SINGAPORE - A portion of MediShield Life premiums paid by working adults is set aside for the future to moderate premium increases as people age, said Senior Minister of State for Health Koh Poh Koon on Monday .
Dr Koh was responding to questions from seven MPs on both sides of the House, who had asked about issues such as the Government's justification for the impending premium increase, and the affordability of premiums for vulnerable groups. "Premiums collected have to cover potential current and future payouts, including amounts set aside to support future commitments, as well as provide a buffer against unforeseen contingencies such as unexpected spikes in hospitalisations due to disease outbreaks," Dr Koh said.
More on this topic The average incurred loss ratio of the MediShield Life fund from 2016 to last year was 104 per cent, he noted. This means premiums collected were slightly less than the total amount required for current claims and future commitments under the scheme. He also broke down premium increases under the scheme, noting that annual payouts under MediShield Life have increased by 40 per cent, while the number of claimants has gone up by 30 per cent.
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