Report: $10,570 Per Person Health Expenditure
The Bermuda Health Council [BHeC] released its third National Health Accounts report which details health system costs for the fiscal year ending 31st March 2011. The report shows that Bermuda’s total health spending was $679 million, which amounted to $10,570 per person.
68% of financing was from the private sector [$463.1 million] while 32% of financing was from the public sector [$215.9 million] and health insurance accounted for 55% of financing sources [$374.7 million].
Summary of the key findings, click to enlarge:
Health Minister Zane DeSilva said: “When we look at spending statistics we can see that the Bermuda Hospitals Board accounted for 43% of total health expenditure; overseas care accounted for 14% of total health expenditure; private, local health providers accounted for 22% of total health expenditure; and prescription drugs represented 6% of total health spending.
“Projections from the report indicate that if health spending continues to grow at the same rate experienced in recent years, by 2021 it is estimated that health expenditure could reach $1.7 billion dollars. This would equal $25,900 per person, if population size remains the same.”
The full report is here [PDF]
Be nice to have some controls in place as opposed to the current legislation that exists where insurers have to pay 100% of the bills from the hospital, whatever they do and whatever they decide to charge.
More proof that Bermuda’s current economic model is unsustainable. Time to man the lifeboats
Why does the hospital cost so much, more than 3 times as much as overseas care? That seems backwards to me, especially since another report indicates the hospital is operating at a profit. Something is very wrong here!
To my admittedly uneducated eyes, it would seem as if it is the hospital which is driving up the cost of health care. I notice this is one instance when we don’t have comparatives to other nations.
Also I have to wonder who is spending the other $9000 of my health costs, since I am sure I have only spent about $1500 at most, since I go to the doctor once or twice a year and the dentist the same.;-)
Well the powers that be bought in the consultants that recommended the changes and the board approved them and has implemented them and the costs are where we are at now. Thanks.
We need tap into the world medical outlets to have another stream of revenue. For example, make Bermuda the number one location to get cure from diabetes. We have a small community and have participated in so mnay studies and global research studies to collect the data. Why not use it to make the difference and use it for medical tourism.
Bermudians dont have a problem going to hospitals overseas for treatment and spend there dollars for hotels, food, ground travel, and even buy a keepsake.
Lets not talk about lets make it happen so that it can help offset some of this growing health bill.
health should be free on this tiny rock….but its not because the PLP/UBP use the hospital to cover alot of crapshooting