Taiwan is set to increase its National Health Insurance (NHI) premium rates because the national health scheme has been operating in the red and its reserve fund will be depleted next year.
Estimates are that the losses of the NHI programme will reach NT$7.71bn ($2.57bn) by the end of next year, reports Taiwan News.
To address the issue, the National Health Insurance Committee is scheduled to hold a meeting today to discuss the possibility of raising the premium rate from the current level of 4.69% of an individual's income to over 5%, according to the Central News Agency. There are two proposals on the agenda, with the consumers's submission recommending an increase to 5.47% and the medical community suggesting a hike to 5.52%.
The consumer's version will raise the monthly premium for people with a monthly salary of NT$42,000 from NT$591 to NT$689, or NT$98 more, while the medical community’s version will cost the same group of people NT$104 more, or a monthly premium of NT$695.
The National Health Insurance Administration has estimated that even if the premium rate were to rise to over 5%, the reserve fund would be depleted by the end of 2023.