What is the Standard Premium Rate (SPR) and what does it include?
All health insurance premiums in Bermuda include a Standard Premium Rate (SPR), set by law. The SPR is comprised of:
- Standard Health Benefit (SHB) premium, which is retained by insurers to pay eligible SHB claims
- Mutual Reinsurance Fund (MRF) fee, which is collected on behalf of Government’s Health Insurance Department
Effective November 1st, 2021, the SPR is being increased by 12.7%, due to an increase to the MRF component. This means that more than 94% of the SPR flows to the Government.
| |
SHB |
MRF |
Total SPR |
| 2018-2019 |
$253.34 |
$101.97 |
$355.31 |
| 2019-2020 |
$23.34 |
$331.97 |
$355.31 |
| 2020-2021 |
$23.34 |
$331.97 |
$355.31 |
| 2021-2022 |
$23.34 |
$376.97 |
$400.31 |