This post is a summary of benefits for those over 65. There are several welfare systems in place to lower the financial burden of seniors aged 65 and older. There are cases where you can receive benefits even if you are not necessarily 65 years old, so if there is something that applies, please be sure to take advantage of it.
▶ Age 65+ Benefits A to Z
1. Basic pension 65세 이상 혜택
First, it is the basic pension. As of 2022, senior citizens aged 65 or older residing in the Republic of Korea and those in the bottom 70% of the income bracket can receive the basic pension if their recognized income is less than KRW 1.8 million for single households and KRW 2.88 million for married couples. You are receiving up to KRW 307,500 per month in cash, but from 2023 you can receive up to KRW 322,000. It is important to note that you must apply even if you reach the relevant age, so please make sure to apply at the community service center on the first day of the month preceding your 65th birthday. 좋은뉴스
2. Retirement emergency fund loan business
Second, it is an emergency fund loan project for old age. It is a system that allows national pension recipients aged 60 and older to borrow funds for emergency livelihood stabilization for monthly rent, medical expenses, spouse’s funeral expenses, and disaster recovery expenses at low interest rates. The amount that can be loaned is within twice the amount of the annual national pension, and up to KRW 10 million is possible.
For example, if you receive 400,000 won per month in the national pension, it will be 4.8 million won a year. You can borrow as much as you actually need within 9.6 million won, which is twice as much as 4.8 million won. The interest rate fluctuates every quarter, but for the past two years, the interest rate is cheap at 1.12% to 2.05% per year. Loan repayment is possible for up to 5 years, and if you choose a grace period of 1 to 2 years, you must repay the loan within a maximum of 7 years. Regardless of credit rating or income property, I think it is a good system to support urgent livelihood stabilization funds at low interest rates. If you have additional questions, please contact the National Pension Service Call Center ☎ 1355.
3. Various fare reduction systems
Third, various rate reduction systems.
health insurance premium discount
First, you can get a discount on health insurance premiums. For households with only seniors aged 70 or older, with assets of less than KRW 135 million and incomes of KRW 3.6 million or less, health insurance premiums can be reduced by 30%. 30% discount on health insurance premiums
Over 65 years old-Health insurance premium-Discount-Criteria-Facebook
Over 65-Health Insurance Premium-Discount-Standard
As shown in the table above, if you meet the income and property requirements, you may qualify for a 10%, 20%, or 30% premium discount.
Transportation fee reduction (over 65 years of age)
In addition, seniors aged 65 or older can use the subway for free, KTX, Saemaeul, and Mugunghwa 30% reduction, Korean Air domestic and international flights 10% reduction, and domestic coastal passenger ferry passenger fares 20% reduction.
cell phone bill discount
You can also get a discount on your mobile phone bill. For basic pension recipients, you can get a discount of up to 12,100 won per month with a 50% discount on the billed amount.
4. Housing pension system
Fourth, the housing pension system. This system is a benefit available to seniors over the age of 55, not the age of 65. Seniors aged 55 or older who own a house with a public price of KRW 900 million or less can entrust their house as collateral and receive monthly pension while living in the house.
For example, if the house price is 300 million won, a 55-year-old subscriber can receive 480,000 won per month, and a 70-year-old subscriber can receive a monthly pension of 920,000 won until they pass away. Application can be made by visiting Korea Housing Finance Corporation or online. For further inquiries, please contact the Korea Housing Finance Corporation Customer Center ☎ 1688-8114. (* Attached below is a post that summarizes the details of housing pension, online application process, pros and cons, inheritance, and disadvantages in case of termination)
5. Bank ATM fee waiver
Fifth, bank ATM fee waiver. For seniors aged 65 and older who use six banks, including Kookmin, Shinhan, Hana, Woori, NH Nonghyup, and IBK, the fee is waived when using ATMs during bank business hours. Fee-free business hours are 8:30 am to 6:00 pm and Saturdays are 8:30 am to 2:00 pm. However, BNK Kyongnam Bank waives the entire fee even during non-business hours.
6. Elderly eye examination and eye opening surgery
Sixth, eye examination and eye opening surgery for the elderly. Elderly people aged 60 years or older can receive a total of 4 types of tests free of charge, including precise fundus examination, intraocular pressure test, refraction test, and accommodative test. If you have surgery on your back, you can receive full support for your out-of-pocket costs during the surgery. Please note that the average cost of surgery for eye diseases such as cataracts is KRW 240,000, and for retinal diseases it is KRW 1,050,000.
7. Support for knee arthroplasty surgery for the elderly
For seniors aged 60 years or older who need basic livelihood security recipients, lower income classes, and single-parent families who need knee arthroplasty, they can receive subsidies for examination, treatment, and surgery expenses. In this case, it is said that about 1.2 million won is supported for one knee. You can apply at the local public health center, and for inquiries, call the Senior Medical Sharing Foundation ☎ 02-711-6599.
8. Implant Support
Eighth, implant support. Seniors aged 65 and older who have lost some teeth in their upper or lower gums can receive a 70% reduction in the cost of up to two dental implants for a lifetime. In the case of the next upper class, the co-payment rate is 10-20%, 10% for those eligible for type 1 medical benefit, and 20% for those eligible for type 2 medical benefit.
Implants and dentures are also covered. This applies to cases where complete dentures are required because there are no teeth in the upper or lower gums, or partial dentures can be made using remaining teeth. Health insurance beneficiaries are required to pay 30% of the total cost of denture treatment, those in the next upper class 5-15%, those eligible for type 1 medical benefit, 5%, and those eligible for type 2 medical benefit, 15%. (* Details regarding non-insured items and precautions related to implants for those aged 65 or older are attached at the bottom)
9. Dementia screening support
Dementia screening tests are conducted free of charge at public health centers nationwide for the elderly aged 60 years or older. If a detailed examination is required after this screening test, only those with an income of less than 6.16 million won per month for four people can receive additional diagnostic and differential tests at around 600 affiliated hospitals nationwide.
Aged 60+-Dementia Checkup-Support Contents-Facebook
Aged 60+-Dementia Check-up Details
Part of the cost of diagnostic and differential tests can be subsidized here. Up to KRW 150,000 for diagnostic tests, KRW 80,000 for differential tests at hospitals, clinics and general hospitals, and up to KRW 110,000 for advanced general hospitals.
10. Dementia treatment management fee support
Tenth, support for dementia treatment management expenses. Dementia patients aged 60 years or older who are taking dementia medication and whose income is less than 6.16 million won per 4 people can receive a maximum of 30,000 won per month and 360,000 won per year for pharmaceutical and medical expenses.
11. Support for jobs and social activities for the elderly
Eleventh, support for jobs and social activities for the elderly. It is a business that provides jobs to the elderly who wish to work and helps the elderly to create income. In most cases, anyone over the age of 60 can participate, but public service activities are limited to basic pension recipients over the age of 65. There are various types of jobs available. To put it simply, you can volunteer for meal support at elementary, middle, and high schools, volunteer at public facilities such as libraries, assist meals at local children’s centers and residential facilities for the disabled, or manufacture and sell food at stores run by senior job agencies. there is.
Monthly compensation for public service activities is 270,000 won per month after working 3 hours a day and 10 days a month.
12. Support for local governments: Free bus fare support for the elderly
Lastly, free bus fare support for the elderly. In the case of the free bus fare policy, each local government has a different amount of support. In Chungcheongnam-do, 75 years of age or older, in Okcheon-gun, Chungcheongbuk-do, 70 years of age or older, and in Gyeonggi-do Ansan-si, Gwangmyeong-si, and Gangwon-do Chuncheon-si, seniors 65 years of age or older can use the bus free of charge. Since the amount of transportation expenses supported by each local government is different, be sure to inquire with the local government before getting the transportation card issued.
I will finish all posts related to benefits over 65 years old. There are other posts that may be helpful as well.