MediShield Life May Increase Premiums By Up To 35% In 2021 To Grant Greater Coverage
Life sometimes hits you when you least expect it. Job losses, accidents, and ailments can happen to anyone.
When treatment involves high hospitalisation bills and long-term medication, the costs add up to an overwhelming amount.
In light of rising healthcare costs and the Covid-19 pandemic, the MediShield Life Council is looking to up annual policy claims from $100,000 to $150,000.
But with greater coverage and benefits, come with higher premiums. Prices are expected to increase next year by 35% as a result.
MediShield Life premiums up by 35% for those aged 61 & above
Announced on Tuesday (29 Sep), the MediShield Life Council said in a press release that they have made several proposals to the scheme’s coverage & premiums.
Seniors above the age of 61 will see an increase of around 35% in their premiums coverage.
This will be before subsidies, which will reduce healthcare costs even further.
Meanwhile, all Singaporeans will see a basic increase of 10% in their MediShield coverage.
The full breakdown of premiums can be found here.
New Covid-19 subsidy to cushion new MediShield Life premiums
These proposed premium changes may be difficult to adjust to, given the current pandemic outbreak and tough economical climate.
Recognising this, there will be a one-off Covid-19 subsidy for Singaporeans, says Health Minister Gan Kim Yong in the press release.
The government will subsidise 70% of net increase in premiums, followed by another 30% the next year.
Both subsidies take into account existing subsidies that are given.
Proposed policy year claim limit to increase by 50% to $150,000
MediShield Life Council said in a separate press release on Tuesday (29 Sep) that it will be consulting with the public on how the premiums coverage may better support them.
They will hold a public consultation for about a month from 29 Sep-20 Oct.
Here are some of their proposed enhancements they’re seeking feedback on, so citizens can get greater coverage from higher premiums:
- Raise annual policy claim limit from $100,000 to $150,000 — so this can cover expensive hospital bills due to prolonged or multiple hospitalisation in the year.
- Roll out treatment-specific claim limits for community hospital care and outpatient radiotherapy — for patients under sub-acute care or receiving more expensive outpatient radiotherapy.
If you have any concerns or feedback regarding these latest proposals, you can submit them online here, or snail mail to the address below:
Quality Service, Ministry of Health, 16 College Road, College of Medicine Building, Singapore 169854.
Additional proposals to offset healthcare costs for first 2-day treatment
Besides the above, the Council has recommended 2 policy reviews that touch on the first 2 days of treatment.
- Introduce higher claim limits for daily ward and treatment charges for the first 2 days of acute hospital stay
- Lower the deductible for day surgeries for older patients
The rationale behind the 1st policy is that there’ll likely be higher charges for the first 2 days “due to diagnostic tests and investigations”.
With these enhanced financial support, it can expedite a patent’s treatment and hospital discharge.
Number 2 is to prevent the older patients from feeling “discouraged from choosing a day surgery over an inpatient stay”.
Good to ensure citizens are well supported during health crisis
This is truly a tough time where everyone is concerned about their health — no thanks to Covid-19, which has implicated a host of other medical issues.
Therefore, healthcare costs will come as a burden should we need immediate medical attention.
It’s heartening to know that the government is concerned with plights of Singaporeans and has actively implemented changes to support us in this trying time.
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