SINGAPORE — A tripartite work group has been formed to look into the issue of portable medical benefits, said Health Minister Gan Kim Yong in Parliament today (July 8).
Mr Gan said the Singapore National Employers Federation (SNEF), the National Trades Union Congress (NTUC) and the Government will look into what more can be done to encourage both employers and employees to shift to portable medical benefits built on MediShield Life.
He said the Government will also consider strengthening incentives to companies that are willing to provide portable medical benefits that ride on MediShield Life for their employees.
The universal healthcare insurance scheme provides an opportunity for employers and unions to work together to better assure workers of lifetime medical coverage, and not just the duration of their employment, he added.
Mr Gan said it is also essential that MediShield Life, which will kick in at the end of 2015, remains sustainable in the long term.
“We must therefore set aside sufficient reserves in the MediShield Life Fund to prepare for future liabilities, including long-term recurring claims and future premium rebates that arise from distributing premiums over our lifetime,” he said, adding that the scheme is not for profit and the reserves remain in the pool for the protection and benefits of the policy holders.
“The Government will continue working with the actuaries and CPF Board to ensure adequate provisions are made for expected future pay-out commitments as well as unforeseen circumstances,” the minister added.