Most apartment buildings in South Korea use internal insulation systems to reduce building energy demand. However, thermal bridges such as balcony slabs in apartment buildings still lead to significant heat loss in winter, because the internal insulation system is not continuous in the balcony slab structure, and floor heating systems are commonly used in residential buildings. Therefore, this study investigates two types of thermal break elements, namely thermal break (TB) and thermal break-fiber glass reinforced polymer (TB-GFRP), to improve the thermal resistance of a balcony thermal bridge. To understand the effects of balcony thermal bridges with and without thermal break elements, the linear thermal transmittances of different balcony thermal bridges were analyzed using Physibel simulations. Then, the heating demand of a model apartment under varying thermal bridge conditions was evaluated using TRNSYS simulations. To understand the effect of insulation systems on heat loss through a balcony thermal bridge, apartments with internal and external insulation systems were studied. Whether the apartment was heating was also considered in the thermal transmittance analysis. Thus, the linear thermal transmittance of the thermal bridges with thermal break elements was reduced by more than 60%, and the heating energy demands were reduced by more than 8%.