Ministry Of Health Responds To News Of Merger
The Ministry of Health has responded to news that BF&M and Argus “have signed a definitive amalgamation agreement, pursuant to which BF&M and Argus will combine in an all-stock transaction.”
A Government spokesperson said, “The Ministry of Health acknowledges the announcement of the merger between BF&M and Argus, two of Bermuda’s leading insurance providers, as well as the concern from the public on how this could negatively impact their household budgets. While recognizing the potential benefits on the global stage, the Ministry emphasises the importance of keeping the cost of healthcare down for Bermudian families.
“The Ministry of Health understands the anxieties raised by the proposed merger of BF&M and Argus, particularly in light of the recent reports of increases in local health insurance premiums by private insurers despite the Government doing our part by freezing the Standard Premium Benefit for the past three years.
“We understand the concerns of Bermudians who are worried about the affordability and accessibility of healthcare, and we want to assure the public that introducing Universal Health Coverage and driving down the cost of healthcare are at the core of our Vision and the work we are doing in The Ministry of Health.”
Minister of Health Kim Wilson said, “We hear the voices of Bermudians struggling to keep up with rising premiums. We share their concerns about the impact of healthcare costs on their ability to live, raise families, and retire in Bermuda. That is why the Government is committed to launching Universal Health Coverage.
“The Ministry of Health remains steadfast in its commitment to ensuring that healthcare in Bermuda is affordable, accessible, and sustainable for all residents. We will closely monitor the merger process to safeguard the interests of the public, particularly those who rely on publicly funded health insurance.”
The spokesperson said, “The Ministry has outlined its key concerns and expectations regarding the merger, including:
- No increase in premiums: The Ministry seeks assurance that the merger will not result in increased premiums for individuals and families.
- Continued availability of services: The Ministry expects that the full range of healthcare services will remain accessible and uninterrupted throughout the transition.
- Support for Universal Health Coverage [UHC]: The Ministry is interested in understanding how the merged entity plans to support the implementation of UHC in Bermuda.
- Protection of publicly funded plans: The Ministry seeks to ensure that individuals with publicly funded health insurance plans are not adversely affected by the merger.
“The Ministry of Health looks forward to ongoing dialogue with BF&M and Argus. The Ministry is committed to working collaboratively with all stakeholders to ensure a smooth transition that prioritizes the health and well-being of the Bermuda community.”
Oh please! Just stop without PR BS! BF&M went up on my rates last year and again this year by another 10% as we speak. That’s Right. At The same time as the merger And you know this already . So please just stop.
This statement reads like it was written by a “spin doctor”.
It is all very well and good that the “Ministry has outlined its key concerns and expectations regarding the merger” and that PLP Government will “closely monitor the merger process”, but no government can affect economics or commercial reality without direct action, and direct action means the government spending money to artificially keep prices down.
The only way that the PLP Government can affect premiums is to either buy the company or pass a law regulating premiums. If the PLP Government passes a law regulating premiums, available coverage will be reduced so that the premium covers the cost of services insured. That is economic reality. Price controls do not work.