Prudential, for instance, chalked up the strongest showing of 8.26 per cent for its par fund. Its equity exposure was 35.4 per cent, compared with 29.3 per cent in 2023.

While long-term care costs close to S$3,000 a month on average, the insurance provider finds that more than half of those surveyed underestimate the amount

An SME with 50 employees would typically spend around $650 per person annually for basic coverage. The 10 per cent discount would translate to $3,250 in savings in the first year.

The incident has also highlighted the need for a separate pool of funds for unexpected medical expenses, even though the verdict on such a fund is mixed.

In Singapore, more than 90 per cent of acute inpatient care is delivered in public hospitals, including those who opt for unsubsidized wards.

While MediShield Life provide essential coverage that helps defray large medical bills, such advanced treatments may not be fully covered and can still result in significant out-of-pocket costs.

For six IP insurers, net claims surged by between 9 and 27 per cent last year, due to medical cost inflation and higher claims particularly among older policyholders.

A pre-authorisation certificate effectively confirms that the insurer has approved the medical treatment, including the costs, before the treatment begins.

The insurer said that high costs from Mount Elizabeth and Mount Elizabeth Novena hospitals, compared to other private hospitals, have driven this decision.

Survivors have difficulties in obtaining a new job, as many of them are already at a disadvantage during the job-screening process – particularly in comparison to a healthy adult.

As at 2024, there were 1,821 active claimants of CareShield Life – a 66 per cent increase from 2023. To date, a total of $26.7 million has been paid out to “severely disabled” individuals.

Today, there are six insurers – including Income and CIMB – offering coverage for dogs and cats for services such as consultations, medication, surgery and hospitalisation.