The cost of Bermuda's health care system will reach $1 billion in seven years if changes are not made to the current system.

Premier Paula Cox urged experts to find a way to curb costs as raising taxes was "not a solution".

Yesterday health care experts and politicians gathered for a discussion on health care financing where it emerged that the number of workers supporting an elderly population will decline sharply.

The full day event saw presentations from the Bermuda Hospital Board, Argus Insurance, Bermuda Health Council as well as the Bermuda Government's actuarial consultants.

The summit outlined the current model and made projections for the future costs, although it did not say how changes could be made to the system which currently accounts for 9.2 percent of Bermuda Gross Domestic Product.

Last year the total cost of Bermuda's health care system was $557 million and yesterday Howard Cimring, a Government consultant, said: "Costs will grow to $1 billion by 2017 if trends continue."

Since 2004 the standard premium rate has doubled. The rate sets the cost of the minimum health care package on the Island. Over the last six years the cost has grown by 12.6 percent every year.

While costs are expected to rise the number of people supporting elderly health care is expected to sharply decline.

In 2000, the last time the Census was done, there were 6.5 workers for every retiree.

By 2030, this number will drop to 2.8 workers for every retiree. Moreover the average number of years spent in retirement is expected to increase by two to four years.

Mr Cimring added that health care could become a greater share of GDP if the costs grow faster than economic expansion.

Premier Paula Cox opened the summit and stated: "With the spiralling cost of health care, critical decisions must be made on how we continue to offer affordable, adequate health services that meet the needs of our people."

"Rising health costs are a dilemma, but let me add, higher taxes are not the solution. Bermudians have a limited tolerance for taxes. So the rising health costs are driving us to some painful choices cut vital programmes, raise taxes or get serious about understanding and correcting the major flaws in our costly, inconsistent and inefficient system.

Health Minister Zane DeSilva assured stake holders the Government would go through a wide consultation process before making any changes to the current system.

Mr DeSilva said that he hoped private insurers as well as advocacy groups would look to collaborate with the Ministry of Health to ensure the best health care system was created.

He added that Government was already stepping in to insure the elderly.