On March 26, the Central Provident Fund Board (CPFB) and the Ministry of Health (MOH) introduced a new online tool designed to help Singaporeans better understand the health insurance premiums they will need to pay, and how much MediSave funds and out-of-pocket cash they will need for long-term coverage.
The tool, named the Health Insurance Planner, is now available on the CPF website. It allows users to receive personalized projections of their MediSave savings and health insurance premiums over the long term.
A key feature of the planner is its ability to compare Integrated Shield Plans (IPs), which are offered by private insurers. Users can examine the key benefits, features, and premiums of various IPs tailored to their preferred ward type. Approximately 70% of Singaporeans are currently covered by IPs.
Additionally, the tool provides projections of users’ premiums over a 30-year period, or until the age of 90. It will also display the increase in out-of-pocket cash expenses with the inclusion of a rider plan, as premiums for riders are paid solely in cash.
Health Minister Ong Ye Kung emphasized the importance of the tool in a short social media video posted on March 26. “The planner helps you visualize how your MediShield Life premiums, IPs, and riders will add up, and how this impacts your MediSave and CPF savings,” he explained. “It also enables comparisons across different insurers and plans, empowering you to make the most informed decision.”
To use the tool, individuals will need to enter specific details, such as their chosen IP and rider, as well as the number of years remaining to pay for their CareShield Life and ElderShield Supplements, if applicable.
To ensure the tool remains accurate and up-to-date, the MOH and CPFB will refresh the data on premiums and benefits every January.
The MOH has previously advised the public to regularly reassess whether the premiums they pay align with the healthcare coverage they need, especially as private insurers have recently raised premiums for both IPs and riders.
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