A quick look at what premiums would be like with enhancements to MediShield Life

Patients waiting for their medicine at the pharmacy of Tampines Polyclinic. -- PHOTO: ST FILE
Patients waiting for their medicine at the pharmacy of Tampines Polyclinic. -- PHOTO: ST FILE

SINGAPORE - The enhancements to MediShield Life will result in changes to premiums paid. The examples below give an idea of what the premiums will be like.

For a lower income Singaporean nuclear family (two adults and two children) with a monthly income of $2,000 and monthly Medisave contribution of $180, their net indicative premiums for the whole family will be about $32 per month after premium subsidies for the lower income and first year transitional subsidies.

After the transitional subsidies are phased out after 4 years, the net premiums for the whole family, after premium subsidies for lower-income, will be about $55 a month, which is within their monthly Medisave contribution.

For a middle income Singaporean nuclear family (2 adults and 2 children) with a monthly income of $5,000 and monthly Medisave contribution of $450, their net indicative premiums for the whole family will be about $33 per month after premium subsidies for the lower income and first year transitional subsidies. After the transitional subsidies are phased out after 4 years, net premiums for the whole family after premium subsidies for lower-income, will be about $59 a month.

For a middle income Singaporean extended family (2 adults, 2 children and 2 grandparents who are younger than the Pioneer Generation, with a monthly income of $8,000 (dual income and monthly Medisave contribution of $720, their net indicative premiums for the whole family after premium subsidies for the lower income and first year transitional subsidies will be about $111 a month. After the transitional subsidies are phased out in 4 years, net indicative premiums for the whole family after premium subsidies for lower-income will be about $147 a month.

For a typical Pioneer Generation retiree household, they will see a decrease in their total payable premiums.

The Committee will be finalising its recommendations and premium details over the next month.