in
Why have my Integrated Shield Plan premiums increased?
moh
Integrated Shield Plans (IPs) comprise 2 components – the MediShield Life and the additional private insurance coverage. Similarly, IP premiums have 2 components: a MediShield Life component, and an additional private insurance component.
The Ministry of Health sets the premiums for the MediShield Life component, and provides subsidies to keep MediShield Life premiums affordable. With the increase in MediShield Life 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 insurers based on commercial and actuarial considerations. Insurers may adjust premiums upwards or 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.
Related Questions
Will my Integrated Shield Plan premiums be affected by the increase in MediShield Life premiums?
from MOHWhat if I have an Integrated Shield Plan (IP), does the 30% Additional Premiums apply to my entire IP Premiums?
from MOHWith MediShield Life, will the Integrated Shield Plans cover pre-existing conditions? Can I now get coverage under Integrated Shield Plans for my pre-existing conditions?
from MOHAre those insured with Integrated Shield Plans eligible for suspension of MediShield Life premium collection?
from MOH
Can’t find what you’re looking for?