COS 2021: MediShield Life Premiums

Mr Gerald Giam Yean Song: Between 2016 and 2019, $7.5 billion in premiums for MediShield Life were collected and $3.5 billion in claims were paid out, while a further $3 billion was set aside for future premium rebates.

Many Singaporeans are concerned about the impending premium hikes of up to 35% to MediShield Life. More transparency on the data and assumptions used will help to better to explain these premium hikes.

Last November, in response to my request for the release of the full MediShield Life actuarial report, Senior Minister of State Koh Poh Koon, said that MOH may engage different consultants to challenge the assumptions and do another calculation and publish some of this data in an academic way. Will the full MediShield Life actuarial report be provided to these consultants and academics for further analysis? And if so, when will this be done?

Lastly, I note that the new MediShield Life premiums have kicked in on 1 of March. Can MOH consider postponing the increased premiums until our economy recovers?

Ministry of Health
5 March 2021

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