Gesy’s expenditure in 2021 was €1.21 billion, with all indications that this would be covered by revenue, a senior health insurance organisation (HIO) official told the Cyprus News Agency on Thursday.

Angelos Tropis said that spending for Gesy services to some 920,000 beneficiaries in 2021 was €1.2bn.

“Based on preliminary results expenditure for 2021 will be equalled more or less by total revenue,” he said

The HIO has built up reserves of some €300m from which any ‘marginal deficits’ could be covered, and which ensure the viability of the fund over the next few years, he added.

Of the €1.21bn, Tropis said that €227m concerned outpatient care by specialist doctors, €87.7m for personal doctors, €53.5m for labs, €32.7m for pharmacists, €36.7m for other health professionals (physiotherapists, dentists, and others) and €180m for out-patient medicine. In-hospital care costs accounted for €563m, while casualty and ambulance services absorbed €32.4m.

As regards revenue from deductions, he said that available data covers the first 10 months of 2021 and amounted to €935.3m. Revenue from co-pay contributions stood at €45.1m for all of 2021.

Tropis said that the 2022 budget had been amended at the instructions of the finance ministry with the deduction of the €55m in state subsidies (€30m public health expenditure and €25m because the planned increase in deductions had been suspended because of the pandemic)

“Expenditure is balanced with revenue, the budget will not be in deficit and the relevant amendments have been made relating to job positions,” he said.

Overall, the 2022 budget projects revenue of €1.39bn and expenditure of €1.38bn. The budget has been submitted to parliament for approval.