Singapore Insurers to Offer New Product in May

Singapore’s Ministry of Health has announced that Singaporeans will soon have an option of additional coverage beyond the MediShield Life when the country’s insurers introduce a new product in May.

The new private insurance product, called Standard Integrated Shield Plan, will be introduced in response to the calls of Singaporeans for affordable Integrated Shield Plans (IPs), with coverage above the B2 and C class wards but at affordable premiums.

The existing MediShield Life provides coverage sufficient for services at Classes B2 and C wards.

Under the new product, policyholders will stay in a four-bedded ward with air-conditioning and TVs. Patients will also be able to select their own doctor and have 20% subsidy, the Ministry of Health revealed.

The Standard Integrated Shield Plan includes features such as selected outpatient treatments, deductible and co-insurance, among others, and the ministry said it will regularly review the new produce to ensure that benefits remain relevant to policyholders. – BusinessNewsAsia.com

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