The Financial Services Commission announced an agreement between the insurance industry and two senior support organizations to provide financial protection, health care and financial education to about 650,000 vulnerable older people. The two-year program will deploy KRW 10.5 billion, including KRW 9.6 billion from the insurance industry’s mutual growth fund, and is scheduled to begin in the first quarter of 2027. About 570,000 people aged 65 or older who receive customized elderly care services will be eligible for support covering fall-related treatment and recovery costs, voice phishing prevention and mobile banking education, health consultations, medication guidance, medical appointment booking and targeted physical and mental health programs. A separate free dementia liability insurance program will cover third-party bodily injury or property damage unintentionally caused by about 80,000 vulnerable registered dementia patients, selected with regard to income and other factors. Detailed plans and service providers will be finalized in the fourth quarter of 2026. The programs will operate through 2028, with insurers assigned by region to manage demand during the initial rollout.
South Korea's Financial Services Commission unveils KRW 10.5 billion insurance and care program for 650,000 vulnerable seniors
The Financial Services Commission announced a KRW 10.5 billion program providing insurance, treatment support and health services to about 650,000 vulnerable seniors. It will support 570,000 elderly care recipients and provide free dementia liability insurance to about 80,000 people. The program is scheduled to start in the first quarter of 2027 and run through 2028.