Prudential raises premiums for private-hospital Integrated Shield plan

SINGAPORE — Prudential has become the second insurer to increase premiums for Integrated Shield plans, one month after the year-long freeze pledged by insurers ended.

The raised premiums are only for its plan called PRUshield A Premier, which caters to private hospital stays. The revision took effect yesterday and affects policyholders aged up to 70 on their next birthday; premiums for policyholders above that age are unchanged.

The premiums for plans catered for stays in public hospitals — PRUshield A Plus and PRUshield Standard — are also unchanged.

Last month, Aviva was the first insurer to increase premiums of its private-hospital Integrated Shield plan. Premiums for the top-up portion of Aviva’s MyShield Plan 1 were raised by 10 to 25 per cent.

The top-up portion refers to premiums charged by private insurers for coverage and benefits above those provided by the Government’s MediShield Life hospitalisation scheme, which is run by the Central Provident Fund (CPF) Board.

MediShield Life is aimed at covering stays in Class B2 and C wards of public hospitals, while the top-up component run by private insurers typically covers private hospitals, or the Class A or B1 wards in public hospitals.

In the latest move, Prudential has raised the top-up portion of its private-hospital Integrated Shield plan by 8.8 to 36.6 per cent for various age groups.

Those aged 31 to 40 will see the largest percentage increase, with the top-up premiums going up from S$172 a year to S$235 a year. Those aged 66 to 70 saw the smallest percentage increase and they now pay S$1,674 per year, up from S$1,539 previously.

The plan’s top-up premiums now range from S$140 to S$6,979 a year.

A Prudential spokesperson said: “The revision in premiums reflects an environment of rising medical and claims costs.”

She added that the company has enhanced benefits in tandem, such as by increasing the post-hospitalisation coverage period and claims limit per policy year. Policyholders of its Integrated Shield plans covering private hospitals and Class A wards of public hospitals now get 365-day post-hospitalisation cover, up from 180 days, for instance.