Recently, I got a rude shock from my insurer when it sent me a letter regarding the adjustment of my family’s health insurance premiums.
My wife’s premium will go up by 60 per cent and my two children’s premiums will shoot up 57 per cent. My premium will increase by 67.5 per cent this year and, next year, when I reach the next age bracket, it will increase 136 per cent from the present amount.
I have not seen the end of these increases and this comes as our Health Ministry is encouraging citizens to seek better health insurance coverage.
With such rates of increase, I wonder how much longer we can afford our coverage. Sharp spikes like these will force many to consider downgrading or dropping their policies. This is ironic and against the spirit of what the Government is advocating.
I checked with our insurer and was told that the increase was due to some minor additions such as extended coverage of inpatient psychiatric treatment and short stays in emergency departments. But I feel the increase is just too much for the additional coverage offered.
Such rates of increase make me wonder about the health costs my children will face when they become independent adults.
Perhaps this is another one reason some people hold negative views of having children.
John Teo