MediShield Life: How will you benefit from it?

Source: The Sunday Times, 20 Jan 2015

Source: The Sunday Times, 20 Jan 2015

MediShield Life, when roll out in end of this year, is a compulsory healthcare insurance scheme which covers all Singaporeans for life which will replace MediShield. The key differences between MediShield and MediShield Life are:-

  • Covers everyone, including those with pre-existing conditions that are not covered under MediShield.
  • MediShield Life has higher claim limits for hospital bills and outpatient cancer treatment.
  • The initial lifetime claim limit has been removed in MediShield Life.

There are 3 premium subsidies with different eligibility – transitional subsidies for all Singapore Citizens, premium subsidies for lower to middle-income earners and special premium subsidies and Medisave top-ups for the pioneer generation for life. Premium subsidies for lower and middle-income households are applicable to Singapore citizens and permanent residents with a monthly per capita household income of less than $2600, and households with an annual income of $21,000 or less. The government will provide additional financial assistance for those who cannot afford premiums even after subsidies to keep all Singaporeans in MediShield Life. Those with severe pre-existing conditions will have to pay 30% higher premiums for 10 years.

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Over the years, the higher cost of living and higher medical bills has led to the government to revamp and introduce enhanced policies. This year, MediShield Life will replace MediShield to cover more Singaporeans regardless of their income. Do you think that having MediShield Life is sufficient for your hospitalization coverage or do you prefer to fork out more money on your own to get fully comprehensive hospitalization coverage?

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