The proportion of cases falling within benchmarks has since gone up from 80 per cent to 90 per cent, Mr Ong said in July.

Between 2023 and 2030, high-net-worth (HNW) and ultra-HNW families in the Asia-Pacific are set to experience an intergenerational wealth transfer estimated at US$5.8 trillion.

Mr Jonathan Ko, who was represented by Mr Tan Jee Ming, sought damages for his father’s pain and suffering and loss of amenities, loss of earnings, medical expenses, and other accident-related expenses.

Ms Rahayu said that data backs this up. The likelihood of a patient with a private hospital rider making a claim is 1.4 times that of one without a rider.

CareShield Life enhancements from 2026 include higher payouts and more government support, yet may only cover a small portion of LTC costs.

The insurer normally provides policyholders with a range of sub-funds, and they can invest by buying units in one or more of the funds.

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.