MPs heard that the Government is considering a framework to evaluate changes to the healthcare system after comments about rising insurance premiums.

Craig Cannonier said in the House of Assembly on Friday that he insured four members of his family, paying $8,800 a month, and was told that his rates were going up by $2,800 a month.

The Shadow Minister of Tourism, Transport and Culture added: “It is a wonderful plan that I have and I have had it for many, many years because the coverage is excellent, but when you start talking about those kind of increases, I am feeling it. I know it.”

Mr Cannonier said he recognised that he was able to pay for his insurance, but there were many who would not be so fortunate.

He noted that the Government previously promised to bring legislation to address mergers creating monopolies in the wake of rising health insurance premiums.

The One Bermuda Alliance MP added: “I have said for years now that we are going to see these premiums continue to increase as we have these monopolies.

“I have talked about it before and yes, we have to be tender about how we deal with these things — Bermudians have shares in these companies and the like — but you are also hearing about how the company is making out quite well.”

He said while the companies may be working with tight margins, there is more that Parliament could do to keep matters in check.

Mr Cannonier added: “This is certainly unsustainable and people are finding it very difficult to afford to live in Bermuda and Bermudians are finding it extremely difficult.

“We have always had great health insurance in Bermuda, but we have got to do something about it.”

Kim Wilson, the Minister of Health, responded that there had been a lot of discussion about increased premiums, and there was no dispute that rising premiums were a legitimate concern for Bermudians.

However, she said actions regulating health insurance premiums could have wider consequences if not carried out with careful consideration.

She said that polices aimed at reducing premium increases could result in reduced benefits, higher deductibles, lower provider reimbursement rates and narrower networks.

Ms Wilson said: “That is why policy in this area must be approached carefully based on evidence and system-wide data as well as an analysis of the interventions and what the unintended consequences could very well be.

“The Government is committed to addressing healthcare affordability and ensuring a sustainable, accessible system for all, including that 12 per cent of individuals who are uninsured.”

She said that the Government was exploring the development of a review framework to properly consider significant changes in the healthcare system to make sure that residents protected.

Ms Wilson said: “The idea of this framework is not to set prices or interfere with the day-to-day operations of business or innovation.

“It is to ensure that material changes that effect our healthcare system are reviewed in advance so their impact on affordability, access, competition and system stability can be properly assessed.”

Changes applicable for the review framework could include major premium increases, provider consolidations, exclusive networks, service closures or significant benefit or reimbursement changes.

Ben Smith, the Opposition leader, said that while he agreed any changes must be carefully considered, consequences were already felt across the community.

Mr Smith said: “Some people are in a position to be able to afford those increases, but many others are not.”

He was thankful to hear Ms Wilson’s comments, but said that he did not hear enough about the “teeth” needed to address the issue.

Mr Smith said: “This is the opportunity for the Government to make a change that can actually help the people over business.”

David Burt said that the Government was working to address a number of varied priorities as laid out in the Throne Speech, including expanding healthcare access and working towards universal healthcare.

The Premier added that he hoped the Opposition would show the same passion when legislation is brought forward to address the issue.