The Singapore government will spend $2.2 billion over the next three years to improve a medical insurance plan for the country’s citizens and residents amid the economic impact of the coronavirus.
The funds will be used for premium subsidies for Medishield Life, a basic health insurance plan launched in 2015 to protect Singaporeans against large medical bills, the Ministry of Health said in a statement.
The MediShield Life Council is recommending several improvements including raising the policy year claim limit to $150,000 from $100,000, separate claim limits for sub-acute care and removing some exclusions for treatments.
The changes are being made in view of the impact of Covid-19 on Singapore’s residents and economy, the ministry said. There will be a public consultation period ending Oct. 20 and implementation is likely in early 2021.
