Did You Know? MediShields and IPs may no longer cover some outpatient treatment

Cover Expensive
Off-Label Drugs with Cancer Protection Plans

Let Finance Be The Least of Your Worries

Off-Label Drugs Protection — Engage
Off-Label Drugs Protection — Engage
Off-Label Drugs Protection — Engage

News You Should Know

With the introduction of the new Approved Cancer Drug List¹, cancer patients that receive off-label medication are required to pay upfront without being able to claim from their Integrated Shield Plans (IPs).

Off-label drugs are commonly used in the private healthcare sector, when standard treatments do not work. 

Under the new ruling, insurers will not be able to pay for the treatment if the drug used does not fall in the approved list, and the cost of treatment may come up to $20,000 a month

Off-Label Drugs Protection — Engage

Did You Know?

1 in 3 Singaporeans are diagnosed with Cancer

On Average, 1 in 3 people in Singapore will be diagnosed with cancer sometime in their lives.³

Cancer is the Primary Cause of Death

In 2020, 28.6% of total deaths in Singapore are caused by cancer.⁴

Cancer is one of the top reasons for hospitalisation

According to MOH, cancer is the second leading cause of hospitalization among Singaporeans in 2019-2021.⁴

Common Cancers Affecting Male and Female

According to the Singapore Cancer Society, the most common cancers for males between 2014 and 2018 were Colon and Rectum Cancer, while for women it was Breast Cancer.⁴

The Use of Off-label Drugs

Off-label drugs are commonly used in the private healthcare sector, when standard treatments do not work.

“It is estimated that one in 10 patients being treated in the public sector will not have their current treatment covered by drugs on the Approved List.

This number is expected to be higher in the private sector.”⁵

What should you do next?

The cost of treatment using off-label drugs can cost up to $20,000 a month, or possibly more should the treatment requires a longer period of time.

If you are worried about the cost of off-label drugs, you should consider taking a look at Cancer Protection Plans from various insurance companies.

The following table shows the average annual premium of the plans:

Average Annual Premium for :
Male / Non-Smoker / Policy Term: 20 years / Sum Assured: S$ 100,000

Age
Company A
Company B
Company C
Company D
Company E
30
$ 242
N/A*
$ 265
$ 245
$ 1075
35
$ 326
$ 334
$ 394
$ 451
$ 1,414
40
$ 488
$ 464
$ 581
$ 717
$ 1,885
45
$ 732
$ 687
$ 883
$ 1,144
$ 2,393
50
$ 1,126
$ 1,067
$ 1,441
$ 1,942
$ 3,186
55
$ 1,798
$ 1,645
$ 2,472
$ 3,292
N/A**

Average Annual Premium for :
Female / Non-Smoker / Policy Term: 20 years / Sum Assured: S$ 100,000

Age
Company A
Company B
Company C
Company D
Company E
30
$ 466
N/A*
$ 509
$ 551
$ 1,979
35
$ 618
$ 529
$ 666
$ 834
$ 2,452
40
$ 824
$ 680
$ 813
$ 1,209
$ 2,976
45
$ 1,070
$ 844
$ 968
$ 1,702
$ 3,460
50
$ 1,394
$ 1,038
$ 1,203
$ 2,251
$ 3,919
55
$ 1,912
$ 1,282
$ 1,576
$ 2,979
N/A**

Note:
* Comparison not available as Age 30 is below the minimum entry age.
** Comparison not available as Age 55 exceeds the maximum entry age.
*** The above comparison table is prepared by the Wealth Management Department, Financial Alliance.
**** THIS PRODUCT COMPARISON IS FOR REFERENCE PURPOSE ONLY AND IT IS NOT A PRODUCT RECOMMENDATION.

Getting the Best Cancer Protection Plan

Engage Financial Alliance,
The Largest Independent Financial Advisory Firm in Singapore

Why an INDEPENDENT Financial Adviser ?

By being independent, we offer impartial financial advice that is in the clients’ interest instead of providing biased advice that is unduly influenced by our business partners’ sales quotas or higher commissions.

Off-Label Drugs Protection — Engage
Off-Label Drugs Protection — Engage

Leveraging on Our Experience Financial Consultant and In-House Research Team

Get the best cancer protection plan as we narrow down the thousands of products provided by various financial institutions in Singapore and enjoy a well-rounded solution.

One-Stop Financial Service

Our access to a suite of products and services, coupled with strategic tie-ups with business partners (as mentioned above) give us the independence,  range and depth to serve your needs.

Off-Label Drugs Protection — Engage

Citations

  1. Ministry of Health Singapore – “Cancer Drug List”
    https://www.moh.gov.sg/home/our-healthcare-system/medishield-life/what-is-medishield-life/what-medishield-life-benefits/cancer-drug-list
  2. The Straights Times – “Drug used off-label has kept man’s brain cancer under control for a year” 
    https://www.straitstimes.com/singapore/health/brain-cancer-patient-treated-with-off-label-drug-frets-over-costs-when-insurance-coverage-stops-in-april-2023
  3. Raffles Medical Group – “Cancer Happens to 1 in 3 Singaporeans”
    https://www.rafflesmedicalgroup.com/health-resources/health-articles/cancer-happens-to-1-in-3-singaporeans/
  4. Ministry of Health Singapore. – “Resources & Statistics”
    https://www.moh.gov.sg/resources-statistics
  5. The Straight Times – “How the Cancer Drug List May Impact You”
    https://www.straitstimes.com/singapore/health/how-the-cancer-drug-list-might-impact-you
Off-Label Drugs Protection — Engage

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Get Your FREE Cancer Protection Plan Comparison Report

There are many cancer protection plans in the market.

Some are suitable for younger clients, some are suitable for senior clients.

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