South Korea: Reimbursement medical insurance premiums to be reduced
Source: Asia Insurance Review | Oct 2017
South Korea’s top financial regulator has said that it will cut premiums for reimbursement medical insurance in line with the government’s policy of easing the financial burden on low-income earners.
Mr Choi Jong-ku, Chairman of the Financial Services Commission (FSC), said that the premiums charged for indemnity medical insurance, or reimbursement-backed private medical insurance, will be cut during the first half of next year, reported the Yonhap News Agency. This will be after the FSC analyses the insurers’ data with the health authorities.
Insurers have come under scrutiny as they have sharply increased premiums. For instance, according to a parliamentary audit report by Sim Sang-jeong, a progressive lawmaker, Heungkuk Life Insurance hiked premiums for female holders of indemnity medical insurance by 47.9% last year. As for male policyholders, premiums of Heungkuk’s indemnity medical insurance rose by 35% last year. A