(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.



a kitchen with a tile floor: Staff work in a corridor at the Raffles Hospital, operated by Raffles Medical Group Ltd., in Singapore, on Friday, Nov. 3, 2017. Raffles Medical has seen its share price decline more than 20 percent this year amid skepticism over its plan to expand into China. The health-care provider will open a hospital in Chongqing, its first outside of Singapore, in the fourth quarter of 2018 and another in Shanghai about a year later.


© Bloomberg
Staff work in a corridor at the Raffles Hospital, operated by Raffles Medical Group Ltd., in Singapore, on Friday, Nov. 3, 2017. Raffles Medical has seen its share price decline more than 20 percent this year amid skepticism over its plan to expand into China. The health-care provider will open a hospital in Chongqing, its first outside of Singapore, in the fourth quarter of 2018 and another in Shanghai about a year later.

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.

For more articles like this, please visit us at bloomberg.com

©2020 Bloomberg L.P.

Continue Reading

Source Article