Private Health Insurance premiums have gone up to a minimum of 1,000 Ghana cedis effective September 1, 2015.

The increase from between 500 to 900 Ghana Cedis according to the Private Health Insurers Association is to make up for escalating cost of healthcare caused partly by the depreciation of the cedi and inflation.

President of the Association, Ronald Oppong Adom at a press conference in Accra explained that the increase in insurance premium forms part of an industry review to enable it sustain its operations.

He added that the association is responsible for the medical care of about 200 thousand scheme members and is currently going through a lot of stress due to the economic meltdown.

Mr. Oppong Adom pharmacy costs which are largely determined by foreign currencies take about 25 to 35 of the claims “so each time the cedi depreciates against the dollar, our pharmaceutical  positions weakens."

He also revealed that they have the backing of the National Health Insurance Authority (NHIA) which is the regulator to charge the new fees.

Mr. Oppong Adom appealed to their clients to bear with them because they had to take the bull by the horn to stay in business.