MUSCAT, July 15 – Mandatory health insurance for employees in the private sector will be implemented soon.
According to a statement from the Capital Market Authority (CMA), efforts are being made on war-footing to provide insurance cover as early as possible.
“Discussions with companies and other parties involved in the matter are progressing to roll out the compulsory health programme,” said the statement.
CMA is keen on implementing a compulsory healthcare insurance system in order to ensure quality and efficient healthcare services to employees, the statement said.
“Details of the programme are currently being drafted following the decision of Council of Ministers to implement the insurance policy,” added the statement.
These efforts are aimed at meeting the basic health needs of private sector employees and limit the high expenses that the employees incur in terms of medicines and related spending and providing quality services, said the statement.
“Work on the development of legislation, regulation and necessary controls to manage and operate healthcare insurance systems is progressing,” added the statement.
In Oman, healthcare accounts for three per cent of government spending.
In the GCC, public and private healthcare spending exceeded $62 billion in 2016 and is projected to reach $132 billion by 2020.
In Oman, spending on healthcare is reported to have increased to six per cent of government expenditure in 2016.
Between 2007 and 2016, the government spending on healthcare reached an average annual growth of 14 per cent, while the average investment spending in the sector reached around 25 per cent.