An insurance framework review committee consisting of civil servants from the Ministry of Health (MOH) and Monetary Authority of Singapore (MAS) set up by the government proposed to scrap insurance policies that allow patients to make full claims.
“The absence of any co-payment may encourage over-consumption by some patients and over-servicing or over-charging by some healthcare providers which will eventually increase healthcare costs and insurance premiums for all Singaporeans.”
Insurance riders that cover the entire medical bill was criticised and the committee claimed that more people get sick and run up bills 20% to 25% higher than those who co-pay.
Calling it a “buffet syndrome”, the committee said that patients who do not co-pay with cash will have higher medical bills.
The MOH praised the proposal and supported to scrap full insurance claims, and make patients co-pay in cash.
Ironically, the insurance review task force committee under the purview of the Life Insurance Association (LIA) was set up to “look into rising cost of insurance”.
According to state media Straits Times, private medical insurance premiums will be raised by 9% to 15% this year after the government lift the restriction to freeze premiums.