Five in seven insurers to jack up private hospital premiums under Integrated Shield Plans - some by double digits
AIA, Income Insurance, Singlife, Great Eastern, Prudential will raise premiums with end of 2-year moratorium; there’re 7 insurers that offer IPs
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FIVE of the seven insurers with Integrated Shield Plans (IPs) will raise the premiums of private hospital plans, following the end of the two-year moratorium on premium hikes at end-August.
They are AIA, Income Insurance, Singlife, Great Eastern and Prudential; AIA and Singlife – are focused only on private hospital plans. Singlife is understood to be reducing premiums for some age bands, and raising for others.
Income, however, will raise IP premiums across all its IP ward types – as a “strategic measure” to maintain the long-term sustainability of its IP portfolio, it said. For restructured hospital plans, this is the first increase in nine years. For Class A and private hospital plans and riders, it has enhanced cancer cover for multiple cancers.
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