(Bloomberg) — The Singapore government will spend S$2.2 billion ($1.6 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 S$150,000 from S$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.
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