Sometimes, the costs for medical and hospital services turn out to be lower overall than the premiums paid. This results in the insurance company accumulating surpluses. We pay these surpluses back to our customers. That’s fair.
It’s a simple idea – surplus refunds are dependent on the operating result. For basic insurance, surpluses are paid out in the cantons and legal entities in which excess premiums were paid. This year, this applies to Vivao Sympany AG, Moove Sympany AG and Kolping Krankenkasse AG. For supplementary insurance, accrued surpluses are paid out for each insurance product.
2019 will be the fourth time in a row that Sympany refunds surpluses from basic and supplementary insurance totalling CHF 27.9 million. That amounts to between CHF 50 and CHF 400 per person, depending on the canton.
This year, a family of four received up to CHF 1,600 from basic insurance and CHF 1,280 from supplementary insurance!
Surpluses are excess premium payments. Despite lots of uncertainties, insurance companies are required to set premium rates so that they cover costs. However, this means that, even though they are calculated very carefully, premiums are sometimes set too high and policyholders end up paying too much over the year. Insurance companies use the surpluses this generates in basic insurance to create reserves for the next few years – or may be refunded to policyholders following approval by the authorities.
Due to the fair and transparent way it handles its own reserves, Sympany refunds its customers the surplus money they paid – not just for supplementary insurance, but also as one of few health insurers to do this for basic insurance too. That is how we have been leading by example since 2016.
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