1. Covers Everyone
All Singapore Citizens and Permanent Residents
Even if you have pre-existing conditions
Even if you have been rejected by insurers
Those with pre-existing conditions to pay higher premiums reflective of their higher risks, at an additional 30% for a period of 10 years
Currently insured Singaporeans pay no more than 3% increase from current premiums as a result of universal coverage
Everyone shares in the national risk pool and plays a part in supporting pooled healthcare costs
2. Protects You for Life
Previously up to age 90.
Singapore’s life expectancy is one of the highest in the world. Average life expectancy stood at age 82 in 2013. Women live longer to age 85 and men to 80 according to data from Department of Statistics Singapore. If history has anything to go by, we could be expected to live to the ripe old age of 120 by the time our turn comes.
MediShield Life pays more of your bills. You pay less.
Remove lifetime claim limit of S$300,000
Increase annual claim limit by 40%, from S$70,000 to S$100,000
Increase the daily claim limits for normal wards and ICU wards by up to 55%
Increase the claim limits for surgical procedures by between 25% and 93%
Increase the claim limits for outpatient cancer chemotherapy and radiotherapy treatments
Increase daily claim limits for community hospitals by 40%, from $250 and $350
Lower co-insurance rates from current range of 10 - 20% to 3 - 10%
Collectively, these enhancements will lead to a higher payout from Medishield Life and patients will pay less.
4. Premiums will Increase
Better benefits = Higher premiums
Pay more when working = Pay less in retirement
Annual premiums range from $130 to $1,530 dependant on age as compared to previous $50 to $1,190 up to age 90.
5. Premiums fully payable by Medisave
At least this will alleviate any worries of Singaporeans having to pay this by cash out of their own pocket
6. Government will provide support
Premium Subsidies
- For Pioneer Generation
- For Lower-income
- For Middle-income
- For All Singaporeans up to 2018
- For Pioneer Generation for Life
- For those aged between 55 to 64 in 2014 (5 years)
7. No one will lose coverage due to financial need
Additional financial assistance for those who cannot afford premiums even after subsidies
8. No need to apply
MediShield Life will start at end 2015
Automatic Inclusion for Singapore Citizens and Permanent Residents
Conclusion
In all, we have to applaud this bold healthcare reform proposed by the Government given the ageing population and the changing demographics going forward. This will likely result in an increase in healthcare costs but this is the price that we have to pay if we want everybody to have access to affordable healthcare regardless of health and financial situation. The society has to be mature enough to accept cross subsidisation across different groups for the greater good. However, the sustainability of such a model may be questionable as it may become a huge burden to the younger generation. Currently, we have a dependency ratio of six working adults to one elderly citizen above age 65. This dependency ratio is expected to fall to two working adults to one elderly citizen by 2030 according to the Population White Paper 2013. It will be up to the Government to tweak its policies so that a fine balance can be achieved.
Please refer to the website for more details.
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