In 2021, the Ministry of Health (MOH) introduced a list of approved cancer drugs with proven efficacies and are known to be cost effective to help keep MediShield Life and Integrated shield plan premiums sustainable for the long haul.
This change will take place from this September 2022 (for Medishield Life) / and April 2023 (integrated shield plans):
A medical dilemma
While the change is supposed to be for the ‘greater good’, this leaves many feeling insecure about their coverage. What if you require cancer treatment that is not on the list? This is the dilemma of one brain cancer patient as the new change takes effect. Soon, his cancer drug which cost $20,000 monthly will no longer be claimable under his shield plan.
See below Straits Times articles:
Brain cancer patient treated with off-label drug frets over costs when insurance coverage stops in April 2023
Changes to cancer treatment insurance coverage and when they will kick in
With these upcoming changes, it would be good to review or boost our critical illness coverage with a critical illness/cancer plan for ourselves and loved ones (including children).
Compare the best cancer plans here
Recently we held a webinar on 08/11/22 on The Approved Cancer Drug List: The Good, Bad & Ugly, which talked about the above approved cancer drug list, as well as solutions for coverage and how to better manage rising premiums.
If you missed the webinar or have any queries, feel free to drop me an email: firstname.lastname@example.org or chat with me here
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
I have been a financial advisor since 2007, starting off as a tied agent before joining Financial Alliance. I did so to gain access to a truly independent platform where I can offer unbiased advice. From managing business risks to overseeing a client’s retirement portfolio, I have undertaken the effortful task of becoming adept at personal finance and risk management for both businesses and individuals.
The best thing about what I do is people. As an extrovert, I value the conversations and connections I have made with my clients. This also gives me a sense of achievement when I help my clients to construct a financial portfolio to protect and grow their Wealth.
In my free time, I like to create visual content to entertain my loved ones.
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