Which are the biggest health insurance funds?

Health insurance funds had a successful year last year. The National Association of Voluntary Health Pension Funds (ÖPOSZ) reported that at the end of 2023, 1.035 million members were affiliated to its health funds, an increase of 52,000 in a year. The assets managed by the funds increased from 72.6 billion forints at the end of 2022 to 81.6 billion forints at the end of 2023, an increase of 12.8 percent. Market concentration is high, with the top three market leaders in terms of assets, with assets of more than HUF 5 billion, accounting for 77.5% of the market.

OTP, Premium, MBH in order

When looking at health funds by number of members and assets, three major players emerge. The first is OTP with 360,000 members and assets of HUF 24.7 billion. Close behind is Premium with 335,000 members and assets of nearly HUF 21 billion. In third position is MBH with nearly 200,000 members and HUF 17.7 billion in assets. In terms of members, OTP has increased by 28,000, Premium by 20,000 and MBH by 2,000 over the year.

Patika Egészségpénztár is not included in the ÖPOSZ's compilation, as it is not a member of the organisation. According to the Budapest Business Journal list, in 2022, Patika had 61 258 members and assets under management of HUF 5.5 billion. If these figures do not change significantly in 2023, the fund will be in fourth place in the industry's top list.

There are four funds in the 20,000-35,000 member range: Vasutas, Generali, Vitamin and Allianz.

The HUF 150,000 VAT refund is a drawback

For private individuals, the advantage of joining a fund is the 20 percent tax refund on health fund contributions. This gives them a HUF 150 000 refund on their personal income tax in a year, and a two-earner family can save HUF 300 000. In order to benefit from the maximum refund of HUF 150,000, a person must pay HUF 750,000 to the tax office and/or his/her employer.

There are no major changes in the use of the contributions: we will continue to spend this source on medicines, private health services and medical aids (glasses, contact lenses). It is not yet as widespread, but market experts see growth potential in self-help services, also known as family allowances, available from 2017. This can be used in special life situations, such as the birth of a child, starting school, supplementing child support, child benefit, or repaying a mortgage. Up to HUF 40 000 can be used to repay a mortgage.

Pension funds ranked by number of members and assets under management at the end of 2023:

From ÖPOSZ