Will MediShield Life premiums increase due to the increase in GST?
MediShield Life premiums are inclusive of the prevailing GST rate.
In Budget 2022, the Minister for Finance announced that the GST rate will be increased from 7% to 8% with effect from 1 January 2023 and from 8% to 9% with effect from 1 January 2024. As GST is levied on MediShield Life premiums at the prevailing GST rate, the premiums will increase accordingly.
The new MediShield Life premium rate table (for policy periods on or after 1 Jan 2023) can be found on the CPF website, under View premiums.
This information is sourced from CPF
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