Press Releases
Joint Press Release : Award of the MediShield Plus Tender
13 August 2005
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13 Aug 2005
As part of the MediShield reform, it was announced earlier that the CPF Board would privatize its MediShield Plus Plans.
The CPF Board called a tender for the sale of its MediShield Plus portfolio in June 2005. A total of 3 bids were received, from Aviva, Great Eastern Life and NTUC Income.
The tender was evaluated by a committee chaired by Mr. Gerard Ee. The composition of the evaluation committee is given in Annex A below.
NTUC Income has been awarded the tender as it offers the lowest premiums for all age bands for better benefits and is able to meet all the terms and conditions specified in the tender. These terms include guaranteeing that the premiums will not be increased for at least three years, and that all existing policyholders will continue to be covered regardless of their medical conditions.
MediShield Plus Plan A and Plan B will be transferred to NTUC Income in October 2005 and will be renamed as IncomeShield Plan MA and Plan MB respectively thereafter. The privatization will benefit all existing MediShield Plus policyholders, numbering some 350,000. They will enjoy enhanced benefits at the same or lower premiums, depending on their age groups.
The CPF Board will soon inform all the existing MediShield Plus policyholders of the changes.
Enhanced Benefits At Lower/Same Premiums
All existing policyholders will benefit from the privatization of MediShield Plus.
First, they will enjoy better benefits including higher annual and lifetime claim limits and lower co-payment at the same or lower premiums. Elderly IncomeShield Plan MA policyholders stand to gain the most, with savings in annual premiums amounting to a few hundred dollars a year.
Second, they can continue to enjoy coverage beyond the age of 80 if they wish to, as they will be given the option of a lifetime coverage under IncomeShield Plan B or C when they reach the age of 80, without the need for medical underwriting.
Annex B compares the new benefits and premiums offered by NTUC Income with the current MediShield Plus benefits and premiums.
ANNEX A
Composition of the Tender Evaluation Committee
Chairman
Mr Gerard Ee, Chairman of the National Council of Social Services
Members
Mr Koh Juan Kiat, Executive Director, Singapore National Employers' Federation
Mr Law Song Keng, Board Member at CPF Board
Mr Teoh See Leong, Director (Collections and Recovery Division), CPF Board
Mr Lawrence Wong, Director (Special Project), MOH
Mr Tey Chee Keong, Deputy Director (Healthcare), CPF Board
ANNEX B
Revised Benefits and Premiums
Table 1: Plan A
Table caption
Parameters | MediShield Plus A | IncomeShield Plan MA |
|---|---|---|
Claim Limits: yy Lifetime yy Annual yy Daily ward and treatment charges - Normal Ward - ICU yy Surgical Procedures yy Surgical Implants | $300,000 $100,000 $625 per day $1,000 per day $480 ~ $7,200 $3,500 | $550,000 $110,000 $690 per day $1,100 per day $500 ~ $7,800 $4,000 |
Co-insurance: | 20% | 10% |
Deductible: (per policy year) | $4,000 | Private Hospital wards: $4,000 Class A wards: $4,000 Class B1 wards: $2,500 Class B2 wards: $1,500 Class C wards: $1,000 |
Premiums: Age: 0 - 30 31- 40 41- 50 51- 60 61- 65 66- 70 71- 73 74- 75 76- 78 79- 80 Above 80 | 60 90 180 300 480 660 1020 1200 1600 1950 No coverage | 55 80 153 240 370 495 745 876 1136 1385 Policyholders will have the option of lifetime coverage under IncomeShield Plan B or C |
Table 2: Plan B
Table caption
Parameters | MediShield Plus B | IncomeShield Plan MB |
|---|---|---|
Claim Limits: yy Lifetime yy Annual yy Daily ward and treatment charges - Normal Ward - ICU yy Surgical Procedures yy Surgical Implants | $225,000 $75,000 $375 per day $625 per day $360 ~ $6,400 $2,500 | $375,000 $85,000 $385 per day $640 per day $370 ~ $6,600 $2,800 |
Co-insurance: | 20% | 10% |
Deductible: (per policy year) | $2,500 | Private Hospital wards: $2,500 Class A and B1 wards: $2,500 Class B2: $1,500 Class C: $1,000 |
Premiums: Age: 0- 30 31- 40 41- 50 51- 60 61- 65 66- 70 71- 73 74- 75 76- 78 79- 80 Above 80 | $36 $54 $108 $180 $288 $396 $612 $720 $960 $1,170 No coverage | $36 $54 $108 $180 $288 $384 $575 $677 $874 $1,065 Policyholders will have the option of lifetime coverage under IncomeShield Plan C |