Armenian health insurance market may reach AMD 9 bln

YEREVAN, February 24. /ARKA/. Health insurance market of Armenia may total nearly 9 billion drams as the new social package is set in motion, Levon Altunyan, Executive Director of “INGO Armenia” Insurance Company, said on Friday.

The implementation of the social package for civil and public servants working in cultural, educational and social security spheres has been proceeded since January of 2012. One of the package’s components is obtaining a compulsory health insurance. The process of getting insurance policies is expected to end in March.

“The health insurance market will total 6 billion drams, but taking into account the fact that some part of the state employees will receive a broad package, this index may amount to nearly 8-9 billion drams,” Altunayn told the journalists. 

He also said that the market for compulsory health insurance will increase 1.5 times compared to that of voluntary insurances and possibly three times compared to voluntary health insurance. 

“Today insurance companies gain $17-18 million on voluntary insurances, and the insurance program planed for the state employees is assessed a bit less,” he said adding that the voluntary health insurance makes up 25% of this sum.

The compulsory health insurance requires 52 thousand drams in monthly payments, that will reach 3.8 million drams per year. The amount of the incentives supposed for each employee by the package is 132 thousand drams per year. Beneficiaries for this services on equal terms will be approximately 120 thousand employees and their direct relatives, including the married and unmarried children up to 27 years old, regardless of their job position and salary size.

Through this sum the insurance companies will be obliged to compensate the beneficiaries with a number of urgent and routine medical services as well as hospital treatment including therapeutic services, treating injuries, electric shock, burns and diseases requiring surgery, such as neurosurgical, heart and intravascular surgeries. The social package, budgeted 18 billion drams, aims for improving work attraction and efficiency, reducing personnel outflow and assisting in responding to the social demands of employees. ($1 – 389.34 drams).—0--