GESY reserve fund soars to €590 million

The General Healthcare System (GESY) reserve fund remains high at approximately €590 million, exceeding international best practices, according to Angelos Tropis, Senior Officer at the Health Insurance Organization (HIO). Tropis also announced preliminary figures for the first half of 2024, showing revenues of €848.7 million and expenses of €809.2 million, resulting in a surplus of €39.5 million.

"The fund's robustness ensures resilience against unforeseen circumstances and the achievement of the Organization's goals for continuous upgrading and enrichment of healthcare services for beneficiaries," Tropis stated. He noted that the third consecutive actuarial study for the GESY fund has commenced and is expected to conclude by early 2025.

Tropis highlighted that based on preliminary results for the first half of 2024, the HIO continues prudent financial management of the fund. The actuarial study completed earlier this year indicates that the fund will remain sustainable through 2031 under various scenarios and sensitivity tests.

Preliminary data for January-June 2024 show GESY revenues at €784.7 million from contributions, €31.8 million from co-payments and doctor contributions, €23.2 million from drug discounts, and an estimated €9.0 million from the care of EU citizens.

Expenses for the same period include €370.1 million for inpatient care, €118.3 million for specialists, and €50.0 million for general practitioners. Laboratory fees totaled €27.1 million, pharmacists' fees €17.4 million, and fees for other health professionals, including nurses, midwives, and dentists, reached €32.3 million. Costs for outpatient drugs and supplies (before discounts) were €133.1 million.

Additional expenses in 2023 included €24.5 million for emergency services and ambulances, €6.8 million for rehabilitation and palliative care, an estimated €11.0 million for medical missions abroad, and €18.6 million for general economic interest services.

The preliminary results do not include administrative expenses, revenues, depreciation, adjustments, and accrued liabilities that will be finalized at year-end.

[Information sourced from CNA]