Nursing Home Costs Also Covered by Indemnity Insurance... DB Insurance Secures Exclusive Rights for Nursing Indemnity Insurance

Prohibition of Launching Similar Products for 3 to 6 Months

DB Insurance has secured a 6-month exclusive right for the ‘Long-term Care Indemnity Insurance,’ which covers nursing home and home care expenses through indemnity insurance.

DB Insurance announced on the 17th that it obtained up to a 6-month exclusive usage right for the ‘Long-term Care Indemnity Insurance’ launched on the 3rd of last month.

The New Product Review Committee of the General Insurance Association granted up to a 6-month exclusive usage right considering the originality, advancement, and usefulness of the ‘Long-term Care Benefit Indemnity Coverage,’ ‘Non-covered Long-term Care Indemnity Coverage,’ and ‘In-kind Benefits Exclusively for Long-term Care Services’ included in the product. When an exclusive usage right is granted, other insurance companies cannot sell similar products during that period.

‘Long-term Care Benefit Indemnity Coverage’ and ‘Non-covered Long-term Care Indemnity Coverage’ provide indemnity coverage for long-term care services not covered by indemnity medical insurance. These were developed for the first time in the industry to support public systems such as providing long-term care coverage for care and management after treatment.

‘Long-term Care Benefit Indemnity Coverage’ covers the out-of-pocket expenses incurred in long-term care benefit services up to KRW 700,000 per month for nursing homes and KRW 300,000 per month for home care. ‘Non-covered Long-term Care Indemnity Coverage’ indemnifies non-covered expenses such as the use of premium rooms or food material costs up to KRW 600,000 per month when using nursing homes, based on the amount used.

The ‘In-kind Benefits Exclusively for Long-term Care Services,’ which received a 3-month exclusive usage right, is the first service in the industry tailored to improve the quality of life of long-term care recipients. When assessing long-term care grades, a professional trainer visits to provide rehabilitation exercise support services, and in cases of mild dementia diagnosis, a professional therapist visits to provide a dementia progression delay management program.

A DB Insurance official stated, "This new product was prepared for over a year by thoroughly analyzing the issue of elderly care, which is intensifying as a national crisis, from the customer coverage perspective," adding, "We expect to offer various coverage benefits through this new product so that customers can spend their later years with dignity."

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