SINGAPORE - Four leading private health insurers in Singapore are launching revised Integrated Shield Plan (IP) riders on April 1, with premiums slashed by 16% to 55%. The move follows new guidelines from the Ministry of Health (MOH) aimed at curbing rising healthcare costs.
Under the updated framework, new riders will no longer cover minimum deductibles ranging from S$1,500 to S$3,500, depending on ward class. Co-payment caps have also increased from S$3,000 to a minimum of S$6,000 annually.
Insurers including AIA, Prudential, Great Eastern, and Income Insurance have rolled out compliant rider products. Prudential’s new offerings are at least 30% cheaper, with some nearing a 55% drop. AIA reported a uniform 30% reduction across all age groups, while Income noted average savings of 47% for restructured hospital plans.
For example, a 50-year-old buying Great Eastern’s private hospital plan now pays S$1,700 annually-down from S$2,925. For its restructured A Ward plan, the cost dropped from S$419.65 to S$210.
While basic hospital coverage remains stable, some insurers added perks. Prudential offers a S$100,000 policy limit for critical illnesses and a 12-month premium waiver during unemployment. Income includes coverage for advanced cell and gene therapies not listed under MOH’s CTGTP benefit scheme.
Despite lower premiums, out-of-pocket expenses may rise for high-cost treatments. Illustrative data shows that under the new plans, a S$150,000 bill could result in patient payments of up to S$9,500-higher than before in some cases.