Medical insurance can be very costly, when you get old

An Australian actuary was surprised to learn that medical insurance premium in Singapore increase with age. He asked, "how is the old folk able to afford paying the premium, which will be very expensive? "

Here is my reply.

NTUC Income offers premium rates at a more affordable level. We offer a choice of 4 plans.

At a younger age, the policyholder can opt for a better plan (eg plan P or plan A) and pay a higher premium. The premium rate is still affordable, ie less than $300 a year.

When the policyholder retires after age 60, the premium can be quite steep, more than $1,000 a year. At that time, the policyholder can move to a lower plan (eg plan B or plan C) and pay a lower premium (compared to plan P or plan A).

Most of the other insurers charge premium rates that are 20% to 50% higher than NTUC Income. Their premium rates will be very expensive at the older ages. It could be $3,000 or more a year.

Advice: take your medical insurance from NTUC Income. We will keep it affordable for you.