There was a 5% drop in the proportion of people who had the highest Integrated Shield Plan tier.
Nurses at Parkway East Hospital, a private healthcare facility. There was a 5 per cent drop in the proportion of people who had the highest IP tier, for coverage of treatment in private hospitals.
Also, between 2020 and 2023, 2.2 per cent of people over the age of 60 gave up their IPs, falling back on the basic MediShield Life. MediShield Life is designed to cover subsidised treatment at public hospitals. Those who prefer private care can buy additional IP coverage. More than 70 per cent have done so.
Premiums go up with age and tend to rise faster in the later years when people are more likely to need expensive hospital treatments. Depending on the insurer and plan, premiums can exceed $10,000 a year for those aged 80 to 90. Cash payment can kick in from around the age of 60.The most expensive IP would cost a person $323,900 over a lifetime of 100 years, according to MOH.
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