- POSTED: 09 Jul 2014 11:52
- UPDATED: 09 Jul 2014 13:05
The five Integrated Shield Plan insurers – AIA, Aviva, Great Eastern Life, NTUC Income and Prudential – will re-evaluate and re-assess their plans after one year.
SINGAPORE: Integrated Shield Plan (IP) insurers have promised not to increase premiums for the top-up portion of plans covering Class B1 and A wards of public hospitals for one year following the implementation of MediShield Life, the Life Insurance Association of Singapore (LIA) said on Wednesday (July 9).
“This will allow for a smooth transition as all renewals of these IPs during the one-year period will see no increase in the premiums for the top-up portion,” LIA President Dr Khoo Kah Siang said, adding that the insurers will re-evaluate and re-assess their plans after one year.
The five IP insurers are AIA, Aviva, Great Eastern Life, NTUC Income and Prudential.
"This commitment is based on the assumption that there is no significant change to the regulatory and competitive environment," Dr Khoo said.
According to LIA, current Class B1 plans are subject to review including the top-up premiums, in consultation with the Ministry of Health (MOH) and other authorities as part of deliberations to develop key features for a standardised IP focused on Class B1 coverage.
For plans covering private hospitals, IP insurers will take into account the effect of MediShield Life benefit enhancements, in addition to other important factors including past claims experience, projected future medical inflation rate and claims usage, Dr Khoo said, without providing details.
“IP insurers will actively engage with policy-makers such as MOH, the healthcare industry and relevant organisations to combat medical inflation and better manage costs,” he added.