New withdrawal limits for Singaporeans to pay for IP

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New withdrawal limits for Singaporeans to pay for IP

Postby kkboy1 » Fri Jul 10, 2015 11:18 am ... n-premiums

SINGAPORE - The Ministry of Health (MOH) has announced new Additional Withdrawal Limits to assist Singaporeans in paying for their Integrated Shield Plan (IP) premiums using Medisave.

MediShield Life, the new compulsory national medical insurance offered by the government, is due to replace MediShield at the end of 2015.

Those with existing IP premiums can still continue to pay for their MediShield Life component fully with Medisave.

The new limits are tailored to help Singaporeans use Medisave, up to a cap, pay for the additional premiums that come with the private insurance component of Medisave-approved IPs.

These IPs consist of two components - MediShield Life for Class B2/C ward stays and private insurance coverage for Class B1/A wards and private hospital stays.

Previously, Medisave withdrawal limits applied to the entire IP premium, but the launch of MediShield Life means that premiums will differ for policyholders in the same age band.

The new Additional Withdrawal Limits to pay for additional private insurance premiums using Medisave will be as follows:

- $300 for those aged 40 and below (no change from previous limit)

- $600 for those aged between 41 and 71 (an increase of $250)

- $900 for those aged above 71 (a $400-$700 increase)

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Re: New withdrawal limits for Singaporeans to pay for IP

Postby starlight1968sg » Sat Jul 11, 2015 1:32 pm

The new withdrawal limits can be a double edged sword.

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