Health insurance premiums have spiked to the point where some residents will end up paying an additional $100 a month.
That was the downside of the Ministerial Statement delivered in the House of Assembly on Friday, when Health Minister Kim Wilson told MPs that insurance premiums have gone up by as much as 18.5 percent.
She also stated outright that as a Government: “We are not hear to blame insurance companies or the previous government.”
While noting that dealing with the increase “can’t be easy for most working families”, she also said the biggest part of the blame lies with the increasing segment of Bermuda’s population being “sicker, older and receiving more healthcare”.
The most basic package available to date – the standard health benefit, covers only hospital and “a few non-hospital services”.
The rest was priced in “tiny pools among small and medium-sized employers, or individuals without group coverage — they are the most exposed of all”.
Overall, she said the way forward has everything to do with “the way healthcare is financed in Bermuda”, the Minister noted that her update was timely “because health insurance premiums have just been adjusted for their annual increases and the public is feeling the impact”.
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