Singapore health ministry to consider fully portable Integrated Shield Plans
But doing so can result in higher premiums.
The Singapore Ministry of Health (MOH) will look into allowing Integrated Shield Plans (IPs) to be fully portable, but doing so can result in higher premiums, according to media reports.
In a statement to Parliament, MOH Senior Ministry for State Koh Poh Koon said that the ministry recognises that some policyholders may want to switch insurers for various reasons, but are hindered by pre-existing conditions.
The ministry will take into consideration the fact that IPs are commercial products and insurers determine features and pricing, he said.
However, insurers may need to hike premiums significantly for all policyholders to price in the higher risk they assume for portable IPs that cover pre-existing conditions, he added.
Currently, over 70% of Singaporeans have IPs and are free to switch plans, but IP insurers generally do not cover pre-existing conditions. Policyholders with riders have also faced increasing premiums over the past few years.