Satellite Based Augmentation Systems (SBAS) provide ionospheric corrections at geographically five degree-spaced Ionospheric Grid Points (IGPs) and confidence bounds, called Grid Ionospheric Vertical Errors (GIVEs), on the error of those corrections. Since the ionosphere is one of the largest error sources which may threaten the safety of a single frequency Global Navigation Satellite System (GNSS) user, the ionospheric correction and integrity bound algorithm is essential for the development of SBAS. The current single frequency based SBAS, already deployed or being developed, implement the ionospheric correction and error bounding algorithm of the Wide Area Augmentation System (WAAS) developed for use in the United States. However, the ionospheric condition is different for each region and it could greatly degrade the performance of SBAS if its regional characteristics are not properly treated. Therefore, this paper discusses key factors that should be taken into consideration in the development of the ionospheric correction and integrity bound algorithm optimized for the Korean SBAS. The main elements of the conventional GIVE monitor algorithm are firstly reviewed. Then, this paper suggests several areas which should be investigated to improve the availability of the Korean SBAS by decreasing the GIVE value.