ALL five life insurers offering Integrated Shield Plans (IPs) have committed to not increase the premiums for the additional private insurance coverage portion for 12 months.
This initiative reflects the life insurance industry's efforts to facilitate a smooth transition for IP policyholders during this period as the Ministry of Health (MOH) moves towards providing Singaporeans with healthcare coverage for life, said the Life Insurance Association Singapore on Friday.
The increase in coverage from MediShield Life is expected to reduce claims payout from the top-up portion of IPs.
For IPs targeting public hospital class A/B1 wards, the proportion of claims payout from the additional private insurance coverage portion is estimated to reduce by about 14 percentage points. For IPs targeting private hospital wards, the proportion of claims payout from the additional private insurance coverage portion is estimated to be reduced by a smaller amount, of about six percentage points.