This year’s premium calculations remain the same as in previous years. Your total premium will be inclusive of the Standard Premium Rate (SPR) and your Supplementary Premium, as follows:
Standard Premium Rate (SPR)
The SPR, which includes the Mutual Reinsurance Fund (MRF) levy that Argus pays to the Government on your behalf, currently remains at $400.31 per month per insured adult.
Supplementary Premium
The premiums for supplemental medical, dental, and vision care benefits are administered by Argus and adjustments will vary by company and/or account under policy and are based on:
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General medical inflation
The overall increase in healthcare costs due to factors like medical technology advancements, higher service demand, and increasing labour and supply costs. Worldwide healthcare costs have seen a reported increase of approximately 10%, as noted in the AON Medical Trends Rate Report.
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Utilisation trends
The patterns or changes in how often healthcare services are being used by the insured population. This year, utilisation was at an all-time high.
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The overall claims experience
The collective claims history across all Argus policies, including frequency, amounts, and the demographics of your employees and their dependents. These demographics encompass age, gender, lifestyle, and employee turnover rates.
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Plan-specific claims history
The detailed claims history of your plan over the past three years, including the number, type, and cost of claims.
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Benefit plan details
Specific coverage details, including the types of benefits, coverage limits, and the scope of coverage, which can influence premium adjustments according to the assessed risk level, claim potential, and coverage breadth.