Bermuda National Healthcare

This week I was in Miami and listened to several men speak who owned insurance agencies, insurance companies and even handled re-insurance with Lloyds of London from Bermuda. These men began explaining how Bermuda had implemented national healthcare for their 60,000 residents roughly 40 years ago. They said that it originally looked like what is happening in the United States with the Affordable Care Act.

Affordable Care Act

In a nutshell, the Affordable Care Act (ACA) has had pieces go into effect prior to 2014 but the main dish is coming in less than 12 months. In 2014, enrollments for group health insurance plans will be done through an exchange and individuals will be allowed to enroll for individual coverage through these exchanges as well.

The ACA will require insurance plans to cover base benefits, no cap or maximum on coverage benefits, no health questions, and many other things. Some of these things where not in effect with traditional health insurance plans or plans as we know it and these changes are expected to cause health insurance premiums to rise. Some newspapers have reported increases by as much as 200%, while I think that is a little high 30% is definitely reasonable.

Bermuda National Healthcare

Back to the point of this article, the gentlemen from Bermuda filled us in on what happen in their country when national healthcare was imposed. They said it was a rough 5 years being implemented. Rate increases, hospitals had problems getting reimbursed and many other things of this nature. Forty years later he mentioned that they just about have the kinks worked out.

There plan is similar to Medicare. They have base coverage and then need a supplemental insurance plan to cover the deductibles, co-insurance, and co-pays that they experience. The base plans have no health questions, no pre-existing conditions and other features that make this coverage very similar They also have plans that are rich in benefits similar to the Plan F Medicare Supplement.

Bermuda Medical Facts

Bermuda actually has been recorded as having the second highest healthcare costs in the world. There plan also does not cover foreigners visiting the country. Individuals are required to purchase health insurance to cover their own expenses and must be aware if their coverage offers benefits outside their country of residence.