Foreign nationals, who have a residence status of F1 or F2, shall pay the contribution amount calculated by the same imposition standard applied to the self-employed on a monthly basis. South Korea is preparing to implement a mandatory subscription of the national health insurance program for expats who stay for six months or longer in Korea. K4E Editor: We try to make the information on Korea4Expats.com as complete and accurate as possible, so if you notice any errors or omissions in the content above, please let us know at info@korea4expats.com. The other part of social security is paid into the country’s national pension plan, which acts as a retirement fund. Health insurance plans purchased in Asia can have several advantages. For the employee coverage, the foreign workers shall make an application for enrollment to the employer of their workplaces who is by law responsible for submitting the application to the National Health Insurance Corporation with the required documentations. … As of July 2019, all foreigners residing in Korea longer than 6 months are required to sign up for the Korean National Healthcare Insurance Service (NHIS) program. Foreign students, their spouses and their children under 20 are eligible for the insurance. KRW 1 = USD 0.00085. All foreigners need an alien registration card to support their application. Foreigners and the NHICProgram South Korea offers its students a high quality education, fascinating cultural environment, and various opportunities for employment and financial success following graduation. The system is funded by compulsory contributions from all residents and government subsidies. In the following cases a person is exempt from enrolling for health insurance: When an employee is eligible for equivalent medical cover from a foreign company or insurance policy ; When equivalent medical cover … Insurance benefits are the same for all contributors. You are either insured or not: your employer cannot guarantee payment of your health care expenses Foreigners living in South Korea for longer than six months must enroll (Korean and English) in the public health insurance plan, effective 16 Jul 2019. Individuals who have equivalent coverage under a foreign health insurance plan can apply for an exemption, renewable annually. An alien registration card and immigration record is needed to support the application. From July 16, foreigners and Koreans with foreign citizenships who resided in the country for over six months must enroll for the state healthcare program and pay monthly premiums. Those who are the employers or the employees of workplaces in Korea are covered compulsorily as an insuree in the category of the employee insured (for foreign employees having E9 Status of Sojourn, NHI program is compulsory). South Korea has a National Health Insurance (NHI) system, which is compulsory and required by Korean law. They are competitively priced based on in-depth knowledge of the local market. Any foreigner working in Korea for a company with more than five employees can receive Korean National Health Insurance. 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