The General Insurance Association Supports 5 Million Won per Patient for Medical Expenses of Low-Income Severe and Rare Disease Patients

Support Fund Raised Through New Hope Healing Fund of the Credit Recovery Committee
For Patients with Severe Illnesses and Income at or Below 100% of the Median

The General Insurance Association announced on the 2nd that it has signed a business agreement with Chung-Ang University Medical Center Education Cooperation Hyundai Hospital to support medical expenses for low-income individuals suffering from severe illnesses.

On the 2nd, Lee Byung-rae, President of the Korea Non-Life Insurance Association (right), and Kim Bu-seop, Director of Education Cooperation at Chung-Ang University Medical Center Hyundai Hospital, signed a business agreement to support medical expenses for severely ill low-income patients and took a commemorative photo. Photo by Korea Non-Life Insurance Association

Hyundai Hospital's Medical Expense Support Review Committee will provide up to 5 million KRW per patient, totaling 70 million KRW. Recipients must be experiencing economic difficulties with an income at or below 100% of the median income and be suffering from severe illnesses.

This project is part of the social contribution efforts of the insurance industry, utilizing the New Hope Healing Fund from the Credit Recovery Committee as its financial resource. The New Hope Healing Fund is a financial sector-wide social contribution fund established by the Credit Recovery Committee through corporate card points and donations from financial companies to promote social contribution projects.

Since 2019, the General Insurance Association has been conducting medical expense support projects for low-income patients with severe illnesses who face the dual hardships of economic difficulties and battling disease.

Over the past six years until last year, medical expenses totaling approximately 470 million KRW were provided to 132 patients. From 2019 to 2020, 200 million KRW was supported to Korea University Anam Hospital, and from 2021 until last year, 270 million KRW was provided to The Catholic University of Korea Seoul St. Mary's Hospital.

Lee Byung-rae, Chairman of the General Insurance Association, said, "We hope this small support will help patients who cannot receive treatment comfortably due to difficult economic circumstances," adding, "We will continue to take the lead in creating a warm society through sharing."