By: Peter Jančič (Spletni časopis)
The governing parties, which should have provided long‑term care four years ago but first postponed that obligation and then last year introduced a new contribution for all employees and even pensioners, while still failing to deliver long‑term care, have effectively secured themselves extra money for buying voters.
Because of the new contribution for services that do not yet exist, the Health Insurance Institute has accumulated a large surplus of €140 million, which it transferred to the Ministry of Finance to ensure budget liquidity. In other words, the money is being used to pay for other expenses, not for long‑term care. And this is happening at a time when the state budget is bursting at the seams due to numerous unplanned expenditures (winter bonuses, the increase of the minimum wage…) used to buy voters ahead of the elections. That long‑term care funds are not being used exclusively for long‑term care became clear from the response of the Health Insurance Institute and the Ministry of Finance, whom I asked to explain why ZZZS transferred a €90 million deposit to the Ministry of Finance on 16 January 2026.
I also asked whether this money came from the new long‑term care contribution and for a detailed explanation of the purpose of this deposit. Both institutions confirmed that it did. The Ministry of Finance additionally revealed that the total amount of long‑term care funds deposited with them on that day was €140 million, not just €90 million. As expected, the government and ZZZS explain that this is supposedly normal business conducted through the Single Treasury Account, a system that has existed for decades. But data on Erar paints a somewhat different picture. Money from the health insurance fund (and from the pension fund, ZPIZ) has been flowing to the government to ensure liquidity specifically during the tenure of this government, and especially in recent months. Previous governments did not even allow this, as it is questionable practice, according to what I was told unofficially by one former finance minister.
AI Gemini assessed the situation as follows: “This is a classic example of ‘creating surpluses on the backs of citizens,’ which are then used to keep the budget calm.”
From the perspective of ordinary people, the situation looks like this: because the government has been unable to carry out the administrative procedures and provide the assistance it was legally obliged to ensure four years ago, people are waiting, and will continue to wait, for help, while in the meantime the money already collected for services that do not exist is being ‘cultivated’ by the government for other purposes. The Health Insurance Institute, which claims that long‑term care funds are collected and spent strictly for their intended purpose, explained: “On 16 January 2026, ZZZS deposited surplus long‑term care funds as a fixed‑term deposit within the state’s Single Treasury Account (EZR) system in the amount of €90 million, with a maturity of 21 days and an interest rate of 1.94%, generating €101,850 in interest.” The Ministry of Finance provided a somewhat broader explanation: “The Health Insurance Institute of Slovenia (ZZZS), which holds the sub‑account ‘Long‑Term Care ZZZS,’ is included in the state’s Single Treasury Account system and may deposit funds with the manager of the EZR system. The long‑term care funds that ZZZS had deposited as of 25 January 2026 in the form of fixed‑term deposits are: €50,000,000 with a maturity of 31 days and an interest rate of 1.91%, generating €82,236.11 in interest (to be released on 30 January 2026); and €90,000,000 with a maturity of 21 days and an interest rate of 1.94%, generating €101,850.00 in interest (to be released on 6 February 2026).”
The interest rate is 1.94% for the €90 million deposit and 1.91% for the €50 million deposit. If the state sought this money on the international market in January 2026, it would likely pay more. In other words, citizens, through contributions for long‑term care that they are not receiving, are effectively “subsidising” the state budget. And those who are currently waiting for home‑care assistance or a free bed in a care home will gain little from the €184,000 in interest that ZZZS and the Ministry of Finance will collect in 21 days. They will only bear the cost.
The Health Insurance Institute provided the following full response:
“Dear Mr Jančič,
Thank you for your question. We inform you that in 2002, with the aim of more efficient management of all public funds, Slovenia established the Single Treasury Account (EZR), which allows the free cash resources of all public‑sector entities to be pooled into a single account at the central bank. You can read more about this on the website Management of the State Single Treasury Account | GOV.SI.
On this basis, and in accordance with the regulations applicable to ZZZS (the Public Finance Act, the Decree on the Establishment of the Single Treasury Account System, the Rules on the Operation of the State or Municipal EZR System, and the Act on the Provision of Payment Services for Budget Users), ZZZS has since 2002 deposited surplus or free cash resources exclusively into the state’s Single Treasury Account system, managed by the Ministry of Finance, in line with the principles of safety, liquidity, and profitability.
As we also explained at the last press conference, ZZZS ended 2025 with a surplus of €143 million in the long‑term care insurance segment. This is the result of slower preparation by external stakeholders to implement long‑term care rights and the legally defined gradual introduction of those rights. The surplus increases the funds in the ZZZS account and strengthens ZZZS’s own resources, meaning that the surplus will be used solely to finance long‑term care in the coming years. Funds collected through long‑term care contributions are strictly earmarked, kept in a separate ZZZS account (for long‑term care), and may be used only for long‑term care or for ZZZS obligations arising from the Long‑Term Care Act. Most of these contributions are paid by employees, the self‑employed, and their employers into the special ZZZS account by the 18th of each month, which means that until the 18th ZZZS typically holds a larger amount of surplus free cash resources.
Thus, on 16 January 2026, ZZZS deposited free long‑term care funds as a fixed‑term deposit within the state’s Single Treasury Account system in the amount of €90 million, with a maturity of 21 days and an interest rate of 1.94%, generating €101,850 in interest. These interest earnings represent additional revenue for ZZZS, intended for financing long‑term care. Long‑term care funds are managed within the EZR system according to the regulations and rules that apply to all public‑finance funds in this system. Funds in sub‑accounts within the EZR system accrue interest at the applicable sight‑deposit rate. If the funds are managed through fixed‑term deposits within the EZR system, the interest rate depends on the maturity of the deposit.
The spending of long‑term care funds follows the readiness of external stakeholders to implement long‑term care rights, in line with the legally defined start dates. Spending will increase once beneficiaries begin using institutional care from 1 December 2025 onward, and once social‑work centres begin issuing decisions for other long‑term care services (home care, family caregiver support, day long‑term care, e‑care, and services for maintaining and improving health).
Kind regards,
Damjan Kos, Head
Information and Public Relations Sector
Directorate
Health Insurance Institute of Slovenia”
The Ministry of Finance responded, without a named signatory, as follows:
“Dear Sir,
The management of public‑sector funds in the Republic of Slovenia takes place within the Single Treasury Account (EZR) system. The EZR system is designed to allow public entities to make independent decisions about spending their budget funds while ensuring centralised oversight and management of resources. In the EZR system, all free cash resources of public entities are pooled into a single account at the central bank (i.e., Bank of Slovenia). This enables transparency and efficient management through:
- pooling public‑sector funds in one account, allowing immediate insight into public‑finance revenues and their availability, while public entities still independently decide on spending their budgets;
- consolidation of funds and liquidity transfers from public entities with surpluses to those with liquidity shortages; public entities may borrow from EZR funds, while those with surpluses may deposit funds in the EZR system;
- reducing payment‑transaction costs for transfers within the public sector (via the Public Payments Administration);
- investing on the money market; in line with EZR cash‑flow projections, temporary surpluses are invested on the money market according to the Ministry of Finance’s investment policy.
The Health Insurance Institute of Slovenia (ZZZS), which holds the sub‑account ‘Long‑Term Care ZZZS,’ is included in the state EZR system and may deposit funds with the EZR system’s asset manager. The long‑term care funds that ZZZS had deposited as of 25 January 2026 in the form of fixed‑term deposits are:
- €90,000,000 with a maturity of 21 days and an interest rate of 1.94%, generating €101,850 in interest. The funds will be released on 6 February 2026;
- €50,000,000 with a maturity of 31 days and an interest rate of 1.91%, generating €82,236.11 in interest. The funds will be released on 30 January 2026.
The management of long‑term care funds is carried out in accordance with the rules applicable to all public‑finance funds in the state EZR system, as defined in Article 68 of the Public Finance Act and the Rules on the Operation of the State and Municipal Single Treasury Account System.
For more detailed information regarding the expenditure dynamics of long‑term care, you may contact the competent ministry (Ministry for a Solidary Future).
Kind regards.”