Premiums will go up by an average of 22 per cent, by March 2028.
$700 million will go to enhancing means-tested premium subsidies over three years, while $3.4 billion will be given to additional MediSave top-ups.
Individuals in these groups will be eligible for premium subsidies of up to 60 per cent from Apr 1, 2025, up from 50 per cent currently. People born between 1974 and 2003, who are due to receive a one-time MediSave bonus of up to $300 in December, will see that amount increase to $500. The financial burden is especially challenging for lower- and middle-income groups, who typically have less accumulated Medisave savings and may find it difficult to keep up with rising healthcare costs, said Prof Chen, whose research areas include the economics of ageing and healthcare financing.
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