Health Minister Kim Wilson said the rate has not been increased since November 2021 and additional financing will support the Mutual Reinsurance Fund
The cost of health insurance looks set to rise for many, following an announcement in the House of Assembly this morning.
The Standard Premium Rate will go up by 2.1% – which amounts to $39.24 per member, per month.
All health insurance premiums in Bermuda Include a Standard Premium Rate, which is comprised of a Standard Health Benefit premium and a Mutual Reinsurance Fund fee.
Today’s increase will be the first since 2021.
Health Minister Kim Wilson said the increase will not impact FutureCare policy holders and mainly exclude seniors on a fixed income.
During a Q & A, Minister Wilson said an independent review by actuaries had initially floated an increase of 10%, to match cummulative inflation over the past four years.
Minister Wilson explained how government arrived at the 2.1% increase, in the context of rising healthcare costs and salary uplifts for BHB staff.
