Integrated Shield Plans (IPs) in Singapore offer additional coverage beyond the basic MediShield Life, with premiums varying based on factors such as age and the level of coverage. For individuals aged 70 and above, premiums can be substantial, especially for plans covering private hospital treatments. According to the Ministry of Health (MOH), lifetime premiums for private hospital IPs can amount to S$323,900, excluding riders.
In recent years, there has been a notable increase in IP premiums. Following the end of the premium freeze by the Life Insurance Association (LIA) on August 31, 2024, nearly all insurers raised their premiums for private medical IPs and riders. For instance, at least one insurer increased IP premiums for private wards by an average of 21% without riders and 35% with riders. For restructured hospital base plans, the increases were 14% without riders and 23% with riders.
These rising premiums have led some older policyholders to reconsider their coverage. Between 2020 and 2023, 2.2% of individuals over the age of 60 relinquished their IPs, reverting to the basic MediShield Life. This trend is attributed to the escalating premiums and the limitations of MediSave in covering the annual payments.
It's important to note that premiums vary among insurers and depend on the specific plan and coverage level. For precise and up-to-date premium information, especially for those aged 70 and above, it's advisable to consult directly with the respective insurance providers or refer to the latest resources from the Ministry of Health.
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8 comments:
The cost of living was indeed cheaper in the past, primarily because many modern gadgets and technologies we rely on today were either nonexistent or not as widely used. Back then, households often didn't have to spend money on smartphones, tablets, streaming services, or the latest appliances. Instead, people focused more on basic needs and simpler forms of entertainment, which often cost less.
Additionally, many people made do with items they already owned or found ways to entertain themselves without needing the latest technology. This simpler lifestyle often meant lower overall expenses. As the demand for gadgets and advanced technology has increased over the years, so has the overall cost of living, as people feel pressured to keep up with the latest trends and [conveniences?] and all these cost money and maintenance.
People living in new condos tend to spend less money. The master bedroom only has a 2-door wardrobe, which can only accommodates one handbag and about ten pieces of clothing. A queen-size bed is definitely cheaper than a king-size bed.
In the kitchen area, one microwave oven takes up the whole kitchen top. That
saves money on buying any other utensils.
In the living area, only can buy one piece multi function furniture. Everything small size cost less money.
In the past, a 700 sq ft space equated to 1 bedroom. Now, the same size can accommodate 2 bedrooms plus a study.
Some carparks also trim the size for individual parking. So if you are a fat person who needs to open car door big big to get out or in, its better to find a corner space or avoid the place altogether.
The older generation often invests years into building traditions, values, and structures that shape society. Meanwhile, younger generations can sometimes challenge or dismantle those systems in a matter of months, driven by new ideas, technologies, and social movements.
Shopping malls, areas that were originally designed for pedestrian traffic have
now been converted into more stalls and retail units that can be rented for
higher prices, resulting in less space available for shoppers. It seems that
profit takes precedence! Once one mall adopts this approach, others quickly
follow suit. That is why we seldom go out. You walk bang into the wrong
person, he KNNBCCB you. Not worth the stress.
In a country where space is a luxury;
In this claustrophobic society, the struggles for space, both physical and emotional, as they navigate a country that constantly reminds them of their suffocation.
Lesson learnt from experience.
Bought a jacket which was going for a very good promotional offer.
Last December used it while travelling to a cold country.
On returning home sent for cleaning as not sure when the next usage will be.
Was surprised that most dry cleaners do not accept clothes with some leather.
After going around and finally found one who was willing to accept the cleaning and quoted a fee of $59 excluding GST.
As I bought it cheap but unwilling to keep paying $59 for dry cleaning every time I used it, I donated it to the Salvation Army.
When things look too good to be true, don't buy it.
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