Unexpected unilateral increases in medical premiums

The alarming number of customers reporting high increases in medical premiums may be assured that their concerns are being addressed.

Unexpected unilateral increases in medical premiums has SIBA’s full attention and efforts are being made to obtain clear and precise explanations from the private insurers regarding the exact cause, since this method (in some instances) breaches basic insurance principles.

 

While the costs of healthcare services are inflated worldwide, there are a number of insurance principles and general rules in the sector which SIBA will seek to address in its discussions with insurers.

The current trend is alarming and can easily result in people cancelling medical policies in masses which will lead to greater numbers of uninsured persons with the associated consequences for the country’s social budget.

It is highly necessary to verify whether there is a hard correlation between the increases in premiums vs the cost of health care services.

Relevant stakeholders must meet with the objective to take corrective measures in bringing the cost at reasonable levels. If this is absolutely not possible then Country Sint Maarten may have to revisit the standard of healthcare.

It is normal in this industry to have good and/or bad years, which makes it unreasonable for an insurance company to single out and penalize a person (with very high premium increases) simply because he/she made use of the coverage.

The SIBA distance itself from this approach and pledge to do all in its power to restore some normalcy in what most clients now perceive as abuse in a contract (POLICY) at a moment when they are most vulnerable.

Pending discussions with insurers, we ask persons with these increases to contact their broker for further guidance.

Upon completion of the discussions SIBA will report the outcome to the public.