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Local health insurance subscribers to pay $19 less monthly

Collected: 2024.02.07

Distributed: 2024.02.08

Source: Go Direct

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[Photo by Yonhap]

Health insurance premiums for local subscribers in South Korea are expected to ho down by an average of about 25,000 won ($18.84) per month.

The Ministry of Health and Welfare announced a partial amendment to the Enforcement Decree of the National Health Insurance Act, which was approved at a Cabinet meeting on Tuesday.

The amendment eases the burden of property insurance premiums by expanding the basic deductible from the current 50 million won to 100 million won when charging insurance premiums for property.

It also abolishes the health insurance premium for automobiles, which has been maintained since its introduction in 1989.

Under the measure, the health insurance premiums for 3.33 million households of local subscribers are expected to decrease by an average of 25,000 won per month. Of the 3.53 million households of local subscribers who pay property insurance premiums, 3.3 million households will see their premiums drop by an average of 24,000 won per month.

By Han Sang-heon and Yoon Yeon-hae

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