Online tool helps S’poreans see if their health coverage meets needs, financial ability
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The Health Insurance Planner can be found on the CPF website.
ST PHOTO: CHONG JUN LIANG
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SINGAPORE – An online tool to help Singaporeans better understand how much MediSave funds and cash outlay they will need to support the health insurance coverage they want in the long term was launched by the Central Provident Fund Board (CPFB) and the Ministry of Health (MOH) on March 26.
The Health Insurance Planner can be found on the CPF website at https://www.cpf.gov.sg/member/tools-and-services/planners/cpf-planner-health-insurance
It allows users to see their long-term, personalised projections of MediSave savings and health insurance premiums.
They can also use it to compare key benefits, features and premiums across Integrated Shield Plans (IPs) for their preferred ward type. Seven in 10 Singaporeans have IP plans, which are offered by private insurers.
In addition, they can use the tool to project their long-term premiums – up to 30 years or until the age of 90 – for their selected IP and its corresponding rider.
They will be able to see how much their out-of-pocket cash expenses will increase with a rider plan. The premiums for riders can be paid only in cash.
The planner is intended to give users a better idea of whether their current insurance plans are appropriate for them.
In a short video posted to social media on March 26, Health Minister Ong Ye Kung said the planner aims to help Singaporeans visualise how their premiums for MediShield Life, IPs and riders will add up and how this will affect their MediSave and CPF savings.
“It allows you to compare premiums across different insurers, across different plans, so that you can make the most informed decision,” Mr Ong said in the one-minute video.
To use the planner, users will need to input details such as the name of their IP and rider, as well as the number of years left to pay for their CareShield Life and ElderShield supplements, if applicable.
To keep the planner relevant, MOH and CPFB will refresh the data on premiums and benefits in January every year.
The Life Insurance Association said that the planner serves as an additional tool for people to better understand the benefits and coverage of the various IP plans and their associated costs in the long term.
However, they are still encouraged to work with their financial advisers to come up with a sustainable healthcare protection plan, given how needs change at different life stages, said the association’s executive director, Mr Chan Wai Kit.
MOH has previously said that the public need to constantly examine if the premiums they are paying are worth the healthcare expenses they cover. Private insurers have recently been raising IP as well as rider premiums.
