A Complete Guide to Korean Silbi Health Insurance for Foreigners: From the Basics to Signing Up

Translated from the Korean original.

A Complete Guide to Korean Silbi Insurance for Foreigners: From the Basics to Signing Up

If you are a foreigner living in Korea long term, there is one insurance you absolutely have to know about: indemnity medical insurance (silbi insurance). Korea’s healthcare system is world-class and relatively inexpensive, but to get the most out of it, silbi insurance is essential.

What is silbi insurance?

Silbi insurance, exactly as the name says, pays you back the medical costs you actually spent. After you are treated at a hospital, the insurer reimburses 80-90% of the amount you paid yourself (what is left once national health insurance has been applied).

For example, if you visit a neighborhood clinic for a cold and pay KRW 5,000 for the consultation and KRW 4,000 for the prescription at the pharmacy, you can get back about KRW 7,200 out of that KRW 9,000 total, which is 80% of the covered items. When a large sum comes up, as with surgery or hospitalization, payouts from hundreds of thousands up to several million KRW greatly soften the financial blow.

Can foreigners sign up?

Yes, you can. There are a few conditions, though:

• Alien Registration Card (ARC) holders: registered as a foreigner staying 90 days or longer
• Korean National Health Insurance subscribers: covered either as an employee subscriber or as a regional subscriber
• Long-term visa holders: long-stay visas such as work visas (E series) and residence visas (F series)

Short-term visitors on a tourist visa (B-2) will find enrollment difficult. It is better to arrange travel insurance separately.

How to sign up

① Visit an insurance company in person
Visit a branch of a major insurer such as Samsung Fire and Marine, Hyundai Marine and Fire, or DB Insurance, bringing your alien registration card and your health insurance card. It is a good idea to check in advance which branches can serve you in English.

② Sign up online
Some insurers run products that foreigners can subscribe to online. A digital certificate or an authentication method made for foreigners may be required.

③ Sign up through an insurance agent
This means enrolling through an agent who works in several languages (English, Chinese, Vietnamese and others). You can compare products and enroll in one sitting with no language barrier, which makes it the most convenient route for foreigners.

How much are the premiums?

For fourth-generation indemnity insurance (products launched after July 2021), monthly premiums run roughly as follows:

• In your 20s: around KRW 10,000-15,000 per month
• In your 30s: around KRW 15,000-20,000 per month
• In your 40s: around KRW 20,000-30,000 per month
• 50 and older: KRW 30,000-50,000 or more per month

The younger you are, the cheaper the premium, so signing up early in your life in Korea works in your favor. Premiums are adjusted each year according to how much medical care is used.

Medical costs in Korea are low compared with the OECD average, but silbi insurance can sharply reduce the financial burden when an unexpected serious illness or accident strikes. The first preparation for living in Korea in good health, and on safe financial ground, is signing up for silbi insurance. 🏥