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Companies with 10 or fewer employees are the majority of businesses reported by insurers as non-compliant, small businesses state “they struggle to afford their monthly health insurance premium” and the ”recent trend of employers transitioning to less expensive plans may result in an increase in compliance over time. ”
This was from the ‘Employers’ Compliance with the Health Insurance Act 1970 2021 Annual Report,’ which was recently released by the Bermuda Health Council.
The report said, “The Covid-19 pandemic significantly impacted employer compliance in 2020, with the highest number of policies reported by insurers since 2016. In 2021, the Council noticed a decline in the number of policies reported compared to 2020.
“This is may be indicative of a return to an overall decline in the instance of employer non-compliance. A reduction in the number of complaints received in 2021 compared to 2020 supports this premise.
“Companies with 10 or fewer employees are the majority of businesses reported monthly by insurers as non-compliant. Small businesses state that they struggle to afford their monthly health insurance premium.
“The recent trend of employers transitioning to less expensive plans may result in an increase in compliance over time. However, employees may lose access to supplemental benefits and pay more out-of-pocket expenses due to reduced coverage.”
The full 2021 Employers Compliance Annual Report follows below [PDF here]:
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