Ecuador's Social Security chief, Ricardo Espinoza, blames poor administration and too many health-specialist referrals for a $600-million shortfall in the IESS healthcare program. The system's annual cost is $2.1-billion and income from participants is $1.5-billion.
He says he used his legal powers this year to transfer enough money from a pension reserve to cover the shortfall.
Espinoza says the situation is temporary and no healthcare or pension benefits will go unpaid by the system.
"All members are protected," he said.
The IESS healthcare program is attractive to many Expats because they can participate for as little as $73 per person per month (about $10 more for a couple) and there are typically no deductibles or pre-existing-conditions exclusions.
Source: www.cuencahighlife.com
-- cccmedia in Quito