Receive Insurance Benefits Based on Annual Medical Expenses... Hyundai Marine & Fire Insurance's 'Medical Plus Health Insurance'

Future Risks Including New Diseases and Treatment Technologies Can Also Be Covered

Hyundai Marine & Fire Insurance is launching a new product that pays insurance benefits based on the total amount of medical expenses an individual has incurred annually. It is expected to cover future risks such as new diseases and treatment technologies.

Hyundai Marine & Fire Insurance announced on the 2nd that it has launched the ‘Medical Plus Health Insurance’.

This product is characterized by paying insurance benefits based on the total annual medical expenses incurred, regardless of disease, accident, or treatment method. Unlike existing health insurance that covers specific accidents or diseases, it pays a fixed amount of insurance benefits in stages according to the total amount of the ‘covered’ portion of medical expenses borne by the individual annually. Even after the insurance benefits are paid, the coverage does not expire, allowing for repeated coverage every year.

In particular, compared to existing health insurance, the coverage area has been greatly expanded to include pregnancy and childbirth, congenital diseases that were not covered by health insurance, as well as unpredictable future diseases (such as new infectious diseases) and new medical technologies like targeted cancer therapy.

Additionally, it is possible to subscribe to an optional rider that pays a refund if no insurance benefits are received during the insurance period. If the annual covered medical expenses paid by the individual during the insurance period (5 years) are less than 1 million KRW, 500,000 KRW will be paid. Furthermore, an additional special rider for designated diagnosis benefits can be subscribed to. This minimizes coverage gaps for severe patients who qualify for special designation due to major diseases, dementia, and rare diseases.

Individuals aged 15 to 70 can subscribe, with coverage up to age 100. The insurance period can be selected from renewable terms of 5, 10, 15, 20, or 30 years. The premium for a 40-year-old male with a 20-year term is about 30,000 KRW, and for a female, about 40,000 KRW.

A Hyundai Marine & Fire Insurance official explained, "Medical Plus Health Insurance is a new concept health insurance that moves away from one-time coverage focused on specific diseases and treatments," adding, "It allows for preparation against future risks and systematic coverage."

This content was produced with the assistance of AI translation services.