With the end of the 12-month premium freeze, some Integrated Shield Plan (IP) insurers are set to raise their premiums for next year amid increasing medical costs and higher claims. Healthcare costs are expected to continue its uptrend for years to come. In fact, the pace of inflation for healthcare is one of the fastest across all items. This is due to demographics and longevity. Singapore ranks within the top five in the world for life expectancy.
Longevity does not mean good health however. Rich men's diseases such as diabetes, high blood pressure and high cholesterol levels are so common that they are touted as the new norm. According to Ministry of Health (MOH) statistics, hospital admission rate increases by more than 30% every five years from 55 years old onwards.
There are currently 6 insurers offering IPs in Singapore. Here are 4 ways to choose and keep your preferred coverage while taming the ever-increasing premiums:
- Enter early
- Hospital class and co-payment
- Flexible structure
- Other ways
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