Why do CareShield Life premiums increase over time?

Annual increases in CareShield Life payouts help protect the value of CareShield Life payouts over time. This needs to be supported by annual increases in CareShield Life premiums. To give Singaporeans greater certainty in the first five years, payouts and premiums* will each increase by 2% per year.

An independent council will be set up to regularly review these trends and advise the Government on CareShield Life premium and payout adjustments in accordance with an actuarially sound adjustment framework. The Government will consider affordability of premiums when reviewing the council’s advice on premium adjustments.

*2% increase of premiums per year excludes GST.

This information provided here is sourced from the MOH website.