The Health Insurance Organisation (OAY)'s revenue from contributions to the General Health System (GeSY) amounted to €1.58 billion in 2023, while spending on health services amounted to €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 €500 million reserve available to the GeSY fund.

Citing preliminary data, Tropis said that expenditure on inpatient care amounted to €684 million in the period January - December 2023, while expenditure on specialists amounted to €231.1 million.

He also noted that spending on GPs amounted to €99.6 million, laboratory fees to €54.2 million, pharmacists' fees to €34.4 million, other health professionals, nurses, midwives and dentists' fees to €56.6 million, while the cost of outpatient medicines and consumables (after deductions for discounts) amounted to €213.2 million.

He added that spending on First Aid and ambulances amounted to €34.8 million in 2023, rehabilitation and palliative care to €10.3 million and missions abroad to €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

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 sustainable, based on the financial management and data to date," he stressed.

Finally, Tropis said that there is currently a reserve of more than €500 million, "the organisation’s and the fund’s insurance policy in case of unexpected negative economic developments."