New withdrawal limits for Singaporeans to pay for Integrated Shield Plan premiums using Medisave

Older Singaporeans will be able to use more of their Medisave to pay for their Integrated Shield Plan premiums.
Older Singaporeans will be able to use more of their Medisave to pay for their Integrated Shield Plan premiums.PHOTO: ST FILE

SINGAPORE - The Ministry of Health (MOH) has announced new Additional Withdrawal Limits to assist Singaporeans in paying for their Integrated Shield Plan (IP) premiums using Medisave.

MediShield Life, the new compulsory national medical insurance offered by the government, is due to replace MediShield at the end of 2015.

Those with existing IP premiums can still continue to pay for their MediShield Life component fully with Medisave.

The new limits are tailored to help Singaporeans use Medisave, up to a cap, pay for the additional premiums that come with the private insurance component of Medisave-approved IPs.

These IPs consist of two components - MediShield Life for Class B2/C ward stays and private insurance coverage for Class B1/A wards and private hospital stays.

Previously, Medisave withdrawal limits applied to the entire IP premium, but the launch of MediShield Life means that premiums will differ for policyholders in the same age band.

The new Additional Withdrawal Limits to pay for additional private insurance premiums using Medisave will be as follows:

- $300 for people whose age next birthday is 40 and below (no change from previous limit)

- $600 for people whose age next birthday is between 41 and 70 (an increase of up to $250)

- $900 for people whose age next birthday is 71 and above (a $400-$700 increase)