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April 01, 2021 Pexels From April 2, 2021, all Integrated Shield plan riders will require 5 per cent co-payment, including renewals of existing IPs with full-riders. What does this mean for consumers and how will it impact premiums? Read on to find out.  A refresher on Integrated Shield plan An Integrated Shield plan (IP) is a private health insurance plan that helps policyholders cover the cost of hospitalisation and surgical bills – the premiums can be paid using our MediSave account.  Though IPs are not compulsory, they act as an additional layer of insurance on top of our MediShield Li...

March 11, 2021 Pexels When critical illness strikes, medical costs are not the only thing to worry about. The long road to recovery could cause significant financial stress, such as income loss and childcare-related expenses. At first glance, standard Integrated Shield plans may seem like they can keep us financially protected from pricey medical costs when our health is ever compromised. But recent statistics from Life Insurance Association of Singapore’s (LIA) 2018 Protection Gap Study found that an average Singaporean working adult only has critical illness cover of just $60,000. In comp...

A lot has changed in the past year, but the upcoming changes to the government’s health insurance scheme, MediShield Life, might have gotten lost in the noise. While the system has undergone little tweaks every now and then, in early 2021 there will be a major review of the MediShield Life scheme — which also means significant premium hikes! Since...

January 18, 2021 Pexels The Covid-19 vaccine rollout is underway in Singapore. However, not all side effects are known yet. Insurance companies have thus expanded their coverage to include allergic reactions from taking the vaccine. Find out who they are and what their coverage includes. A number of insurers in Singapore have recently unveiled additional coverage for policyholders should they suffer from allergic reactions after taking a Covid-19 vaccine. Due to the unprecedented speed in which the vaccines were created by pharmaceutical companies across the globe, there hasn’t been enough ...

12.5 per cent Note on CPF contributions for 55 & above: Over the next 10 years, CPF contributions for older workers will be gradually adjusted upwards to meet the full contribution rate of 37per cent (employee + employer). The CPF contribution rates will only drop after age 60. By the way, if you’re self-employed, none of the above applies to you. Any CPF contributions are voluntary EXCEPT Medisave contributions, which you’ll be prompted to pay after filing your taxes each year. Example Let’s say you are a 30-year-old earning a monthly salary of $5,000. Every month, your employee’s co...