The insurance sector will provide free treatment for fall accidents and liability insurance for dementia to 650,000 vulnerable seniors. This initiative aims to alleviate financial burdens while combining health consultations and financial education to support the safe aging of the elderly.
According to the Financial Services Commission and the Ministry of Health and Welfare on October 19, the insurance sector is launching a total of 10.5 billion won ($8.1 million) 'Integrated Support Project for Vulnerable Seniors' in collaboration with the Korea Vulnerable Senior Support Foundation and the Comprehensive Support Center for the Elderly Living Alone. Of this, 9.6 billion won will be utilized from the insurance sector's mutual fund. The project is set to begin in the first quarter of 2027 and will run for two years until 2028.
This initiative includes support linked to customized care services for the elderly and free liability insurance for those vulnerable to dementia.
Support will be provided for treatment and recovery costs related to fall accidents for 570,000 seniors receiving customized care services, along with financial education on preventing voice phishing and using mobile banking. Healthcare services will also be offered, including health consultations, medication guidance, personalized meal plans for chronic diseases, and assistance with hospital appointment scheduling. Additionally, a health management program will be implemented for seniors experiencing isolation and depression.
Approximately 80,000 vulnerable dementia patients will receive free liability insurance, which compensates for unintentional physical injuries or property damage caused to others. The Korea Vulnerable Senior Support Foundation will select beneficiaries based on income levels and other criteria.
The insurance sector plans to establish detailed project plans in the fourth quarter of this year and select service providers and insurers before launching the initiative.
This project is a follow-up measure to expand support for vulnerable groups using the insurance sector's mutual fund. Earlier this year, in March, the insurance sector signed a memorandum of understanding to promote mutual products and has been providing free mutual insurance to local vulnerable groups, including small business owners, in collaboration with seven local governments.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.