The Monetary Authority of Singapore (MAS) has responded to a Parliamentary question on whether medical insurance contracts should be reviewed to ensure that definitions of surgical procedures keep pace with modern, less invasive medical advances.
In his written reply, Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, who is also Chairman of MAS, explained how different types of health insurance operate and how updates to coverage are handled within the current system.
Member of Parliament Gerald Giam Yean Song raised the question, asking whether MAS would review insurance contracts amid evolving medical procedures. He also asked whether measures were being studied to ensure that patients are not disadvantaged when newer and more effective treatments are not explicitly listed in older policy documents.
With this, Mr Gan urged consumers to take a more active role in assessing their insurance needs. “I encourage consumers to regularly review the type, coverage and affordability of their health insurance policies in line with their evolving needs.”
He noted that as medical technology evolves, “some conditions can now be treated through less invasive procedures with shorter recovery times,” and pointed out that insurers already offer “comprehensive or early stage CI plans, which cover a broader range of procedures.”
He added that “the scope of coverage and cost for these products varies amongst insurers,” and advised that “consumers can seek financial advice to help determine the level of protection that suits their needs and budget.”
Mr Gan also explained that insurance frameworks differ depending on the product type.