SINGAPORE: An online tool to help Singaporeans compare health insurance premiums and plans across different providers, and better understand the long-term MediSave and cash expenses necessary to support their coverage, was launched on Wednesday (Mar 26).
Called the Health Insurance Planner (HIP), the “interactive and personalised” tool is the first of its kind in Singapore, said the Central Provident Fund (CPF) Board and Ministry of Health (MOH) in a joint press release.
The planner can be accessed on the CPF website.
CPF and MOH said the planner is designed to help Singaporeans visualise their long-term MediSave savings and health insurance premiums.
It also allows them to compare key features and costs across Integrated Shield Plans (IPs) based on their preferred ward type, and project up to 30 years of premiums for both their chosen IP and rider.
There are three tiers of healthcare insurance in Singapore – MediShield Life, IPs and riders, the authorities added.
MediShield Life, the national basic health insurance plan available to all Singaporeans, provides “universal and lifelong protection against large hospitalisation bills and outpatient treatments such as cancer and dialysis”, they said.
IPs, which are offered by private insurers and purchased by seven in 10 Singaporeans, offer “additional coverage for treatment at private hospitals or unsubsidised wards in public hospitals”.
Some Singaporeans also opt to buy riders to reduce the co-payment for IPs, the authorities added.
The premiums for IPs can be paid in part by MediSave, while rider premiums are fully payable in cash.
