Monetary Authority of Singapore says updated critical illness definitions will apply to new policies while changes for existing cover are studied

In a parliamentary reply, the Chairman of the Monetary Authority of Singapore said newer medical procedures are handled differently across Singapore health insurance products and that existing critical illness policies will not automatically adopt updated definitions. MediShield Life covers medically necessary treatments and surgical procedures listed in the Ministry of Health’s Table of Surgical Procedures, which is updated regularly, and Integrated Shield Plans generally align with that framework. For severe stage critical illness insurance, the Life Insurance Association of Singapore regularly updates its standardised definitions to reflect medical advances, and insurers use those latest definitions for new policies. Existing critical illness policies remain on their original terms because updated definitions and newer procedures could broaden coverage, raise claim incidence and require corresponding premium adjustments. The Life Insurance Association of Singapore is studying whether policyholders with existing critical illness policies could adjust their coverage to include newer treatments with appropriate premium changes, but the reply said the actuarial implications are complex and the study will take time. The reply also noted that some insurers already offer comprehensive or early stage critical illness plans with broader procedure coverage, with scope and cost varying by insurer.