SVB’s Sickness and Accident Fund shows nearly 40 million guilder deficit

POSTED: 08/17/11 11:41 AM

WILLEMSTAD – The Social Insurance Bank SVB is confronted with serious financial problems brought on by an aging population and growing medical expenses. The two factors have lead to a 39.2 million guilder deficit per October 10, 2010 in the combined funds for sickness and accident insurance.
The figures form part of the last annual report of the SVB Netherlands Antilles. The deficit in the sickness/accident funds is caused by an increase in hospital tariffs, medicine and overseas treatment (as a result of the local capacity problem).
The average number of insured was 121, 330 compared to 115, 872 in 2009, an increase of 4.7 percent. The average medical expenses, per insured person, increased by 7.6% in 2010 and the medical expenses amounted to 169 million guilders. An amount of 323 million was paid out in old-age pension while the total premium amounted to 304 million for 49, 595 pensioners.
A special commission will present proposals for the old-age fund; premium-increase and/or raising the pension age from 60 to 65 gradually is inevitable.

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