Saturday, 31 October 2020


Singapore commits $2.2B to support residents with MediShield Life premiums

30 September 2020 | News

A total of $3.1 billion has been spent over the past four years to help Singapore Residents with their premiums.

Image credit- shutterstock.com

Image credit- shutterstock.com

The MediShield Life Council has made preliminary recommendations for the MediShield Life benefits to be enhanced, and for premiums to be correspondingly adjusted.

While the public consultation on the proposed benefit enhancements is ongoing, the government has committed about $2.2 billion for premium subsidies and support over the next three years to help Singapore Residents with their MediShield Life premiums, particularly in view of the impact of COVID-19 on Singapore Residents and the economy.

With these support measures, the net premium increases for all Singapore Citizens will be kept to up to about 10% in the first year.

MediShield Life is a basic health insurance plan, administered by the Central Provident Fund (CPF) Board, which helps to pay for large hospital bills and selected costly outpatient treatments, such as dialysis and chemotherapy for cancer. It is structured so that patients pay less MediSave/cash for large hospital bills.

A total of $3.1 billion has been spent over the past four years to help Singapore Residents with their premiums. 

Minister for Health Gan Kim Yong said, “Since its launch, MediShield Life has improved protection against large hospitalisation bills, and provided greater assurance for Singaporeans. The current premium subsidies for lower-to middle-income Singapore Residents, MG and PG seniors and Additional Premium Support will continue to help keep premiums affordable for Singaporeans. This will amount to about $1.8 billion over the next three years. Given the impact of COVID-19 on the economy, the Government will provide an additional $360 million through the one-off COVID-19 subsidy to help Singaporeans with their premiums during this exceptional period. In total, we have budgeted about $2.2 billion for premium subsidies and support over the next three years. Singaporeans who still face difficulties with their premiums can apply for Additional Premium Support. No one will lose MediShield Life coverage due to financial difficulties.”


Sign up for the editor pick and get articles like this delivered right to your inbox.

Editors Pick
+Country Code-Phone Number(xxx-xxxxxxx)


Comments

× Your session has been expired. Please click here to Sign-in or Sign-up
   New User? Create Account