Korea Health Industry Development Institute: Business Meritz MOU Agreement: Development of Medical Malpractice Liability Insurance for Foreign Patients

Health Insurance for Foreign Patients give improved security and reliability of expectations

A service was held by KHIDI Director Jeong-Suk Lee on Tuesday, 14 January at the Lotte Hotel for the signing of MOU Meritz Fire & Marine Insurance Co., Ltd. Agreement (hereinafter referred Meritz) which gives foreign patients medical malpractice liability insurance.

The agreement introduces Korea’s global product development and the development of its health care industry, and also supports the right on foreign patients receiving medical malpractice insurance.

Director of Meritz Jong-Sib Yoon attended the signing ceremony, and stated, “A medical liability insurance for foreigners was created in order to enable Korea’s medical tourism development. With endless growth potential of the medical tourism market, South Korea hopes to attract foreign patients with its medical services. Our insurance agency is honored to be a part of this event, and will use all our power to cooperate and succeed our role”.

KHIDI International Medical Division Director Sam-Ryang Kim announced, “As the competition of the global healthcare market is intensifying, significant change is needed. The MOU imposes substantial expansion of infrastructure for foreign patients in the health care department, and also secures the long term care of our country’s services. These dynamic changes will have a great significance in enhancing the global competitiveness of health care”.

Through the recently developed insurance, the risks of medical insurance premiums are minimized, thus reducing the burden. Through this process, the expectations are high. Imposing this newly developed insurance program will enhance the stability and growth of foreign patients. Looking at the long term future, this agreement will contribute the reliability of South Korea’s health care, and will help continue leading the development of insurance programs.