MEDIA RELEASE STATEMENT
MEDISHIELD LIFE ENHANCEMENTS
Singapore, 18 October 2024
The Government announced on 15 October 2024 that it has accepted the MediShield Life Council’s recommendations for the MediShield Life 2024 review. Recommended enhancements to MediShield Life (“MSHL”) will be implemented progressively from April 2025, together with a set of premium support measures.
Singapore Actuarial Society (“SAS”) supports the enhancements announced by Government as they help MSHL stay true to its original mission to fund large medical bills. Adjustments to policy year limits and deductibles are timely to match increases in bill size due to inflation; and the resultant impact on premium appears reasonable. To ensure that the scheme parameters remain continuously relevant, SAS recommends that, going forward, adjustments be made to the MSHL limits, deductibles and premium rates annually using annualised rates determined during each MSHL review, instead of through large step increases once every 4-5 years at the end of each review cycle. Such annualised rates should be modified after each MSHL review based on the latest data. An annualised rate of premium increase provides the public a useful anchor for budgeting and setting investment goals to fund future health insurance premiums. It also helps insurers providing Integrated Shield Plans (“IPs”) set premium rate more accurately instead of having to price in buffer to cope with uncertainty over the size of change after each MSHL review.
SAS welcomes measures to encourage right-siting of care by adjusting limits to outpatient and community hospital claim limits, and including new outpatient treatments. Avoiding unnecessary stays in high-cost acute hospital setting is crucial in containing healthcare cost increases.
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Read more of the media release statement here
About Singapore Actuarial Society
The SAS was founded in 1976 and as the recognised representative body of the actuarial profession in Singapore, SAS has the final authority in setting professional standards.
SAS’ objectives are to:
- Set and uphold high professional standards among members;
- Further the professional development of members;
- Serve the public interest by promoting the study, discussion, publication and research into the application of actuarial, economic, financial and statistical principles to practical problems related to insurance, retirement benefits, finance and investment, risk management and other fields where such principles can be applied, with particular reference to Singapore and the ASEAN region;
- Assist members during actuarial studies; and
- Foster and encourage social relationship among members
SAS provides its 1,000+ community with many opportunities and linkages to other Asian and global actuaries, including opportunities to work collegially on cutting edge regulatory, industry and public interest issues. Through our many forums, events and the annual flagship conference, the Singapore Actuarial Conference, we showcase and feature world renowned speakers combining different actuarial practice areas with an international focus in Life Insurance, General Insurance, Data Analytics, ERM and Retirement.
Serving the public and the actuarial profession is in SAS’ constitution and the SAS aims to build long lasting relationships with government agencies through regular touchpoints and relationships at senior levels. We have built working relationships with the Singapore financial regulator - the Monetary Authority of Singapore (MAS), Ministry of Health (MOH), and Ministry of Manpower (MOM).
SAS’ engagements with government agencies include providing commentary on policy changes, advising government agencies on insurance-related topics, regulation and professional actuarial standards.
On the international front, SAS is a Full Member of the International Actuarial Association (IAA) and has active representatives to contribute to various IAA committees. Notably, the SAS currently has representatives in the IAA Council and the Strategic Planning Committee, on top of several sections and task forces.
Media Contact
Singapore Actuarial Society
Mazuin Roslee
Planning and Digital Manager
Mobile: +65 91314551
Email: planning_events@actuaries.org.sg