Medishield Life is a universal form of health insurance, which means all of us will be covered by it, and also be hit by higher premiums. But the government says that the benefits of this new health scheme outweighs the higher costs, and that it will give you subsidies to ease into the new policy. Is the scheme as good as it sounds? Take a look:
1. Covers everyone
All Singapore Citizens and Permanent Residents
Even if you have pre-existing conditions including cancer, stroke, heart disease
Even if you were previously rejected by insurers
2. Protects you for life
3. Has better benefits
MediShield Life pays more of your bill.
You pay less.
4. Premiums will increase
Better benefits = Higher premiums
Pay more when working = Pay less in retirement
5. Premiums fully payable by Medisave
6. Government will provide support
Premium Subsidies
– For Pioneer Generation
– For Middle-income
– For Lower-income
Transitional Subsidies
– For all Singaporeans
Medisave Top-ups
– For Pioneer Generation for life
– For those aged 55 – 64 in 2014 (5 years)
7. No one will lose coverage due to financial need
Additional financial assistance for those who cannot afford premiums even after subsidies
8. No need to apply
MediShield Life will start at end 2015
Automatic inclusion for Singapore Citizens and Permanent Residents
