Switzerland Braces for Significant Surge in Insurance Premiums

Switzerland is preparing for a significant hike in health insurance premiums, with an expected increase of 6% in 2024. Some insurance premiums could even see a rise of up to 10%.

In the previous year, Swiss health insurance premiums experienced an average increase of 6%, and it is anticipated that 2024 will follow a similar trend. As per the online price comparison platform Comparis, some premiums could witness a rise of up to 10%. The federal health ministry reported a 2.6% increase in general healthcare costs last year. The increase in the first quarter, as reported by the federal health ministry, is higher than that of the last quarter, as indicated in the Comparis summary.

"Without the politically enforced reduction in reserves, premiums would have only risen by around 2.5% per year and per person in recent years, and they would currently continue to rise within this range," commented health insurance expert Felix Schneuwly, as quoted in the Comparis release.

The reasons for the cost increase include factors such as the Covid-19 pandemic, higher bureaucracy, the increased non-availability of affordable medicines, increased psychotherapies, the implementation of the nursing initiative, as well as an increase in treatments for uninsured individuals.

However, these cost fluctuations are expected to stabilize. According to Schneuwly in the Comparis release, the cost of medical services covered by basic insurance will settle at around 3% in the coming years. The definite price increase for health insurance premiums in 2024 will be announced in September.