Will my Integrated Shield Plan premiums be affected by the increase in MediShield Life premiums?

Integrated Shield Plans (IPs) are made up of two components: (i) the MediShield Life component which is sized for subsidised Class B2/C bills in public hospitals and (ii) an additional private insurance component offered by a private insurer targeted at covering higher ward classes or private hospitals. Correspondingly, IP premiums are made up of MediShield Life premiums and premiums for the additional private insurance component.

Hence, the increase in overall IP premium will be the sum of the following:

·        With the increase in MediShield premiums, the premiums for the MediShield Life component of IPs will be increased accordingly.

·        Premiums for the additional private insurance component of IPs are set, reviewed and adjusted by private insurers based on commercial and actuarial considerations. Insurers may adjust their premiums upwards/downwards taking into account the impact of the MediShield Life benefit changes, their own claims experience, medical inflation and other factors. Insurers have an incentive to keep premiums competitive, to attract and retain policyholders. Singaporeans concerned with the affordability of IP premiums may wish to consider switching to more affordable insurance options, in line with their preferences for hospitalisation coverage.

This information provided here is sourced from the MOH website.