In case you don’t already know, Medishield Life took over Medishield starting 1 Nov 2015. You may be wondering what this is all about and whether you should be concerned. Well, I’ve summarized the main things you need to know about this CPF update.
1. It covers you, ok maybe not everyone, but all Singapore citizens and Permanent Residents for LIFE.
2. Doesn’t matter whether you have pre-exsiting conditions or history, you are still covered.
3. Main benefits are increased medical/hospitalization claim limits like cancer treatments, hospital stay, surgeries, implants, etc.
4. Another benefit is reduced expense sharing or co-insurance, which basically means the proportion of the bill you need to pay.
5. The compromise? Increased premiums of course, which will be automatically deducted from your Medisave account.
6. Government will provide some subsidies to offset the increased premiums. Main ones are paying for 90%, 70%, 40% and 20% of the increased premiums for the first 4-years respectively. Lower-to-middle income (monthly household income per person of less than $2,600 and residence annual value is less than $21,000) will receive additional subsidies of up to 50% of Medishield Life premiums. Pioneer generation will also receive subsidies of between 40-60% and yearly $200-$800 Medisave top-ups depending on age and regardless of household income or home value.
7. You don’t have to do anything!