What will be the rate of premium and payout increment for CareShield Life?
The rate of premium and payout increases for CareShield Life will have to be reviewed regularly based on actuarial principles, taking into account factors like changes in claims experience and longevity. This is important to keep the fund sustainable.
An independent council has been set up to regularly review these trends and advise the Government on premium and payout adjustments in accordance with an actuarially sound adjustment framework. Actual future premiums and monthly payouts will vary depending on the regular adjustments.
To give Singaporeans greater certainty in the first five years, payouts and premiums* will each increase by 2% per year.
*2% increase of premiums per year excludes GST.
This information provided here is sourced from the MOH website.
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