Guide to Insurance in South Korea

International students are also obliged to sign up for the National Health Insurance (NHI) program, which is open to all South Korean citizens. A variety of medical services are covered under the program, including hospital stays, doctor visits, prescription medicine, and more. Depending on your salary and other criteria, the insurance might run you anywhere from 70,000 KRW to 130,000 KRW each month.

National Health Insurance

All residents in South Korea are required to enroll in the National Health Insurance (NHI) program, including international students. The program covers a range of medical services, including doctor visits, hospitalization, prescription medication, and more. The cost of the insurance varies depending on your income and other factors, but it typically ranges from 70,000 KRW to 130,000 KRW per month.

Private Health Insurance

Even while the National Health Insurance program offers many benefits, other services, including dentistry and eye care, are still not covered. Private health insurance can help close the gaps in coverage and offer a wider range of benefits. As part of their visa requirements, some overseas students might also need to get private health insurance.

Auto Insurance

You must obtain vehicle insurance if you intend to drive in South Korea. Auto insurance is provided in two different forms: compulsory liability insurance and comprehensive protection. In the case of an accident, mandatory liability insurance protects against losses to third parties’ property or injuries to third parties. For your own car, comprehensive coverage offers additional security.

Renters Insurance

It’s wise to think about getting renters insurance whether you’re renting a home or a room in South Korea. This kind of insurance may shield your possessions against harm such as fire, theft, and other calamities.

Travel Insurance

It’s crucial to think about getting travel insurance if you want to leave South Korea while there. Trip cancellations, medical crises, and lost or stolen luggage are all covered by travel insurance.

Workers’ Compensation Insurance

Your company is obligated to offer workers’ compensation insurance whether you work full- or part-time in South Korea. If you get hurt at work, this insurance can assist with medical costs and missed pay.

Disability Insurance

When a condition or accident prevents you from working, disability insurance offers financial assistance. If you want to spend an extended period of time studying or working in South Korea, this form of insurance may be especially crucial.

In conclusion, it’s crucial to comprehend South Korea’s insurance system if you plan to reside there or pursue an education there. Make careful to investigate your alternatives and decide which insurance coverages are best for you. It’s a good idea to speak with an insurance agent or adviser who can guide you through the process and help you select the best coverage options for your needs.

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