The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Insurance reform must be part of this nation’s wider healthcare initiatives, the Bahamas Insurance Association’s (BIA) chairman said yesterday.

Emmanuel Komolafe, who addressed the Rotary Club of West Nassau, said health insurance reform must be a government and private sector initiative.

“This is important, because for you to have lower premiums and focus more on outcomes, it is important that you have more people involved in the system and have better health outcomes,”he explained.

“We do have a system of universal health care, and I think everyone would agree that we can improve on what we currently have when it comes to the universal healthcare system. What we have to do, however, in this health insurance reform, is incorporate that into a comprehensive healthcare reform initiative.”

Mr Komolafe added: “We are talking about removing pre-existing condition limitations or any exclusions so that more people can access healthcare, but for that to happen, again, we are talking about comparing mandatory insurance to voluntary insurances as well.

“We have talked about caps, working with the medical industry to drive down the cost of healthcare in the Bahamas. We are also talking abut taxes on healthcare, taxes on health insurance premiums.

“On the insurance side you have both the premium tax and the Value-Added Tax on health insurance premiums. There are things we can do today to drive down the cost of healthcare and health insurance premiums in the Bahamas.”