Two new insurance products from Korea Post Insurance, designed to strengthen support for dementia care and coverage for the three major diseases, have been launched.
Korea Post Headquarters (hereinafter referred to as Korea Post) announced on September 11 that it has launched and is now selling two new insurance products in response to the country's transition to a super-aged society: "(Non-participating) Korea Post Dementia Nursing and Care Insurance" and "(Non-participating) Korea Post New Health Clinic Insurance." These products enhance coverage for dementia care expenses and for the three major diseases-cancer, brain, and heart conditions.
The Dementia Nursing and Care Insurance was developed to address the increasing demand for dementia insurance, offering comprehensive coverage from dementia diagnosis to care expenses (including facility care, home care, and caregiver costs). It systematically covers all stages from early to severe dementia, and the specific coverage and beneficiaries vary depending on the rider selected.
This insurance is available to individuals with pre-existing conditions up to the age of 75, helping to close the coverage gap in dementia care. The coverage period extends to age 90 or 100 (with some riders available as 10-year renewable plans), and there is also an option to enroll in a non-refund type to reduce premium costs.
If the policyholder is diagnosed (confirmed) with mild dementia, they can receive an insurance payout of 10 million won, and up to 20 million won for a diagnosis of severe dementia.
Additionally, if the policyholder is classified as requiring long-term care due to dementia, a diagnosis benefit is paid starting from the cognitive support grade. Policyholders can also choose from a range of benefits as needed, including caregiver expense coverage, support for home and facility care, coverage for dementia testing costs, and support for dementia treatment medication expenses.
The New Health Clinic Insurance is designed to provide coverage for the three major diseases, including cancer, as well as for hospitalizations and surgeries resulting from various illnesses and accidents in daily life.
Existing health insurance products often have complex riders that make it difficult for consumers to understand the coverage, and adding riders can result in higher-than-expected premiums.
However, the New Health Clinic Insurance consolidates all major coverage into a single main contract, allowing consumers to easily and conveniently enroll without the need for complicated riders.
It also offers a 20-year term or a non-renewable option to alleviate concerns about premium increases. A notable feature is its focus on preventive health management, such as providing partial premium support for customers who receive the "National Fitness 100" certification from the Korea Sports Promotion Foundation, thereby linking health benefits with insurance coverage.
Policyholders of this insurance can receive up to 30 million won for a diagnosis of one of the three major diseases requiring high treatment costs, up to 5 million won for major surgeries, and up to 20 million won in the event of severe disability.
Further details about these insurance products can be found by referring to the product terms and conditions on the Korea Post Insurance website.
Cho Haekeun, Head of Korea Post, stated, "The new Korea Post Insurance products have been designed with a focus on alleviating public concerns about health and elderly care," adding, "Korea Post will continue to ensure that Korea Post Insurance fulfills its role as a public insurance provider."
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