Several insurance companies have increased medical insurance premium rates by 20-25%, following the Cabinet's decision to raise the price cap on medicines that cost up to EGP30 (US$3.38) by 20% in an effort to address drug shortages.
Some health maintenance organisations (HMOs), however, plan to raise their rates by 15% on 1 July on new contracts, according to Al Mal News.
Mr Maged Fahmy, General Manager of medical insurance at Royal Insurance, said that medical insurers raised their prices last week and might increase them again in July because of high prices charged by service providers such as hospitals and medical laboratories. He said that the high prices of medical service providers are correlated with the appreciation of the US dollar and high operating costs.
Mr Maged Fahmy, General Manager of medical insurance at Royal Insurance, said that medical insurers raised their prices last week and might increase them again in July because of high prices charged by service providers such as hospitals and medical laboratories. He said that the high prices of medical service providers are correlated with the appreciation of the US dollar and high operating costs.
A weaker currency has made it more expensive to import raw materials and with the price of finished medicines fixed by the Health Ministry, some manufacturers have stopped making some cheap generic medicines to staunch growing financial losses, reported Reuters. The increases in the prices of medicine took effect on 16 May.
Meanwhile, the healthcare insurance committee of the Insurance Federation of Egypt said that it had asked health service providers for reports of how the new drug prices have affected their operations. The committee has yet to take a position on adjusting medical insurance premiums. Any increase which has been announced was initiated by insurance companies on their own.
EGP10 = US$1.13
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