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More than a third of MediShield Life premiums paid for by government

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THE government had considered deferring the MediShield Life review and premium increases, given the tough economic conditions during the Covid-19 pandemic, said Senior Minister of State for Health Koh Poh Koon in Parliament on Monday. But premiums have to be adjusted so that the fund remains solvent and sustainable, and can meet its obligations to policyholders when claims are made, he added. Read more at The Business Times.

Responding to Yio Chu Kang MP Yip Hon Weng, Dr Koh said the incurred loss ratio of the fund was an average of 104 per cent over the period from 2016 to 2019.

Dr Koh named three reasons for higher premiums. First, about two-thirds of the premium increases are due to an increasing number of claimants and amount of payouts, which have risen by about 30 per cent and 40 per cent respectively in the last four years. The rest of the increase, just under 10 per cent, support various benefit enhancements, including those implemented since 2018, such as the extension of coverage to inpatient hospices and serious pregnancy complications.

 

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