SINGAPORE — MediShield Life premiums need to be adjusted so as to keep the scheme “solvent and sustainable”, said Senior Minister of State for Health Koh Poh Koon in Parliament on Monday , following recommendations by a panel to raise premiums by up to 35 per cent for some policyholders.
Launched in November 2015, MediShield Life is a basic health insurance plan for citizens and permanent residents that helps beneficiaries pay for large hospital bills or costly outpatient treatments. Factors driving the increaseIn his speech, Dr Koh highlighted three factors that drive up MediShield Life premiums: the increase in number of claimants and amounts paid out; the refreshing of claims limits; and support enhancements to the scheme’s benefits.
“This growth in utilisation and payout accounts for about two-third of the premium increases,” said Dr Koh.