Taiwan presidential candidate promises free health insurance for the elderly

How much does this proposal cost?

Taiwan presidential candidate promises free health insurance for the elderly

Insurance News

By Kenneth Araullo

Kuomintang (KMT) presidential candidate Hou Yu-ih unveiled a significant policy promise as he pledged to provide free health insurance to individuals starting at the age of 65, with the initiative expected to benefit approximately 4 million people.

Under this proposal, indigenous people would also gain access to free health insurance starting at the age of 55. However, a Taiwan News report noted that this coverage would not extend to wealthier residents.

At the time of writing, Hou's candidacy for the Jan. 13, 2024 elections has placed him in third position in recent opinion polls.

After teasing people over “an important announcement” earlier this week, Hou instead presented government subsidy plans aimed at providing health insurance coverage for elderly citizens. While major cities in Taiwan have already initiated similar programs, residents of other cities and counties have expressed concerns about disparities in healthcare access, according to Hou.

The estimated cost of Hou's proposal is NT$16 billion (US$501.02 million), according to estimates from the CNA. The candidate emphasized that this initiative would help reduce disparities between urban and rural areas in Taiwan.

Elsewhere in the country, the Financial Supervisory Commission (FSC) of Taiwan has expressed concern about the financial health of three domestic life insurers following the release of their financial reports for the first half of the year.

What are your thoughts on this story? Please feel free to share your comments below.

Related Stories

Keep up with the latest news and events

Join our mailing list, it’s free!