On Tuesday, the Ministry of Health and Welfare in South Korea announced that it will not increase the state health insurance premiums for the coming year, the first time in seven years. This is due to the “stable” financial status of the insurance program and the government’s efforts to ease the economic burdens of citizens in the face of high inflation and interest rates.
The monthly premium rate for salaried workers will remain at 7.09 percent, and the rate for non-corporate subscribers will also stay the same. This marks the third time that South Korea has frozen the premiums, including 2017 and 2009. All citizens are required to join the insurance scheme, and foreigners living in the country can also participate.
The National Health Insurance Service estimates that the health insurance surplus will be 1.98 trillion won (US$1.46 billion) this year, and the accumulated fund is projected to reach over 25.85 trillion won. This is attributed to the lower demand for medical services due to the COVID-19 pandemic.
This file photo taken Sept. 5, 2023, shows a pharmacy in Seoul. (Yonhap)
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