The Ministry of Health and Seniors announces that the Health Insurance Department recently issued its annual report for FutureCare and Health Insurance Plan (HIP) policyholders.
The 2015/2016 report, which covers the period from 1 April 2015 to 31 March 2016, outlines growth in the number of policyholders, new medical benefits, how claims money was spent, the new care management strategy, personal home care benefits, and a wellness promotion benefit among others.
The Health Insurance Department administers two major health insurance programmes for Bermuda residents: FutureCare and Health Insurance Plan (HIP), which provide health and dental benefits to Bermuda residents. The Health Insurance Department paid $87.8 million for products and services used by policyholders.
Premiums would be 2.5 times higher than the current rate if it were not for the funding from Government and the Mutual Reinsurance Fund (MRF). “Monthly premiums remained the same as they were in 2014/2015,” said Director of the Health Insurance Department, Laquita Burrows, “and we have intentionally kept premiums as low as possible to ensure that the majority of residents can purchase insurance coverage”.
Minister of Health and Seniors, the Hon. Jeanne Atherden, CA, CPA, JP, MP, said, “We want to do all we can to keep premiums within reach of most people. Further, we want to be transparent about how money is being spent.”
The Health Insurance Department operates and manages the Health Insurance Plan, the Future Care Plan, the Mutual Reinsurance Plan and the Government Subsidy program. The HID Annual Report can be found on the Government portal at www.gov.bm/department/health-insurance