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New Medisave additional withdrawal limits to help pay for IP premiums
THE Health Ministry (MOH) has announced new Medisave additional withdrawal limits (AWLs) which will help Singaporeans pay for part or all of their Integrated Shield Plan (IP) premiums using Medisave.
The Medisave-approved IPs comprise MediShield/MediShield Life for Class B2/C ward stays, and an additional private insurance coverage for Class B1/A wards as well as private hospital stays.
When universal health coverage MediShield Life replaces the existing MediShield end-2015, Singaporeans will be able to fully pay for their MediShield Life premiums using Medisave. No out-of-pocket payment is required for MediShield Life premiums.
The new AWLs, up to cap, will then be used to pay the additional premiums for the private insurance component of the IPs. They are on top of the Medisave amount used for MediShield Life premiums.
The AWLs are:
- S$300 for those who turn 40 years and below at their next birthday;
- S$600 for those who turn 41 to 70 years at their next birthday; and
- S$900 for those who turn 71 years and above at their next birthday.
This differs from the current approach where the Medisave withdrawal limits apply to the MediShield premium as well as the additional private insurance portion.
The expected impact on the IP policyholders is based on premiums in 2015. The new AWLs will apply to all IPs being renewed or commencing from the launch date of MediShield Life.