Integrated Shield plans

 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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