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.
Standard Premium Rate (SPR)
The SPR, which includes the Mutual Reinsurance Fund Premium (set and charged by Government and paid directly to Government on your behalf), remains at $400.31 per month per insured adult. This is unchanged from last year.
Supplementary Premium
The premiums for supplemental medical, dental, and vision care benefits are administered by Argus. Premium adjustments to your policy may vary by company and/or account, and are based on factors such as:
- 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
- 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.
- 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.
- Plan-specific claims history – the detailed claims history of your company’s plan over the past three years, including the number, type, and cost of claims.
- 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.