top of page

Smart Millennial Series #3: Is Insurance a cost or a saving?

Cost of Health Insurance


The average cost of an Integrated Shield Plan covering a B1 ward for non-smoking 45-year-old men and women in Singapore is S$132—not including Medishield Life premiums or Medisave contributions. Because premiums change depending on your age, this price could be as low as S$69 before Medisave contributions for 25-year-olds. For 75-year-olds, however, the price could increase to S$1,063 before Medisave contributions (or S$60 after the maximum Additional Withdrawal Limit is applied). Generally, we found that premiums increase by about 50-70% for every 10 years of age.

Factors affecting Cost of Insurance

Premium depends on a few factors:

  • Age (premiums increase with age for whole life policies)

  • Gender (Some plans cost more for Female)

  • Smoker or non-smoker (Premiums are higher for smokers)

  • Existing health conditions

Cost of Hospitalisation


It is always advisable to purchase health plans like shield plans to protect your income and ensure that your hospital bills will be subsidized.

2 views0 comments

Recent Posts

See All
bottom of page