Demographic trends challenge IP insurers’ sustainability
Singapore is expected to reach ‘super-aged’ status this year, and an ageing population will suffer more chronic diseases and need healthcare
Add BT as a preferred source
[SINGAPORE] All seven insurers that offer Integrated Shield Plans (IPs) have just rolled out new-design riders. In line with the Ministry of Health’s requirements, the riders no longer cover the deductible portion of the hospital bill, and the co-payment cap rises from S$3,000 to S$6,000.
The new riders are on average around 30 per cent cheaper than older riders, and savings could be even more substantial depending on the insurer.
For policyholders, the trade-off is higher out-of-pocket expenses. Making policyholders pay a larger share of a hospital bill is expected to curb overconsumption of healthcare.
TRENDING NOW
DBS completes US$1 billion significant risk transfer deal, a first for Singapore bank
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
Singapore private housing is ‘decoupling’ from HDB market as buyer pools diverge: NUS survey
Not in education, employment or training: Why more Hong Kong youths are opting out of work
