Will CareShield Life premiums increase due to the increase in GST?
CareShield 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 CareShield Life premiums at the prevailing GST rate, the premiums will increase accordingly.
You will be able to view your personalised premiums and subsidies via the CareShield Life Premium Checker e-Service.
This information provided here is sourced from the MOH website.
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