03/04/2026
Those intending to buy a new IP rider will enjoy lower premiums.
It's crucial to recognize, however, that hospitalizations will require more personal financial outlay.
It’s important to maintain good health, we shall save more money for not being sick.
https://www.facebook.com/share/18CZcCgXW6/?mibextid=wwXIfr
Today, all insurers in Singapore have launched new Integrated Shield Plan (IP) riders that comply with Ministry of Health, Singapore’s revised requirements.
The requirements specify no coverage of minimum deductibles and slightly higher co-payment, so as to cool down the rapid escalating of private hospital bills and IP rider premiums.
These new IP products deliver significant premium savings – around 35-40% on average, and up to 68%.
I have tried my best, through speeches, videos and parliamentary answers, to explain how IP riders that are too generous undermine cost discipline and drive up private healthcare costs and premiums.
For many, the premiums saved every year will be more than enough to offset the higher co-payment for the occasional hospitalisation episode.
The new IP riders continue to serve their main objective - to protect ourselves against very large
bills due to catastrophic health episodes.
This is a meaningful step to unravelling the IP rider Gordian knot.
By breaking the cycle of over-servicing, over-consumption and rising costs, we are working
towards making private healthcare sustainable for the long term.
I encourage all Singaporeans to speak with your financial advisers about these new options. These changes ensure that healthcare remains accessible while putting private health insurance on a more sustainable footing for everyone.
