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?

  1. Take Stock of Your Current Protection Portfolio
  1. Evaluate Your Employee benefits and Flexi Plans and Check If Portable.
  1. 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.

I hope you’ve enjoyed this 3-minute read as much as I’ve enjoyed penning the first of our “A Better Tomorrow, Today” series.

Do subscribe if you wish to receive future updates and I’ll love to have you on my Advisory Journey!


 

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.

Published By:

Goh Yung Min Damien

A firm believer that financial freedom is for everyone and a thousand mile journey begins with the first step. I’m an avid learner and process driven individual who’s served in the Finance Industry for more than a decade since 2006 and currently a Million Dollar Round Table Mentor to aspirants in the Financial Services Industry.

What we do on a daily basis is to help individuals and families save thousands of dollars yearly by improving their Financial Portfolios; Be it Investments, Legacy Planning or Wealth Protection, I believe that making Finance matters easy to understand and implement is key.

If you’ll like to find out more, reach out to me via Whatsapp or Email and I’ll reach back.

The many testimonials from appreciative clients, businesses and friends over the years as well as the Awards received from within the industry continue to encourage me to deliver better to those that engage me and my team.

When off duty, I spend time with my lovely wife, 2 beautiful sons and the good book.

 

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