December 3, 2013

Dear Sir,

They say life is the best teacher, and having lived, and approaching my senior years, rather than the issue of fitness for football, martial arts, or cricket, general health, and being able to afford it, is the big goal.

I have been a victim of choices, and my body may not forgive me for choices I have made, particularly since the global financial crash beginning 2008. Yup I am one of those who chose food and nutrition over medical advice. Talking around I’m not alone, I have encountered far too many people who just could not afford to keep up with their hefty insurance premiums.

Many seniors are paying upward $1,000 per month for insurance, $450 per individual seems to be a standard, and when you think of it in household terms it’s still close to $1,000 per month for a couple. It sounds like rent when you think in those terms.

I’m not an actuary of any kind but the obvious issue is that our population as an insurance base is too small to cover the health care cost for our society at a reasonable charge per person. Certainly not reasonable, when compared to places like Canada.

We cannot grow our population so we need to become absorbed into the population base of other jurisdictions. I challenged the idea with the view of determining how could we become associated with the populations of Canada for example. I was thinking we needed special diplomacy to craft a national association of sorts.

It’s simple; the problem has already been addressed by government at least the private sector angle. Government introduced legislation that relaxes the 60/40 rule with the requirement that companies be list on the BMX. Which means our local insurers can spread the risk of coverage by being connected to larger populations.

The legislation is there, where is the whooshing sound? There isn’t any!! I am in love with Bermuda and have pride in our national institutions and interest, but I think we all are interested in our national health as well.

Civil servants, government workers and those working for well established companies are all covered but they are not the majority. What’s in it for the insurers? Is it that they make enough off a minority who can afford the high premiums, such as those groups I mentioned, so much so that the majority who are largely uncovered, and at risk, don’t matter?

I don’t believe in a command economy so naturally I can’t ask government to fix everything. If those companies who do qualify to register on the BMX don’t take the lead and create a portfolio that can broaden the base of the insured, in order to bring down the average cost of insurance, what are we Johnny Public to do?

KHALID WASI