Tips for Indemnity Health Insurance



Hello our readers.


As previously introduced at our blog, FSC introduced ‘standard indemnity health insurance product’ as of this year. By implementing this new measure, FSC encourages insurance companies to provide insurance products more affordable for financially vulnerable and low-income households. Ultimately, this new measure seeks to enhance financial consumers’ choices for insurance products.

Then, how ‘affordable’ are indemnity health insurance products with this new measure being effective? You may find that there are insurance products with monthly payment of KRW 10 thousand, which is about USD 10 per month. The standard indemnity health insurance products exclude all the extra terms and conditions which were previously included under ‘special contract’ in insurance products.




As this is very new in insurance market, you probably feel lost. Let’s check up tips for choosing indemnity health insurance. Each insurance company offers very similar conditions and coverage extent for standard indemnity health insurance products. However, each company differs in terms of risk management capacity, which leads to different prices of insurance products. If you want to thoroughly check up differences between companies, you may have a look at websites run by either Korea Life Insurance Association (, or General Insurance Association of Korea ( By using information on the web pages, you can compare between different insurance products and pick up the most appropriate one for you.


Standard indemnity health insurance products are certainly offered at affordable prices, but some of you would look for even lower-budget insurance products. For those of you, there is an alternative. If you increase a portion of ‘self-liability’, your insurance payment will become cheaper. That is, you make less regular payments, while your insurance coverage will be lowered in case of diseases. You should compare and contrast between your medical condition, expected medical expenses and budget to set your self-liability proportion by 10 % or 20 %.


Last, but not least, you do not need to have more than one indemnity health insurance contract. Even though you are the insured under multiple insurance contracts, your coverage is only proportionate to your actual medical expenses. That is, multiple insurance contracts do not give you double or triple insurance coverage. So before signing up for a new indemnity insurance, check it whether you have already signed up for one. You may check it at the web pages abovementioned!




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