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8 Mar 2012, 2.57PM

2 comments & replies |by REACH Administrator | Mind and Body

MediShield premiums are due for an increase to keep pace with increasing payouts. Health Minister Gan Kim Yong, said that, from preliminary estimates, a 45-year-old may see a premium increase of about S$7 per month, with those in younger age groups having a smaller increase.

He explained that there is a need to update the premiums to ensure that the health insurance scheme remains sustainable and able to fund future liabilities. Since 2008, payouts have been rising at 21% a year while premiums collected grew by about 10% a year.

The Ministry of Health (MOH) will be extending Medishield to cover those up to 90 years old, up from the current 85 years; and is looking to extend its coverage to other vulnerable groups, such as children with congenital and neonatal conditions. MOH will also consider extending coverage for inpatient psychiatric treatment as well as help Singaporeans who exceed their policy year and lifetime claim benefits.

Minister Gan said that public consultation will be carried out before these changes are implemented.

For more information, please read the online articles from TODAY.

Share with us your views on the impending increase of Medishied premiums, as well as plans to extend its coverage to older Singaporeans and other vulnerable groups.

1306 views | 2 comments & replies |

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Guest

9 Mar 2012, 11.47AM

Is this the result of Mr Khaw's promise to the electorate during the last elections to extend coverage of Medishield (with no mention of corresponding increase in premiums) to pacify the electorate to get re-elected?

Is the increase in premiums announced now to facilitate implementation of his promise?

I wonder...

Guest

13 Mar 2012, 12.47AM

Again the statistics is not very clear. "Since 2008, payouts have been rising at 21% a year while premiums collected grew by about 10% a year." Is the payout a much smaller amount than the premium collected? Why is this so is not explained.

There are also other statistics not mentioned that Singapore, being a developed country, and 1st world, the governement spending on health care cost is one of the lowest as compared to many developed countries. A portion of the health care cost is paid for by private insurance which typically Singaporeans buy using CPF or their hard earned cash, or company insurance, with the exception of those working in SMEs, who may suffer with poorer company insurance benefits.

OK even if I could not reverse the decision that is already made to increase premium, then how would this translates to lower insurance premium from private insurer? Or this will translate to higher insuarnce from the private insurer? The it is a double whammy one to Singaporeans. Also I've seen foreigners only paying marginally higher insurance premium than Sinagporeans for hospitalization, why is this so?

So the proposition from the minister is not full disclosure.

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