Integrated Shield premiums are set to increase in September 2024. How does this affect me?

What is Integrated Shield Plan?

All Singaporeans and Permanent Residents (PRs) are automatically enrolled into MediShield Life, a basic health insurance plan that covers for the cost of treatment in public hospital at B2/C ward types. If you are happy to only receive treatment in Class B2 or C ward at public hospitals, then MediShield Life may be sufficient for you.

However, if you would like to receive more comprehensive hospitalisation coverage, you may wish to opt for an Integrated Shield Plan. Integrated Shield Plan enhances the basic coverage offered by MediShield Life by providing coverage for treatments for A/B1-type wards in public hospitals or at private hospitals. This allows you to seek treatment at private wards, and enjoy as-charged coverage for selected pre and post inpatient and outpatient treatments.

TLDR; Enhance your hospitalisation coverage with Integrated Shield Plan if you…

Would like to stay in private wards, and wish to choose your own doctor for treatment

Would like to increase your yearly claimable amount

Want as-charged coverage for selected pre and post inpatient and outpatient treatments

Changes to Integrated Shield Plan premiums

In September 2022, the Life Insurance Association (LIA) announced that all seven Integrated Shield Plan providers will not change their premium rates for two years. However, this freeze on premiums is set to end on 31 August 2024. This means that you are likely tomay experience higher premiums at your next policy renewal.

What we know – as of 23 August 2024:

Affording your Integrated Shield Plan

While the upcoming increase in premiums may be concerning, did you know that you could can potentially use MediSave to cover the cost of your integrated shield plan?

Integrated Shield Plan enhances the basic coverage offered by MediShield Life and can be purchased from a private insurer. These plans are payable using MediSave up to the Additional Withdrawal Limits (AWLs). AWLs will differ by age, and any excess premiums will need to be paid in cash.

Additional Withdrawal Limits by age:

An illustration:

Enhanced IncomeShield or IncomeShield

As shown in the image below, individuals are able to use their AWLs to fully cover the premiums needed for Enhanced IncomeShield Preferred up to the age 40, or for Enhanced IncomeShield Basic up to the age of 75.

Raffles Shield

Alternatively, individuals who opt for Raffles Shield can use the AWLs to fully cover their premiums for Raffles Shield Private up till age 50, or for Raffles Shield B up to age 75.

Singlife Shield

Whereas for Singlife, individuals can enjoy $0 cash outlay for Singlife Shield Plan 1 up to age 30, or for Singlife Shield Plan 3 up to age 65.

Integrated Shield Plans available on FSMOne:

Income - Enhanced IncomeShield

Raffles Health Insurance - Raffles Shield

Singlife - Singlife Shield

If you would like to enhance your coverage with Integrated Shield Plan, or would like to make changes to your plans to better utilise your Additional Withdrawal Limits, you may reach out to us here.

However, if you already have your Integrated Shield Plan, you might like to consider iFAST Digital Term to complement your remaining protection needs. Available online on FSMOne, you can easily DIY your coverage in just a few minutes.

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Enjoy up to 45% commission rebates when you apply through us

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^{Information obtained from:}

^{https://www.lia.org.sg/media/3554/lia-media-release-ip-support-for-policyholders.pdf}

^{https://www.income.com.sg/kcassets/2a30f5fc-c64d-4c30-8818-ca0ffaf93e98/Premium%20Table%20for%20Enhanced%20IncomeShield%20and%20IncomeShield%20Standard%20Plan.pdf}

^{https://www.raffleshealthinsurance.com/wp-content/uploads/2021/03/Raffles-Shield-Product-Summary-1-April-2024-Finalv1-1.pdf}

^{https://singlife.com/content/dam/public/sg/documents/medical-insurance/singlife-health-plus/Singlife-Shield-HealthPlus-PremiumRates.pdf}

^{Information retrieved on 23 August 2024.}

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