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Private health insurance to be offered to foreigners

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Foreigners will soon be offered a chance to purchase private health insurance policies specifically catering to their needs, the government said on Tuesday (Mar. 21).

The Ministry of Commerce, Industry and Energy said the policies will be developed and marketed by private insurance companies before the first half of this year. The plan was revealed in the aftermath of a meeting Minister Chung Sye-kyun had with foreign investors on Monday.

Under the ministry's plan, the private policies will be priced to appeal to many foreign residents so they may gain access to and receive high-quality treatment from clinics at general hospitals.

The introduction of private health insurance for foreigners comes as part of a package being pushed by the Korean government to make it easier for foreigners to do business here and thus attract more foreign direct investment.

The package also includes plans to provide bigger incentives for foreign investors planning to set up research and development (R&D) centers and investment in warehouses and other logistical facilities.

For research and development businesses, the plan will have a cash incentive for those investing from $1 million to $3 million, down from the present $5 million. The cash incentive accounts for 5 to 15 percent of total investments foreigners make.

The source of news : news.go.kr  2006.03.22