Singapore:Govt to look into making private health plans fully portable

The Ministry of Health (MOH) will study whether Integrated Shield Plans (IPs) can be made fully portable, but doing so could result in higher premiums, said Senior Minister of State for Health Koh Poh Koon in Parliament yesterday. The ministry will look at examples from abroad, he added.

IPs offer private insurance coverage on top of MediShield Life, Singapore's national government-run health insurance scheme. People may also purchase riders that typically cover the deductible and co-payment portion of the medical bill.

"MOH recognises that some policyholders may wish to switch insurers, whether for more competitive premiums or for better benefits such as access to more panel doctors, but are unable to do so because of pre-existing conditions," said Dr Koh.

“However, insurers may potentially need to increase the premiums significantly for all policyholders to price in the increased risk they assume for portable IP that covers pre-existing conditions." Currently, about 70% of Singapore residents have IPs.

Source: Asia Insurance Review

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