Committee of Supply debate, 5 March 2021.
On 1 March 2021, higher premiums and coverage for MediShield Life health insurance kicked in. I raised the issue of transparency of these changes again in Parliament, on 5 March. This is what I said:
Between 2016 to 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 premium hikes of up to 35% to MediShield Life. More transparency on the data and assumptions used will help better explain these premiums hikes.
Last November, in response to my request for the release of the full MediShield Life actuarial report, SMS 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 kicked in on 1 March. Can MOH consider postponing the increased premiums until our economy recovers?
