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.²
On Average, 1 in 3 people in Singapore will be diagnosed with cancer sometime in their lives.³
In 2020, 28.6% of total deaths in Singapore are caused by cancer.⁴
According to MOH, cancer is the second leading cause of hospitalization among Singaporeans in 2019-2021.⁴
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
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
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:
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** |
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.
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