Insurers brush off impact of higher MediShield Life premiums

[SINGAPORE] Changes to MediShield Life, which kick in on Tuesday (Apr 1), may place some strain on insurance players who offer the associated Integrated Shield Plan (IP), but some industry players said they do not expect a significant impact on insurance businesses.

But at least one insurer has implemented moves to mitigate the effects of the changes on its portfolio.

Insurance players said they will continue to monitor the effects as the changes kick in gradually.

Starting in April, claim limits for the mandatory national insurance scheme will be increased, and coverage will be expanded to include additional outpatient treatments and new therapies.

As a result, premiums for the scheme will rise by up to 35 per cent over a three-year period, under the changes announced in October last year.