- Find out how Singaporeans feel about rising health insurance premiums and what worries them most.
- Learn the real reasons behind premium increases, from medical inflation to claims experience and an ageing population.
- Discover practical ways to manage your health insurance costs without sacrificing essential coverage or peace of mind.
Table of Contents
We hit the streets to ask: How do you feel about the rising insurance premiums?
Health insurance is meant to bring peace of mind, but in Singapore, rising insurance premiums have become a hot topic, especially in recent years. In fact, there has been a huge government push towards insurers about the rising premiums. Each year, many Singaporeans notice their policy renewal letters arriving with higher numbers than expected. And not all are keeping silent about their disdain.
In Episode 3 of our Real Talk, Real Coverage series, we spoke to Singaporeans on the streets to hear what they really think about premium hikes. The answers? A mix of acceptance, concern, and confusion.
Why are insurance premiums rising in Singapore?
Contrary to what consumers would like to believe, health insurance premiums do not increase overnight. They are typically shaped by several key factors, these are:
- Ageing population: As we all know, Singapore has an ageing population. With age comes an increased likelihood of numerous illnesses and diseases. Therefore, as we live longer, our lifetime healthcare needs naturally increase as well.
• Medical inflation: Medical inflation is not just a Singapore problem, it’s a worldwide problem. Hospital bills are rising faster than general inflation due to advances in medical technology, demand for specialist care, and higher operating costs.
• Claims experience: Let’s face it, insurers need to make money too. But when more people make larger claims, insurers will have to adjust premiums to keep the system sustainable and profitable.
Whether you accept these reasons or not, they all lead to one unavoidable fact, insurance premiums will increase. Hopefully, understanding these reasons can help you see the bigger picture behind the numbers.
How do Singaporeans feel about higher premiums?
From our interviews, one theme stood out: people are noticing the difference.
- Some accepted the increases as part of life, pointing to rising costs everywhere.
- Others admitted they were shocked by how quickly premiums have climbed in recent years.
- A few questioned whether they were overpaying for something they might never use.
Despite the frustration, most agreed that insurance remains a necessary safety net against large hospital bills. But should the rise in premiums be capped at a certain amount? Is it fair for consumers and patients to be pushed to the public route if the insurance premiums become unsustainable? Is there something the government can do besides encouraging Singaporeans to rely solely on their MediShield Life?
What can I do about the rising premiums?
For individuals and families, higher premiums can feel like an added burden. But dropping coverage altogether isn’t the solution. Everyone deserves quick care and diagnosis, especially when it comes to major illnesses like cancer. Delayed diagnosis and treatment can significantly impact disease outcome. So, most people just bite the bullet, and pay for the increasing premiums.
This is due to the fact that when you actually think about it, the increasing premiums are worth paying. Why? Because one major hospitalisation (regardless of whether it’s a public or private hospital) could cost far more than years of premiums.
So rather than downgrading or removing your plan completely, take proactive steps to manage costs while still keeping adequate protection:
- Review your plan regularly
Make sure your current policy still meets your needs and budget. Refresh your memory and review your policy yearly. - Look closely at your rider
Riders that cover private hospitalisation or full co-payments can add significantly to premiums. Some riders even cover pre-existing or specific chronic conditions such as diabetes. - Know the difference between panel and non-panel coverage
Panel doctors and hospitals often mean smoother claims and lower out-of-pocket costs. There are different insurance concierges in Singapore that can guide you to the right panel doctor, which is very helpful when you want to use a combination of both your Integrated Shield Plan and Corporate Insurance. These insurance concierges such as Parkway Insurance Concierge will help you find a doctor that is on the panel of both your private and corporate insurance. - Speak to your insurer or financial adviser
They can help you explore options to reduce costs without losing critical protection. Your insurer or financial adviser will help you find a plan that best suits your needs and financial situation. This ensures that you are adequately protected without bursting your budget.
The bottom line
Rising insurance premiums in Singapore are here to stay as healthcare evolves. But by understanding why costs are going up, and how to adjust coverage, you can make sure every dollar spent is buying real peace of mind.
Insurance may feel costly, but it’s often far cheaper than facing an uncovered medical bill.
✅ Real Talk, Real Coverage takeaway: Don’t just focus on the cost. Take the time to understand your coverage, so your premiums give you the security you actually need.
Watch the full episode
Are rising premiums making you rethink your health insurance? Tune in to Episode 3 of Real Talk, Real Coverage with Tay Ping Hui as Singaporeans share their honest reactions, from frustration to acceptance, about paying more for protection. Know your coverage, before you need it.
