Why are so many Singaporeans over-insuring when it comes to their healthcare costs?
Private insurance claims and premiums keep rising. To stop this trend, reinstate deductibles and expand the MediShield Life coverage to B1 wards.
Given that so many people are buying private insurance cover, it is clear that many people view MSL coverage as not enough. Hence, one of MOH’s priorities is to expand MediShield Life coverage and increase its limits. The trouble, as Mr Ong said, is that absolute peace of mind is very costly, but Singaporeans may not be aware of it.
To protect insurers, a waiting period can be imposed for new cover. This is the practice in Australia, where private insurance sits on top of the state-funded Medicare system. When you switch insurers, you typically wait 12 months before your existing condition can be covered. This deters patients from opportunistic shopping for the best coverage after a serious diagnosis, while allowing them a greater choice of insurer.
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