Five of seven private health insurers hike premiums for existing plans

SINGAPORE – Five private health insurers offering Integrated Shield Plans (IPs) and IP riders increased the premiums of their existing products from April 1, citing rising medical costs and higher amounts of claims made.

Income Insurance, which had raised premiums just six months ago, increased premiums by an average of 13 per cent for most of its IPs. Only its IncomeShield Standard Plan, which covers hospitalisations up to Class B1 wards, saw premiums unchanged.

The other four insurers that raised their premiums – Raffles Health Insurance (RHI), HSBC Life, Prudential Singapore and Singlife – did not provide figures when asked.

AIA Singapore and Great Eastern were the only two insurers that did not raise premiums.

RHI raised its IP premiums for the first time since entering the market eight years ago. It last adjusted its rider premiums in 2023.

The premium hikes came alongside adjustments where insurers had to launch new riders to comply with new rules from the Ministry of Health (MOH) from April 1. Sales of existing riders have ceased, and the new rules do not impact existing IPs.

Income’s IPs broadly fall into two categories – the IncomeShield series, which does not allow any riders to be added and is no longer sold, and the Enhanced IncomeShield series, which allows riders to be added on.

The average premium increase of 13 per cent for affected Income IPs is lower than the expected 16.9 per cent increase in medical costs here in 2026, said Income chief customer officer Dhiren Amin. For those holding IPs with riders, Income said the average premium increase is at 7 per cent.

At its last adjustment in October 2025, Income increased the premiums of IP plans by 4.5 per cent on average, and 10.8 per cent for its IP plans with riders.

Income said the actual premium adjustment will vary based on the plan type and age of the policyholder.

“Premium adjustments are determined based on overall claims experience across IP main plans and riders, taking into account rising healthcare costs. Income Insurance continuously seeks to keep protection affordable and sustainable for its policyholders,” said Mr Amin.

The premiums for all of Income’s existing riders remain unchanged.

Income said Enhanced IncomeShield policyholders now have greater flexibility in choosing doctors for conditions related to pregnancy and delivery-related complications.

Income has also expanded coverage for its IncomeShield Standard Plan to include cell, tissue and gene therapy products (CTGTP) listed and subsidised by the Ministry of Health (MOH).

As for RHI, it has expanded coverage of its IPs to align with the national MediShield Life scheme, which includes covering seven new outpatient benefits and an expanded list of pregnancy complications.

Given that the cost inflation of medical claims is projected to keep rising strongly in the coming years, RHI decided to revise its IP premiums now “to ensure the product remains sustainable”, said RHI general manager Ben Siah.

Citing the same reason, RHI also revised the premiums for its existing rider, the Raffles Key Rider, though the coverage remains unchanged.

HSBC Life said it made “targeted adjustments” to the benefits and premiums for its IPs and existing riders, though it did not elaborate with details.

Coverage of its IPs was expanded from April 1 to include pre- and post-hospitalisation coverage for day surgery and treatments done by non-panel specialists at private hospitals.

Existing HSBC riders also newly include coverage for dementia care – up to $500 annually for outpatient costs such as consultations and medication, said HSBC Life chief health officer Manu Tandon.

For Singlife, the policy year limit for the Singlife Shield Plan 2, which covers up to private ward stays in public hospitals, was raised from $1 million to $1.2 million, which Singlife said is the highest among all insurers.

Separately, those who hold both an existing Singlife IP rider and a Singlife long-term care supplement on top of the national CareShield Life or ElderShield plan can receive up to $20,000 coverage over two years for home nursing care and rehabilitation services under a new Care Collab Recovery Support Benefit if they become severely disabled.

To reflect “rising healthcare costs driven by medical inflation and higher healthcare utilisation”, premiums for all Singlife IPs and existing riders have been raised, said its group head of products Helen Shen.

Prudential Singapore made multiple changes to two of its higher-tier IPs to align with MediShield Life coverage. These include covering new outpatient and home-based treatments such as paediatric home care and outpatient parenteral antibiotic therapy.

In addition, its existing riders expanded coverage to non-MOH-listed CTGTPs, with a limit of $150,000 for one treatment for each clinical indication per lifetime.

Citing medical inflation, rising healthcare utilisation, and the increasing cost of advanced treatments and drugs, Prudential increased its premiums for the two higher-tier IPs and one existing rider “to ensure coverage remains sustainable”.

AIA Singapore said there will be no changes to its IPs and existing riders in the first half of 2026.

Great Eastern took it further and committed to not adjusting its IPs and riders for the whole of 2026.

Correction note: The story has been updated with the latest information from Income Insurance regarding its premium increases.