Kathmandu. The Korean Federation of Community Credit Cooperatives (KFCC) and its subsidiary, the Samuel Gumgo Foundation, have taken a commendable step to ensure the medical safety of poor children and adolescents in South Korea. As a part of their social responsibility, they will cover the entire insurance premium of 477 poor children and adolescents across the country. This will play an important role in increasing access to health care and reducing the financial burden on families.
According to South Korea’s national media The Korea News Plus, the KFCCC in Seoul is the umbrella organization of about 1,300 financial cooperatives in the country. Currently, more than 20 million people receive various financial benefits. This time, the organization is also contributing to the development of health services from a humanitarian point of view.
This initiative is a part of KFCC’s ‘Hope-Sharing Insurance’. It is a public insurance program. It aims to ensure the healthy development of poor children and adolescents by reducing their health costs. This insurance policy covers the entire cost of hospitalization, outpatient treatment and surgery due to illness or accident.
The policy also provides compensation for accidental burns, fractures, plaster casts, road accidents, food poisoning and other specified diseases. This insurance will be valid for 5 years and will provide financial support up to a specified amount.
First launched in 2017, the initiative has so far benefitted 3,829 poor children and adolescents. It has become a symbol of the success of the social insurance system in South Korea’s healthcare sector.
