At long last: MOH approves MediShield Life upgrades

$4b subsidies are in the pipeline.

The government has approved all the recommended changes to MediShield Life, the Ministry of Health announced today.

In a statement, the MOH declared that the Government will provide close to $4 billion in subsidies and other forms of financial support over the next five years.

“To help Singaporeans with their MediShield Life premiums, the Government will commit close to $4 billion over the next five years in premium subsidies and other forms of support. Pioneers will enjoy special MediShield Life subsidies of between 40% and 60%. They also enjoy annual Medisave top-ups of up to $800 which can be used to pay for premiums,” the MOH said.

Here’s more from the statement:
Additional Premium Support for the Needy: For the needy who are unable to pay for their net premiums after the various premium subsidies and Medisave top-ups, they can receive Additional Premium Support from the Government, for up to full coverage of their premiums, similar to Medifund for healthcare bills. No Singaporean will lose MediShield Life coverage due to financial need.

Transitional Subsidies for Singapore Citizens: To ease the shift from MediShield to MediShield Life, the Government will also provide transitional subsidies for all Singapore Citizens for the first four years of MediShield Life.

In the first year of MediShield Life starting end-2015, Government will subsidise 80% of the net increase in premiums (after taking into account premium subsidies), followed by 60%, 40% and 20% in the second, third and fourth year of MediShield Life respectively.

With the substantial Government subsidies and support, premiums will be more affordable for most Singaporean households:

In the first year of MediShield Life, with the premium subsidies and first year transitional subsidies, the maximum premium increase will be less than $3 per month for the lower income, and no more than $6 per month across all ages and income groups;

In the fifth year of MediShield Life, after transitional subsidies have been phased out, the maximum premium increase compared with MediShield premiums today will be $30 per month for the high income.

Singaporeans from lower-income households will continue to benefit from premium subsidies and premium increases from MediShield premiums today will be no more than $11 per month.

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