The government has just announced details about the new Medishield Life medical insurance scheme for all Singaporeans.
Basically, the objectives of Medishield Life are:
- More payout for large bills – you pay less for large bills
- Coverage for everyone, regardless of age and pre-existing medical conditions, and even if your health circumstances change
Claim limits (e.g. for surgery) will be adjusted upwards – a good thing. The current lifetime claim limit of $300k will be removed entirely.
Co-insurance, aka co-payments, will be lowered.
However, all this means that the insurance premiums will be higher. To help offset costs, the employer contribution to Medisave will rise by 1 percentage point starting from 2015.
To see more of such posts, please Like our Facebook page: