- POSTED: 27 Jun 2014 11:30
- UPDATED: 27 Jun 2014 12:28
In 2015, with Government subsidies, the maximum increase in premiums will be less than S$3 a month for those in the lower-income bracket, and no more than S$6 a month for everyone else.
SINGAPORE: The MediShield Life Review Committee released details on the premiums and premium subsidies for the insurance scheme on Friday (June 27).
The Ministry of Health simultaneously published an online Premium Calculator to allow Singaporeans to calculate how much they will pay with the new scheme. Click here to visit the MOH website.
In 2015 - the first year of the insurance scheme, Singapore Citizens will receive a Transitional Subsidy covering 80 per cent of the cost - premiums will range from S$5 a month for those in lower-income households and who are below 20 years old, to S$105 for those above 90 years old living in high-income households. This group would be fully covered under the Pioneer Generation subsidies anyway.
In 2019, after the Transitional Subsidies end, those figures will rise to S$8 a month for the first group, to S$128 a month for the latter group.
The committee noted that in the first year, with Transitional Subsidies and other Government subsidies, the maximum increase in premiums will be less than S$3 a month for those in the lower-income bracket, and no more than S$6 a month for everyone else.
In the fifth year of the scheme, when the Transitional Subsidies end, the premium increase compared to current rates will be between S$7 and S$30 a month for high-income earners. Those in lower-income households will continue to receive subsidies and pay between S$3 and S$11 a month compared to today, the ministry said.
The Government on Friday accepted all of the committees recommendations for MediShield Life. Efforts will be made in the coming year to reach out and communicate the details and implications of the scheme to Singaporeans, it added.