How will the increase of Goods and Services Tax (GST) rate affect me?

As announced during Budget 2022, the government will be raising the GST rate from 7% to 8% with effect from 1 Jan 2023.

The table below illustrates how the increase in GST rate will be implemented for the affected products/plans: 

*Premiums for Singlife Shield and Singlife Shield Standard consists of 2 components – MediShield Life (MSHL) and Singlife’s medical insurance. The new MSHL premium rates (for insurance periods on or after 1 Jan 2023) can be found in MOH website: MOH | Premium & Subsidy Tables

Affected Products / Plans

Note: Product names in italics are no longer available for purchase

Date of Renewal Notice / Premium Notice / Letter of Acceptance / Letter of Conditional Acceptance
GST applicable

Singlife Accident Guard

Singlife Health Plus

Singlife ElderShield Standard

Singlife ElderShield Plus

Singlife CareShield Standard

Singlife CareShield Plus

 

 

 

 

 

 

 

Catastrophic Medical Insurance

Castrophic Medical Plan

Individual Hospital & Surgical

Medicare

 

 

 

 

Before 1 Jan 2023

7%

On or after 1 Jan 2023 

8% 

Singlife Shield*

Singlife Shield Standard*

Before 1 Jan 2023

7% for Singlife’s medical insurance component 

On or after 1 Jan 2023

8% for Singlife’s medical insurance component 

Will the premiums for my life insurance be affected by the increase in GST rate?

As life insurance products are not listed in the table above, the premiums for life insurance products are not affected by the increase in GST rate.

Will there be changes to my policy value?

There will be no changes to your policy value. 

I’m currently paying the policy premiums for Singlife CareShield Standard /Plus or Singlife ElderShield Standard / Plus in full using MediSave. Do I need to pay cash after the GST Hike? Can I have the full premium deducted through MediSave?

There is no change to the maximum MediSave withdrawal limit per life assured and it remains as SGD600. If the policy premium exceeds SGD600, the premium on top of the withdrawal limit is payable by Interbank GIRO / Cash. 

Will there be changes to the Medisave Withdrawal Limits for Singlife Shield?

For Singapore Citizens & PRs, there is no change to the Additional Withdrawal Limits (AWLs). For foreigners whose plan does not include a MediShield Life component, the MediSave Withdrawal Limits will be increased for policy cover effective from 1 Jan 2023 due to the GST hike. The MediSave Withdrawal Limits for foreigners are as listed below: 

Age Next Birthday Medisave Withdrawal Limits for Foreigners in SGD (For policy cover effective before 01 Jan 2023) Medisave Withdrawal Limits for Foreigners in SGD (For policy cover effective from 01 Jan 2023)

1 to 20

$445.00

$446.36

21 to 30

$550.00

$552.34

31 to 40

$690.00

$693.64

41 to 50

$1,125.00

$1,129.91

51 to 60

$1,400.00

$1,407.48

61 to 65

$1,620.00

$1,629.53

66 to 70

$1,700.00

$1,710.28

71 to 73

$2,095.00

$2,106.17

74 to 75

$2,220.00

$2,232.34

76 to 78

$2,430.00

$2,444.30

79 to 80

$2,490.00

$2,504.86

81 to 83

$2,575.00

$2,590.65

84 to 85

$2,835.00

$2,853.08

86 to 90

$2,925.00

$2,943.93

91 and up

$2,955.00

$2,974.21

This webpage is published for information only and Singapore Life Ltd. accepts no liability whatsoever with respect to its use or its contents.

The information contained here is accurate as at 01 Dec 2022.