How can Bermuda residents reduce their healthcare costs?

It’s no secret that the cost of healthcare in Bermuda has gone up significantly over the past several years. A variety of factors have contributed to this increase, including the island’s ageing population, increasing rates of serious illnesses, and an increase in the cost of overseas treatment. While the cost of healthcare continues to rise, there are some proactive steps you can take to lower your overall healthcare expenses and ensure you’re getting the most out of your health insurance plan. Many of these actions will help you stay healthy and contribute to your long term well-being, too. Consider taking these steps to lower your out-of-pocket medical expenses:

1. Practice preventative healthcare. Sometimes a simple preventative test can catch an underlying health issue before it becomes serious, allowing you to treat it right away and potentially avoid having to undergo more serious — and more expensive — treatment down the road. Most health insurance providers, including BF&M, provide some coverage for preventative care, so review your schedule of benefits to find out what’s included with your policy. Stay up to date on routine checkups, tests, and preventative screenings to avoid more serious and costly health issues.
2. Advocate for yourself and ask questions. While preventative healthcare is extremely important, some tests and procedures may not be totally necessary and may not be covered by your health insurance. If you’re not sure why a provider is recommending a test or procedure, feel free to ask why, and make an informed decision before proceeding. Here are some examples of the types of questions you might want to ask your doctor:
   • “Can you please explain my condition and my treatment plan in simple terms?”
   • “What information are we hoping to gain from these tests, and how will this help manage my condition?”
   • “I’m finding it challenging to manage frequent appointments. Is there a way we can streamline this process?”
   • “Are there any alternative treatments or therapies I should consider?”
3. Understand the fees your medical provider charges for their services and, if possible, shop around for a provider with lower fees. Doctors, dentists, and other care providers in Bermuda can charge whatever they choose for their services and increase their fees as they wish, but they have to be transparent and make sure patients know how much their services cost. Sometimes a service provider’s fees may be higher than the coverage included with your health insurance — so you’ll have to pay the difference out of pocket. Do your research and ensure you understand your provider’s fees, as well as how they compare to fees from other providers. For some tests and treatments, you may be able to find a provider with more affordable fees, especially for non-emergency tests and treatments.
4. Ask your doctor about generic medications. According to the FDA, generic medicines and brand-name medicines share the same active ingredients, and any differences (such as colours or flavourings) will not affect their performance, safety, or effectiveness. Generic, “no frills” medications can cost up to 46% less than brand name options, making them a lot more affordable for insurers and individuals without compromising quality. At BF&M, we cover 100% of the cost of generic medications for our health insurance customers, so it’s worth asking your doctor if a generic option is available before you fill your next prescription.
5. Practice preventative healthcare. Sometimes a simple preventative test can catch an underlying health issue before it becomes serious, allowing you to treat it right away and potentially avoid having to undergo more serious — and more expensive — treatment down the road. Most health insurance providers, including BF&M, provide some coverage for preventative care, so review your schedule of benefits to find out what’s included with your policy. Stay up to date on routine checkups, tests, and preventative screenings to avoid more serious and costly health issues.
6. Live a healthy lifestyle. It might go without saying, but some simple changes can help prevent common long term health issues associated with lifestyle factors such as poor diet, physical inactivity, stress, poor sleep, excessive alcohol consumption, and smoking. BF&M health insurance customers receive coverage for lifestyle benefits such as smoking cessation and nutrition programmes, so you won’t be left on your own to make changes that could have a huge impact on your life and help you avoid costly medical treatments down the road. BF&M health insurance customers can also access educational programmes focused on nutrition, better sleep, managing through menopause, stress reduction at work, and more. 

If you’re a BF&M customer, you can talk to your employer about making sure your group is on the best possible plan and taking advantage of all of the wellness benefits BF&M provides, like wellness challenges and preventative clinics. You can also review your schedule of benefits or contact us at +1 441 295 5566 if you have questions about the preventative care and wellness benefits included with your health plan.