The Cancer Drug List, Should You Be Concerned?
The End of The Medical Buffet
With a stroke of the pen by 1st September 2022, Singaporeans who have been used to the notion that their hospitalisation plans will cover for “everything” will awake to a different reality.
Pursuant to the recent announcements by the Ministry of Health (MOH) in bid to manage medical inflation, Insurance can only cover effective as well as cost effective drugs or treatments on a newly created “Cancer Drug List.”
These changes will take effect under Medishield Life from September 2022 and subsequently on April 2023 for the Integrated Shield Plans most of us in Singapore have.
How Does This Impact Us?
- IP Insurers will not be allowed to continue covering patients on treatments not on the List.
- Claim amounts will be revised within a range of $200 to $9,600 a month instead of a fixed limit.
Change Is the Only Constant
While our policymakers are likely doing their best to avoid going the direction of healthcare in the US in a highest bidder takes all system, the fact that goalposts CAN, and DO shift isn’t comforting.
It was barely in April 2021 where mandatory Co-Payments on Hospitalisations became a reality; it’s anybody’s guess as to what future policy changes may bring.
While we are constantly reassured that such changes will benefit the majority, altruism aside, there remain examples of people that fall through the cracks.
In the space of Independent Financial Advisory at Pinnacle Wealth, we are not here to manage probabilities; we aim to manage consequences.
What Can We Do?
- Take Stock of Your Current Protection Portfolio
- Evaluate Your Employee benefits and Flexi Plans and Check If Portable
- Consider Cancer Specific Plans or Critical Illness Plans to Make Up the Gap, such changes need not break the Bank.
Feel free to reach out if you wish to have a second opinion, or just have a coffee over Zoom and I’ll be happy to reach back.
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 unbiased 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.
Published By:
Christina Ang
Having personally experienced the importance of financial and estate planning, Christina is deeply committed to providing holistic, fee-based financial advice tailored to her clients’ best interests. She specializes in analyzing family portfolios, optimizing every hard-earned dollar, and helping clients achieve their financial aspirations.
Christina’s practice is built entirely on referrals—a testament to her professionalism and dedication. Beyond serving clients, she is on a mission to Mentor, Empower, and Equip a new generation of financial advisers. Through a proven, step-by-step coaching methodology, she guides advisers in delivering unbiased financial advice, mastering referral-based client acquisition, and fostering long-term trust—raising the bar for professionalism in the industry.
As a leader of one of the most Productive and Passionate Teams at Financial Alliance, Christina balances her career with the joy of raising her children and sharing meaningful conversations over coffee with friends and clients. After all, financial advisory is a business by people, for people.
Let’s Connect!
Reach out via LinkedIn, Email, or WhatsApp if you are:
✅ Looking for an experienced adviser with integrity to guide your financial journey.
✅ Seeking strong financial foundations where prioritizing client interests leads to success for all.
✅ Aspiring to build a thriving career in financial services with a proven training system.
Let’s take the next step together!
CONTACT US
- 150 Beach Road #12-01/08, Gateway West Singapore 189720
- +65 62221889
- +65 62221019
- feedback@fa.com.sg
