A new online tool designed to help Singaporeans compare health insurance premiums and plans across various providers has been launched. The Health Insurance Planner (HIP), introduced on Wednesday, March 26, aims to give users a clearer understanding of the long-term MediSave and cash expenses associated with maintaining health insurance coverage.
Developed by the Central Provident Fund (CPF) Board in collaboration with the Ministry of Health (MOH), the HIP is the first tool of its kind in Singapore, offering an interactive and personalized experience for users. It is available for use on the CPF website.
The HIP allows Singaporeans to visualize their long-term MediSave savings alongside their health insurance premiums. The tool also helps users compare key features and costs of Integrated Shield Plans (IPs) based on their preferred ward type and projects premiums for both IPs and riders up to 30 years into the future.
Singapore’s healthcare system is structured into three tiers: MediShield Life, IPs, and riders. MediShield Life, a national basic health insurance plan, provides universal coverage for large hospitalization bills and outpatient treatments, including cancer care and dialysis. IPs, offered by private insurers and purchased by approximately 70% of Singaporeans, provide additional coverage for treatment at private hospitals or non-subsidized wards in public hospitals. Many individuals also purchase riders to reduce the co-payment costs associated with IPs.
While IP premiums can be partially covered by MediSave, rider premiums must be paid entirely in cash.
In a video shared on social media, Health Minister Ong Ye Kung explained that the HIP tool allows users to see how their premiums impact both their MediSave and CPF savings. “MediShield Life is the most affordable because it is the universal national insurance scheme. Integrated Shield Plans are more expensive, and riders are the most costly, significantly affecting your savings,” he noted.
Both CPF and MOH acknowledged the complexity of insurance decisions, emphasizing that the HIP provides a forward-looking, personalized, and user-friendly platform to help individuals better understand the long-term financial implications of their chosen health insurance plans.
For further details and advice on IPs and riders, CPF and MOH recommended that the public consult their insurers or financial advisors. The HIP, they added, serves as an additional tool to complement existing resources and help Singaporeans make more informed decisions about their healthcare insurance.
The Life Insurance Association Singapore and the Insurance and Financial Practitioners Association of Singapore will collaborate with MOH and CPF to raise public awareness of the new tool.
This launch comes after the announcement in October that MediShield Life premiums would rise from April due to an expansion of the national health insurance scheme. The premium hikes, which could increase by as much as 35%, will be phased in over the next three years, from April 2025 to March 2028.
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