Korean Health Insurance company takes first step

Korea is hoping to show employers and insurers that they can save money on healthcare, by flying a patient to Korea for medical treatment, rather than to pay for a comparable procedure in the United States.

Korean health insurance providers are paving the way to boost Medical Tourism in Korea. It's first in the industry for a health insurance company to offer a package specifically designed to bring patients from the U.S. into Korea for treatment. The policy will cover major medical treatments including cancer, heart disease and spinal deficiencies, as well as all associated travel expenses. The insurer says that upon enrolling in the plan, workers can chose between Korean and local medical treatment; those who pick the Korean option will pay 30 to 40 percent less in monthly premiums.

Woori America Bank, Daewoo Electronics America and Daewoo International America are the first companies to join this program.