As premium increases resume, Singaporeans face challenges in affording enhanced coverage and understanding premium hikes.

Many Singaporeans are experiencing “premium fatigue” as the moratorium on premium hikes for Integrated Shield Plans (IPs) comes to an end this month. After two years without increases, the uncertainty surrounding the future of IP costs is causing concern, with most insurers remaining vague about potential hikes. However, Income Insurance and Singlife have confirmed premium increases, citing the introduction of enhanced coverage for base IPs and riders.

Prior to 2019, IPs suffered significant losses, leading to a wave of measures aimed at stabilizing their financial situation. While these changes were expected to put insurers on more solid ground, the cost of premiums remains a challenge for many. As premiums rise once again, there is growing concern about how the affordability of these essential health plans will be balanced with the need for improved coverage.