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Costly Integrated Shield Plans don’t bring peace of mind
Keeping healthcare costs in check will require tackling costly private hospitalisation plans.
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Instead of adding yet another round of regulation, insurers, MOH, and providers could share insights on cost drivers and claims patterns, says the writer.
ST PHOTO: GIN TAY
Wee Hwee Lin
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Singapore’s private health insurance system is in trouble – not from neglect, but from overuse. Integrated Shield Plans (IPs), meant to give Singaporeans peace of mind, are now giving insurance companies headaches.
Payouts for claims are growing faster than the premiums collected. According to the Singapore Actuarial Society, between 2014 and 2023, insurance premiums grew by 8.5 per cent annually, while gross incurred claims rose even faster at 11.9 per cent. Insurers recorded losses in four of those years – 2017 to 2019, and again in 2023.
