Ministry’s Health Premiums To Remain Stable
The Minister of Health, Seniors and Environment Jeanne Atherden announced today that the standard premium rate will remain at the current rate of $338.07 per month from 1st April.
“The standard premium rate is the premium for the basic package of health benefits included in all local policies,” the Ministry said.
“Earlier this week, the Minister also announced in her budget statement that HIP and FutureCare premiums will remain at current levels in the upcoming fiscal year. Premiums will remain $433.31 for HIP and $504.21 for FutureCare.
“Maintenance of the premiums at current rates has been possible due to an appropriate reduction in utilization of standard health benefits, prior year benefit revisions and modernization initiatives.
“Through a collaborative effort, the Ministry, the Health Council, the Bermuda Hospitals Board, and the Health Insurance Department have worked diligently to ensure no premium increases this year.”
“The Minister announced there will be some benefits added to the standard health benefit package, which all insurance policies will now include. These benefits aim to improve care quality for some chronic conditions in order to reduce health spending through future cost-avoidance.
“While the standard premium rate will remain unchanged, there will be a shift in premiums from the standard health component to the mutual reinsurance component. This shift is to support Government programmes that assure access to affordable healthcare.”
The Minister said, “I am very pleased to be able to announce, for the first time in many years, that the HIP, FutureCare and standard premium rate will remain stable for the upcoming year.
“This has been thanks to extensive work to design benefits better in order to reduce costs, while continuing to support access and regulatory programmes.
“We are looking in much greater detail at benefit design and the health financing system and hope this stabilization in premiums will soon see us bending the cost curve to bring reduced premiums where possible.”
