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South Korea Expat Health Insurance / Healthcare System News |
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South Korea’s healthcare system has evolved since the creation of the republic to become a formidable and effective system of providing medical services to the Korean people. This continual growth has allowed the industry to become a favorite locale for foreign investment in the advancement of medical technologies and pharmaceutical research. This can be attributed to an aging populace and changes in regulation and trade policies that are spearheading a greater emphasis on foreign involvement from pharmaceutical companies. Research and development (R&D) figures have increased dramatically in recent years, from 0.3% of GDP to over 3%.
There are a number of new approaches that the industry has taken that are directly responsible for these shifts. Firstly, domestic pharmaceutical companies are beginning to raise prices on drugs to lower medical expenses. Secondly, the distribution of medication has seen a shift, with retail venues and pharmacies beginning to replace the old system of distribution through clinics. Other advancements in South Korean healthcare include growth in the e-health and biotechnology sectors, as well as a greater emphasis on generic drugs including the production of hepatitis vaccines and antibiotics. In 2003, imports accounted for 60% of the trade trends in the nation, largely comprising of medical supplies and devices from U.S manufacturers. The breakdown of pharmaceutical sales in South Korea is around 70% for local companies and 30% for multinational companies, showing the importance of the ever growing pharmaceutical industry in the country. South Korea’s healthcare industry continues to grow by leaps and bounds. Its liberal economic policies combined with a stable political climate means this trend will continue for years to come.
That being said, however, there are medical issues that South Korea faces. Some of these issues include growing environmental pollution and sanitation standards that must be maintained with an ever expanding urban population. In South Korea, chronic disease accounts for a large portion of illnesses. This situation is further complicated due to the health industry’s approach to the problem. Rather than working towards the prevention of these illnesses, more focus is given to their basic treatment. The percentage of chronic illness thus maintains itself at around 25 % nationally. Another serious health problem affecting South Korea is tobacco usage, with roughly a third of adult population regularly smoking. Anti smoking campaigns have been created to combat this and an eventual ban of smoking in public places could cause a greater number of smokers to quit the habit. Surveys show that the quitting rate is higher among older generations, while younger generations seem to still be quitting at a lower rate. The HIV/AIDS rate of prevalence in South Korea is less than 0.1%, which is one of the lower figures for the disease globally. In 2001, central government expenditures amounted to 6% GDP to combat these and many other national health issues.
As far as foreigner visitors and expatriates are concerned, the following issues should be taken into consideration. Healthcare for expat workers is not free and universal, but prices do tend to be lower in comparison to the United States. Most foreigners and expat workers who reside in the nation obtain medical insurance cards, and are subject to even more cost effective payments for services rendered. The system involves a co-pay system priced at around 5% of one’s salary, with 50% of the premium covered by the employer. Whether part of a local or foreign company, or self employed, you are expected to enroll in the national health insurance plan. This is required even if the foreign worker is already covered by an international policy, although recently if one is able to prove that they pay for international insurance then national insurance pay becomes optional. While this applies to residents, short term foreign visitors may have to consider other options for travel and medical insurance.
Along with a general overview of the insurance systems in place, the following information is helpful to both foreign workers and visitors alike. Some doctors in Korea have at least some command of English, although this is probably less true for medical assistants and personnel. Typically larger institutions in cities like Seoul and Busan, especially university hospitals will be able to provide English medical services. While most medical services are focused on contemporary medicine, oriental alternatives are still a popular alternative. Most herbal supplements can be found in hospitals and independent retailers. There are also a number of traditional remedies and treatments that continue to be practiced to this day. The majority of pharmacies in the country are located next to hospitals and other medical facilities, while the pharmacies themselves are becoming more independent of these establishments.
Finally, as a foreign visitor it is imperative to acquire comprehensive expat health and travel insurance that will ease any doubts of receiving medical care in South Korea, without worrying about the implications on your financial status or travel plans.
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South Korea Expat Health Insurance |
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Whether you are an expatriate traveling or working in South Korea, expat health insurance plans can offer you personalized coverage options and high benefit levels. For more information about the South Korea, insurance that we can provide, or to receive a free expat health insurance quote, please contact one of our expert advisers today.
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