Over 40% increase in premiums but claims under Medishield Life only increase 14%

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The Ministry of Health (MOH) said today that in the month of December 2015, a total of S$37.2 million was approved to meet 27,700 MediShield Life claims. That is an increase of 14 per cent over the average monthly claim amount approved under MediShield in 2014.

The figures mean that each claimant on an average received about $1343.

Medishield Life may further ease the financial burden for certain patients who have to depend on medication for a lifetime, or are on dialysis. The report did not say what is the impact of Medishield Life on medical bills for acute hospitalisations.

“One of the biggest concerns among Singaporeans is the rising cost of healthcare and, in particular, the fear of being slapped with a hefty medical or hospital bill in one’s later years as critical illnesses such as cancer become more common,” said Ronald Lee, Managing Director of PrimeStaff Management Services Pte Ltd in speaking to the Business Times in 2014. It is unclear how much more Medishield Life has alleviated this concern as compared to the previous scheme, Medishield.

It was previously reported that Medishield Life only paid $300 of a $5,000 bill in a case of acute hospitalisation.

Medishield
Use the MediShield Life Premium Calculator to estimate how much premiums you will need to pay for yourself and/or your household.

Premiums payable under Medishield Life are considerably higher than in the previous scheme.