Insurers are increasing health insurance premiums by around 150% this year, following a 200% rise last year, according to local media reports.
The steep hikes in health insurance premiums over the past three years have led policyholders to forgo the coverage that has become unaffordable to them.
Insurance players blame inflation for the increases in health insurance premiums. Medical inflation has led to rises in medical fees and drug/medical equipment prices.
The Turkish Statistical Institute announced consumer inflation in October was 48.58% on an annual basis. Medical inflation in October was 51.05%.
In addition, the government increased the minimum wage by 49% this year. The hike in the minimum wage in 2025 is expected to be around 25-30%.