Hi Mr Tan
I need to check with you if there is any regulatory body to check on the insurance premium rates in Singapore?
3 years ago, I paid $356 for hospitalization coverage, including private hospital.
Last year, they increase the premium to $898 for the same coverage but give the option to downgrade to coverage only for public hospital.
The reason was higher medical cost and more expensive claims.
I downgraded the plan and paid $296.
This year, the insurance company sent another letter to say premium now increase again! Citing the same reason
How come like that ?
REPLY
The Monetary Authority of Singapore regulate the insurance company but they do not regulate the premium rate for health insurance.
If you find the premium rate charged by the insurance company to be too high, I suggest that you move to Medishield Life, which is operated by CPF. The premium rate should be lower.
You may see an increase in premium rate when you move to a higher age band. It may not be due to increase in claims.
You can check the premium rate for Medishield Life from webpage and compare it with the premium charged by your insurer.
https://www.moh.gov.sg/medishield-life/medishield-life-premiums-and-subsidies/premium-subsidy-tables
I need to check with you if there is any regulatory body to check on the insurance premium rates in Singapore?
3 years ago, I paid $356 for hospitalization coverage, including private hospital.
Last year, they increase the premium to $898 for the same coverage but give the option to downgrade to coverage only for public hospital.
The reason was higher medical cost and more expensive claims.
I downgraded the plan and paid $296.
This year, the insurance company sent another letter to say premium now increase again! Citing the same reason
How come like that ?
REPLY
The Monetary Authority of Singapore regulate the insurance company but they do not regulate the premium rate for health insurance.
If you find the premium rate charged by the insurance company to be too high, I suggest that you move to Medishield Life, which is operated by CPF. The premium rate should be lower.
You may see an increase in premium rate when you move to a higher age band. It may not be due to increase in claims.
You can check the premium rate for Medishield Life from webpage and compare it with the premium charged by your insurer.
https://www.moh.gov.sg/medishield-life/medishield-life-premiums-and-subsidies/premium-subsidy-tables
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