Rise in MediShield Life premiums brings home the realities of an ageing society
As the government has warned, the costs of demographic change will be borne by society as a whole
TUESDAY’S announcement of upcoming hikes in MediShield Life premiums might have been unwelcome to some, but is perhaps not much of a surprise. The hike in premiums is to support the raising of claim limits, in tandem with rising healthcare costs – and the issue of rising healthcare costs is far from new.
The MediShield Life changes include a higher policy year claim limit; higher daily limits for ward stays; and enhanced outpatient coverage, including higher claim limits for kidney dialysis treatment and the addition of coverage for outpatient treatments such as home-based medical care.
The higher premiums are accompanied by a hefty S$4.1 billion in support, to soften the blow. Comprising S$3.4 billion in MediSave top-ups and S$700 million in premium subsidies, the aid is expected to offset premium increases for more than 90 per cent of Singaporeans in the next three years.
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