Medishield Life is a basic health insurance plan that will replace Medishield on 1 November 2015. It helps to pay for large hospital bills in Class B2 and C wards and selected treatments in subsidised outpatient clinics in public hospitals.
It will cover all Singaporeans and Permanent Residents for life including those who may have a serious existing medical condition. These are some of the improved benefits from Medishield Life.
- Same deductible as current Medishield
- Higher inpatient/ day surgery/ outpatient cancer limits
- Higher annual claim limits
- No lifetime limit
- Lower co-insurance
The increase in benefits will ultimately lead to an increase in premiums. However, premiums are distributed more evenly over time - higher premiums during working age so that it is increasing at a slower speed as we age.
One of the key considerations in rolling out Medishield Life is that no one will lose insurance coverage because they cannot afford their premiums. Hence, the government has provided significant support to keep premiums affordable.
- Premium subsidies for lower to middle-income
- Pioneer Generation subsidies
- Transitional Subsidies to ease the shift to Medshield Life for Singapore Citizens
- Additional Premium Support for those who are unable to afford
All Singaporeans and Permanent Residents will transit from Medishield to Medishield Life automatically. Hence, there are no forms to fill up and the elderly will not have to worry about the need to go through the hassle of applying to be included.
At Insurance@FSM, we have onboard health related insurance products available from different insurers. Please feel free to look through the different product factsheets and if you have any questions, you can always approach our friendly team of Investment Advisers for a more detailed discussion subsequently.
