The government and the ruling People Power Party(PPP) announced on Friday insurance premiums for local health insurance subscribers will ease from next month at the earliest.

PPP floor leader Yun Jae-ok made the announcement in a briefing after a meeting of the ruling bloc concerning health insurance, with additional changes to include the elimination of car ownership as a factor in the calculation of subscription premiums.

Currently, insurance premiums are levied on cars with a residual value of at least 40 million won, around 30-thousand U.S. dollars, while vehicles owned by the mobility-impaired or commercial entities are exempt.

In addition, the government and the PPP decided to ease the burden of property insurance premiums by expanding the deductible from the current 50 million won to 100 million won when charging insurance premiums based on the property value of local subscribers.

Some three-point-33 million households will benefit from the changes, lowering the insurance premium by an average of 25-thousand won per month, or 300-thousand won per year.