Hyper Inflation Private health insurance premiums go up by 100 percent today

The increment is in line with a general review currently on-going in the insurance industry. A couple of months ago, Ghanaians woke up to news of a 600 per cent upward adjustment of third- party motor insurance premiums.

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Private Health insurers Association    has increased premiums for health insurance as high as a 100 percent. The increment which takes effect from today, will see private health insurance premiums go up to GHC1000.

 Previously, health insurance premiums ranged from GHC500 to GHC900 depending on the insurance company.

The increment is in line with a general review currently on-going in the insurance industiy. A couple of months ago, Ghanaians woke up to news of a 600 per cent upward adjustment of third- party motor insurance premiums.

According to the Private Health Insurers Association, the upward review of prices is due to worsening economic conditions in the country.  President   of the Private Insurers Association,   Ronald Oppong Adom says

" health insurance companies are going through a lot of pressures from the economy. We live in the economy as well. Pharmacy costs form a big part of our operations, about 25 to30 percent of our claims. And once the forex rate worsened, pharmacy costs go up as well.  Pharmacy costs are  largely controlled by the forex  environment. So are the radiants that are used in the labs.  So pharmacy costs have gone up, laboratory costs have gone up, so has radiography cost  as well as consultation cost.

The president of the  the Private Health Insurers Association further asserted that the private health insurers are the only ones yet to  increase prices in response to the worsening economic conditions of the country.

Meanwhile, news reaching Pulse Business is that the National Health Insurance Authority has given the green light for the increment of the private health premiums.

The private health insurance companies in the country serve about 200,000 Ghanaians.

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