The Health Insurance Organisation (OAY)’s revenue from contributions to the General Health System (GeSY) amounted to pound 1.58 billion in 2023, while spending on health services amounted to pound 1.44 billion, Senior OAY Officer Angelos Tropis told CNA on Sunday, adding that the OAY fund is projected to be sustainable until 2031, citing the results of the latest actuarial study for the period 2022 – 2031.
At the same time, the Senior OAY Officer underlined the “insurance” of the pound 500 million reserve available to the GeSY fund.
Citing preliminary data, Tropis said that expenditure on inpatient care amounted to pound 684 million in the period January – December 2023, while expenditure on specialists amounted to pound 231.1 million.
He also noted that spending on GPs amounted to pound 99.6 million, laboratory fees to pound 54.2 million, pharmacists’ fees to pound 34.4 million, other health professionals, nurses, midwives and dentists’ fees to pound 56.6 million, while the cost of outpatient medicines an
d consumables (after deductions for discounts) amounted to pound 213.2 million.
He added that spending on First Aid and ambulances amounted to pound 34.8 million in 2023, rehabilitation and palliative care to pound 10.3 million and missions abroad to pound 22.0 million.
The Senior OAY Officer noted that the preliminary results exclude administrative costs and income, the provision for European citizen care income and year-end adjustments.
GeSY fund viable until 2031
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Citing the results of the latest actuarial study for the period 2022 – 2031, which was recently completed by the International Labour Organization (ILO) and the results of which were already presented to the organisation’s Board, Tropis told CNA that the fund of GeSY is projected to be sustainable until 2031, in all scenarios considered, no matter how negative.
“Therefore, the actuarial study carried out by the ILO, which is among the most reliable and objective international organisations, shows that the fund will be sus
tainable, based on the financial management and data to date,” he stressed.
Finally, Tropis said that there is currently a reserve of more than pound 500 million, “the organisation’s and the fund’s insurance policy in case of unexpected negative economic developments.”
Source: Cyprus News Agency