How will insurance task force’s recommendations impact healthcare providers?

SINGAPORE (Oct 18): The industry-led Health Insurance Task Force on Oct 13 gave several recommendations to address the growing claims costs for integrated shield plans.

Some of the recommendations included having medical fee benchmarks to increase transparency, improving the existing processes to identify inappropriate medical treatment and professional misconduct, enhancing insurance procedures and product features like co-insurance, and educating consumers on the available options and costs.

Credit Suisse’s research analyst, Lee Dawei noted that claims incidence rate for integrated shield plans have risen by a three-year compounded average growth rate of 9%, according to figures by the Life Insurance Association Singapore, which is making the current levels of premiums for these plans “unsustainable”.

---

Related Stories

• Can SGX afford to wait up to a year for reforms?
• UBS-Credit Suisse integration opens up new tech for bigger plans
• Lim & Tan Securities maintains ‘buy’ on Grand Banks Yachts; almost doubles TP to $1.05

---