National Medical Insurance Fee to Rise from May

The premium for national medical insurance will increase 18.4 percent from May.
The Ministry of Health and Welfare announced on April 29 that it will raise the regionally-run insurance fee by 18.4 percent from May in order to solve the sharply increasing losses of the regional insurance plan.
As a result, the average monthly premium for 7.93 million families, which occupies 53.5 percent of all families in Korea, will rise by 4,715 won to 33,400 won from 25,625 won.
Last year, 161 out of 226 regional areas increased their insurance fees, on average, by 20 percent. After incorporating the public service and school personnel's insurance plans last October, this is the first increase of the national insurance fee.
The ministry reported that a rise in the regionally-administered plan's insurance fee is unavoidable owing to the expansion of the number of days per year of medical coverage to 330, the increased number of elderly people, and losses collected from hospitals.
Last year's deficit of the national medical insurance plan was 157.2 billion won on revenue of 3.6591 trillion won and 3.8163 trillion won in expenditures.
However the fee is likely to rise again, presently, because the expected hike of insurance payments this July was not calculated in this raise.
Jooan Kang : jooan@joongang.co.kr