South Korea’s health ministry has announced a freeze on state health insurance premiums for the upcoming year, marking a first in seven years.
Stemming from the insurance program's “relatively stable” financial standing, the government said that it aims to alleviate economic pressures on the public given the current high levels of inflation and interest rates.
For salaried workers, the monthly premium rate will remain at the current 7.09%, and non-corporate subscribers will also experience a freeze, the ministry said in a Korea Times report. The previous cost freezes happened in 2009 and 2017.
Under Korean law, individuals are obligated to participate in the insurance scheme, a provision that extends to foreigners residing in Korea.
According to the National Health Insurance Service, projections indicate a health insurance surplus of KRW1.97 trillion ($1.46 billion) for this year, with the accumulated fund expected to exceed KRW25.85 trillion.
Elsewhere in the country, regulations regarding health insurance dependents from overseas staying in South Korea have also been recently tightened to a minimum period of six months as a response to foreigners exploiting the system.
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