Coping with future increases in medical insurance

Dear Mr. Tan
I am informed that the premium rate on Medishield increases with age, and may be subject to future revision. Is there a medical insurance plan that offers a guaranteed rate of premium? I am willing to pay a higher premium now, so that I do not have to incur future increases.

REPLY.
It is not possible for the insurance company to gurantee the future premium rates, as they are subject to the future increases in medical expenses, which cannot be predicted or controlled.

A similar situation is with the cost of living. It is not possible for the Government to guarantee you the prices of basic necessities in the future, as they are subject to the market situation.

You can manage the future increases as follows:
1. Leave sufficient savings in the Medisave account to pay the higher premium at older ages.
2. Be prepared to downgrade to a cheaper insurance plan when you get older
3. Do not spend your Medisave for expensive insurance plans that you do not need.
4. Stay healthy.