HOW MEDICAL INSURANCE PREMIUMS ARE SPENT AND WHY THEY ARE RISING - DISCUSSION PAPER 

This paper is written by the Singapore Actuarial Society (“SAS”) Health Committee with an aim to improve insured public’s understanding of how their medical insurance premiums are spent, and to promote discourse in Singapore so as to build consensus in the community on what is a fair allocation of medical insurance premiums between stakeholders.  

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MEDIA RELEASE STATEMENT

MEDISHIELD LIFE ENHANCEMENTS
Singapore, 18 October 2024

The Government announced on 15 October 2024 that it has accepted the MediShield Life Council’s recommendations for the MediShield Life 2024 review. Recommended enhancements to MediShield Life (“MSHL”) will be implemented progressively from April 2025, together with a set of premium support measures.

Singapore Actuarial Society (“SAS”) supports the enhancements announced by Government as they help MSHL stay true to its original mission to fund large medical bills. 

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SAS 2024 - 2026 STRATEGY

TOWARDS SAS50 – PREPARING THE PROFESSION FOR THE FUTURE
Singapore, 8 JULY 2024

Strategic Priorities

The 2024-2026 strategic priorities are organized into three key themes:

• Engage Our Members 
• Speak Up for the Public 
• Build Capacity

These key themes will be supported by an on-going pursuit of operational excellence and enhanced governance. In this paper, we explain why these themes are chosen, and outline the actions we intend to take to deliver on these strategic priorities.

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MEDIA RELEASE STATEMENT

PORTABILITY OF INTEGRATEDSHIELD PLANS
Singapore, 7 May 2024

The Singapore Actuarial Society Health Committee (“SAS HC”) published a discussion paper today to promote public discourse on the portability of Integrated Shield Plans (“IPs”) and associated riders.

Advocates for more relaxed portability rules posit that existing rules are unfair to policyholders who deserve flexibility to seek better coverage or lower prices for themselves. The paper highlights that portability rules that require an insurance plan to accept a policyholder that may be expected to claim more from the plan than what is implied in the premium rate, could result in increased premium rates for incumbent policyholders of the plan....

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PORTABILITY OF INTEGRATEDSHIELD PLANS - DISCUSSION PAPER

There have been increasing calls from the public for more freedom to switch Integrated Shield Plan and associated riders. Advocates posit that existing rules are unfair to policyholders who deserve flexibility to seek better coverage or lower prices for themselves. This paper highlights that portability rules that require a risk pool to accept a policyholder that may be expected to claim more from the pool than what is implied in the premium rate, could increase premium rates for incumbents of the risk pool. Fairness of such premium increase from the perspective of the incumbents – over 80% of them being the “silent majority” who have not made a claim in the past year – should be adequately considered.

This paper does not advocate for a specific set of portability rules. Instead, the paper presented several perspectives of what is deemed fair along the continuum of possible beliefs amongst the insured public who wanted more flexibility – as well as potential unintended consequences that may result if the impact of changes are not properly understood.

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