After a series of progressive rollouts, South Korea first achieved universal healthcare in 1989. Between 1989 and 2004, various health insurance companies were merged to form the National Health Insurance Service (NHIS), which then became a single-payer system. It is required for Koreans to pay contributions through a payroll tax, with contributions split between employees and employers. However, as coverage of medical bills is limited, it is common to pay for additional private health insurance independent of one’s employment. In 2020, Koreans paid a total of around 63.2 trillion South Korean won in
Private health insurance in South Korea
In 2020, around 78.6 percent of households paid for
private insurance in addition to the universal healthcare coverage provided by the NHIS. These
private insurance policies cost households an average of around three hundred thousand South Korean won per month. Due to these additional costs, the penetration rate of private insurance decreases among low-income households. Overall, private insurers bore around 35 percent of the
national medical expenditure in 2021, taking over a significant role in South Korea’s healthcare system.
Life insurance in South Korea
Around 6.4 percent of Koreans hold
life insurance policies. Depending on the contract, life insurance may cover terminal illnesses in addition to death. Samsung Life Insurance scored the highest in
national brand competitiveness as well as national brand satisfaction. It also had the highest
market share among Korean life insurance companies, lying at around 22.5 percent in November 2021. This insurer, alongside Hanwha Life and Kyobo Life makes up around 46 percent of the South Korean life insurance market.
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