No Increase in Health Insurance Premiums Next Year... Frozen for the First Time in 7 Years

Health insurance premiums will not increase next year.

The Ministry of Health and Welfare announced on the 26th at 2 p.m. that it held the "2023 19th Health Insurance Policy Deliberation Committee (hereinafter referred to as the Health Insurance Committee)" and decided to freeze next year's health insurance premium rates at this year's level. This is the third freeze in history and the first in seven years since 2017.

The freeze on health insurance premium rates is a result of considering the financial conditions of health insurance along with the difficult national economic conditions due to recent inflation and interest rates. The government viewed the health insurance finances as relatively stable. The health insurance reserve fund stands at approximately 23.9 trillion won (as of the end of 2022).

Through this decision on health insurance premium rates, the government plans to ease the burden on the public while establishing the "2nd Comprehensive Health Insurance Plan (2024?2028)" to expand support for essential medical services and improve the financial sustainability of health insurance.

Park Min-su, the 2nd Vice Minister of the Ministry of Health and Welfare, said, "We have decided to freeze the premium rates for the first time in seven years since 2017," adding, "In a time when the national economy is more difficult than ever, the government will do its best to ensure that the precious insurance premiums are used appropriately without waste or leakage, and especially, reforms for essential medical care will be carried out without delay."