A new report by Comparis - one of the largest price comparison sites in Switzerland - has found that the cost of health insurance in Switzerland is set to rise dramatically over the next year. The cost of basic health insurance is expected to increase by 5 percent on average, as policies are renewed this September.

Cost of health insurance packages in Switzerland set to rise 

In its latest forecast, Comparis warned that the cost of healthcare in Switzerland rose by 7,3 percent in 2021, making price rises in insurance inevitable in 2022. For those with special benefits or supplemental health insurance, premiums could rise by as much as 10 percent in the next year.

The news comes just one year after insurance premiums fell in Switzerland for the first time since 2008, due to insurers saving up funds for use during the pandemic. While the price of care in hospitals is expected to level out at a 1,3 percent increase this year, health insurance expert from Comparis, Felix Schneuwly, said that insurance providers now need to cover the price rises of the previous year, after most reserve funds were reduced or spent.

Swiss government failed to stop the hike in insurance costs

According to Comparis, this significant increase in cost could have been avoided, had there been more intervention by the government in managing the large cash reserves of insurers. “The Federal Office of Public Health forced the health insurance companies to reduce their cash reserves. This is why many of them now lack the necessary financial buffer to cushion current cost fluctuations,” Schneuwly said.

He accused the government of pursuing the policy, despite knowing prices were going to increase. As a result, all citizens and residents in Switzerland will feel a pinch in their pockets when the cost of insurance is revised this September.