Updated 02:29 PM Mar 07, 2012
SINGAPORE - Health Minister Gan Kim Yong said MediShield premiums are due for an increase soon.
Mr Gan, speaking in Parliament at the Committee of Supply debates today, said the premiums "need to be adequate to sustain MediShield members' claims and to fund future liabilities under the scheme".
"As MediShield premiums are set to be sustainable for a five-year period and the last increase was in 2008, we are due for the next update soons," said Mr Gan, noting that MediShield has paid out 21 per cent more in claims each year between 2008 and last year, during which time the premiums collected grew by only 10 per cent a year.
"Ultimately, MediShield operates on a not-for-profit basis, with premiums actuarially calculated to cover expected payouts and meet risk and reserve requirements. The reserves ensure that MediShield will be able to honour policyholders' future claims."
He said a 45-year-old may see a premium increase of S$7 per month, with younger age groups seeing a smaller increase, while a 75-year-old could see an increase of S$25 per month.
To offset these increases, a one-time Medisave top-up of up to S$33 per month was announced in the recent Budget for all Singaporean policyholders to help cushion the impact of the increase.
In addition, older policy holders who are beyond the re-employment age of 65 will receive direct and long-term assistance via Medisave top-ups under the GST voucher scheme, up to S$37.50 per month which can offset the premium increase in full. CHANNEL NEWSASIA
URL http://www.todayonline.com/Hotnews/EDC120307-0000160/MediShield-premiums-could-rise,-Health-Minister-says
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07Mar2012: MediShield premiums could rise, Health Minister says
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