SINGAPORE - Delaying the increase in MediShield Life premiums would only result in steeper hikes down the road to catch up with rising claims, said Senior Minister of State Koh Poh Koon on Monday evening .
The increase will pay for a wider range of benefits - such as raising the yearly claim limit from $100,000 to $150,000 - as well as rising healthcare costs. It is the first time that MediShield Life premiums will go up since the scheme was launched five years ago. The impending fee hike has sparked a strong reaction from the general public. Some asked why premiums had to go up so soon after the scheme's launch, while others questioned the impact that the increase would have on private Integrated Shield plans , which build upon what MediShield Life has to offer.
In his Facebook post on Monday, Dr Koh said total premiums are higher than current payouts because some diseases currently under treatment will require multi-year care, such as renal failure and cancer. Over the last four years, annual payouts under MediShield Life have increased by 40 per cent, he said. Meanwhile, the number of claimants has gone up by 30 per cent, while the average payout per claimant has gone up by 7 per cent.More on this topic Addressing questions raised over higher premiums for older people, Dr Koh said it is expected for premiums to rise with age. This is because people are more likely to make claims as they get older.
Show me all the surpluses plus accrued interests from all past medishield collected since its inception
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