GeSY: €1.58B revenue, €500M reserve, stable until 2031

The Health Insurance Organisation (OAY) has disclosed that its revenue from contributions to the General Health System (GeSY) reached €1.58 billion in 2023, with corresponding spending on health services amounting to €1.44 billion. Senior OAY Officer Angelos Tropis informed CNA on Sunday that the latest actuarial study for the period 2022 - 2031 projects the sustainability of the OAY fund until 2031, indicating a robust financial outlook.

Tropis emphasized the security provided by the €500 million reserve allocated to the GeSY fund. According to preliminary data, expenditures in 2023 included €684 million for inpatient care, €231.1 million for specialists, €99.6 million for GPs, €54.2 million for laboratory fees, €34.4 million for pharmacists' fees, and €56.6 million for other health professionals, nurses, midwives, and dentists' fees. Additionally, outpatient medicines and consumables, after discounts, accounted for €213.2 million.

First Aid and ambulances saw expenses of €34.8 million, rehabilitation and palliative care amounted to €10.3 million, and missions abroad incurred costs of €22.0 million in 2023. Notably, these preliminary results exclude administrative costs and income, provision for European citizen care income, and year-end adjustments.

In assuring the sustainability of GeSY until 2031, Tropis cited the recently completed actuarial study by the International Labour Organization (ILO). He highlighted the study's comprehensive nature, considering various scenarios and attesting to the fund's resilience even in adverse conditions. The current reserve of over €500 million serves as a safeguard, acting as an insurance policy against unforeseen negative economic developments, Tropis concluded.

Source: CNA