1.5million citizens seek refuge to Private Health Insurance

1.5million citizens seek refuge to Private Health Insurance

17.6% increase in health policies during the first half of 2013

More than 1.5 million citizens have currently turned on private health insurance, seeking to “secure” healthcare, which is not offered by the public health system.

This tendency implies a search for “refuge”, and is stipulated in the rise of health policies.  Simultaneously, companies respond to this demand by improving their plans, in an effort to present citizens with better solutions, and win over competition.

According to sources, approximately 800.000 policies (out of 1.5 million) are individual policies, drafted by citizens who decided to select private health insurance. The remaining are group policies, by companies, organizations, and unions seeking to protect their employees or members.

There is a distinct demand for health policies, according to insurers’ representatives, and this is why, there is a 17.6% increase in the particular market, during the first half of 2013. It is also noteworthy, that health policies are part of the life insurance sector, which includes and saving plans, and life plans, and traditional life plans (with partial health cover), and additional plans.

Therefore, while there is a drop in the Life insurance sector as a whole, the single insurance product that is up is Health Insurance.  According to the General Director of the Health and Life sector at Interamericanl, Mr. George Veliotis “there is a demand in Health policies, and this drives us to seek better ways to satisfy consumers”. He also points out that consumers have started to request simple, affordable, and clear plans, so companies must move to this direction.

Mr. Veliotis claims that annually renewable health policies are attracting more interest. There are cases in which former policies have been disrupted in favor of annual ones. The main reason behind this choice is price. Single- year policies have lower premiums when compared to older multi-year policies. Mr. Veliotis’ claim is being reinforced by the companies’ data, since the increase in the number of policies formed does not coincide with a relevant increase in premiums, due to the lower price of annually renewable policies.

Click here for the Greek article.

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