Medishield Life Summary

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.

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