The cost of healthcare insurance dropped this year, new Health Minister Jeanne Atherden said yesterday.

Ms Atherden said: “This year, for the first time I can remember, the standard premium rate, which is the basic premium included in every insurance policy to cover in-patient and out-patient services at the hospital, went down.”

She added that the premium fell from more than $325 to $301.85 — a drop of $23.99 or 7.4 percent.

But the premiums for FutureCare — the health plan for seniors — went up by $10 a month (2.3 percent) to $450 a month, although the HIP scheme, the Government health insurance plan, remained the same at $390 a month.

Ms Atherden added: “This was achieved despite the Ministry having to reduce its budget by $17 million for the current fiscal year and cuts in subsidies to all insurance plans, including HIP and FutureCare.”

“The Government recognises that rising healthcare costs are a major concern for Bermuda — as well as other countries.

“But last year Bermuda saw a levelling off of total health spending for the first time in over a decade.

“Despite this, the actual cost of services has continued to rise, so the Ministry remains focused on solutions that will contain costs and improve Bermuda’s health system by encouraging healthier lifestyles and reducing the utilisation of, and the need for, expensive medical services.”

She added: “The HIP and FutureCare insurance plans continue to provide affordable and accessible healthcare coverage to Bermuda residents and include not only in-patient and outpatient hospitals benefits, but also doctor visits — specialists and physicians — as well as basic dental benefits.”

HIP coverage is available to all Bermuda residents above school-leaving age, while FutureCare covers people aged 65 or over.