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We need to act before an IP crisis knocks on our door
Competition among insurers is pushing up healthcare costs and premiums. We need to relook the products.
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While IPs are offered by for-profit private companies, they form an important part of Singapore’s overall healthcare financing.
PHOTO: ST FILE
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Insurance companies are barely turning in profits on their health insurance products, said Health Minister Ong Ye Kung on July 12, as he urged the seven companies that offer Integrated Shield Plans (IPs) to take a cold, hard look at their business.
Many might be tempted to point out that insurance companies brought this upon themselves. In the race for customers, their benefits got more and more generous, and premiums soared to pay for them.
