Debated in Parliament on 15 Oct 2024.
Mr Gerald Giam Yean Song asked the Minister for Health given that the moratorium on Integrated Shield Plan premium increases has ended, whether the Ministry will be providing guidance to insurance companies on (a) the quantum and range of increases in premiums they may make; and (b) set the permissible frequency and quantum of future increases.
When the Government implemented the Cancer Drug List (CDL) policy from 1 September 2022, the Ministry of Health (MOH) discussed with the insurers, who agreed to implement a two-year moratorium on Integrated Shield Plan (IP) premium increases from 2 September 2022 to 31 August 2024. This was in view of the CDL being a significant policy change to reduce the cost of cancer drugs, and hence claims, and to better support policyholders through the transition period.
MOH currently regulates the key parameters of IPs, such as the co-payment and deductible, to ensure these products can function sustainably as a key part of our healthcare financing system. However, IPs remain private products. Insurance companies compete in a competitive market and the products need to remain commercially viable. Therefore, MOH’s general practice is not to regulate aspects, such as premiums, service quality or underwriting, which are integral to market competition.
MOH encourages Singaporeans to make informed decisions about health insurance purchases, taking into consideration their preferred healthcare choices and whether they would be able to continue paying premiums in future. We will continue to publish information on IP premiums and coverage to facilitate consumers in making informed decisions.
Regardless of IP coverage, all Singapore Citizens and Permanent Residents are covered by MediShield Life, which will be adequate for subsidised care in public hospitals.
PAPERCUTS