It also includes compensation for accidental injuries such as burns, fractures, casts, and traffic accidents, as well as coverage for food poisoning and other specific health conditions. The insurance policy remains in force for five years and offers fixed compensation amounts as specified in the policy terms.
The initiative was first launched in 2017 and till date the foundation has extended these benefits to a total of 3,829 children and teenagers nationwide
Saemaul Geumgo Foundation chairman Kim In has said that the initiative would serve as a lasting safety net for children in need. “We hope the insurance will become a dependable shield for children and teenagers living in 'medical blind spots'."
"The foundation will continue fulfilling its social responsibility while gradually expanding the scope of support."