{"id":509,"date":"2017-08-25T16:26:31","date_gmt":"2017-08-25T08:26:31","guid":{"rendered":"http:\/\/www.pacificprime.sg\/blog\/?p=509"},"modified":"2023-08-04T16:56:57","modified_gmt":"2023-08-04T08:56:57","slug":"indemnity-insurance-changes-singapore","status":"publish","type":"post","link":"https:\/\/www.pacificprime.sg\/blog\/indemnity-insurance-changes-singapore\/","title":{"rendered":"Public doctors get new insurer, putting pressure on indemnity insurance"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">With indemnity insurance for doctors in the public sector about to expire, the Ministry of Health Holdings (MOHH) has announced coverage will be taken over by a new insurer. Following our article on the possible introduction of <\/span><a href=\"https:\/\/www.pacificprime.sg\/blog\/2017\/07\/28\/mandatory-malpractice-insurance-singapore\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">mandatory malpractice insurance<\/span><\/a><span style=\"font-weight: 400;\"> for Singapore, this recent news impacting 9,000 public health doctors could also see further pressure put upon the cost of healthcare in the country. <\/span><\/p>\n<h2><span style=\"font-weight: 400;\">A new indemnity insurance insurer for public doctors<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"http:\/\/www.straitstimes.com\/singapore\/health\/public-sector-doctors-moving-to-new-insurer-move-may-push-up-indemnity-insurance\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Straits Times<\/span><\/a><span style=\"font-weight: 400;\"> has reported this month that an MOHH process, beginning in January this year, has selected a new insurer to provide indemnity insurance. The previous provider, London-based Medical Protection Society (MPS), will see it\u2019s 11,000 clients reduce to only the 4,500 doctors working in the Singapore private sector. Some believe the change was due to concerns about \u201ctail cover\u201d for doctors.<\/span><\/p>\n<style type=\"text\/css\"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--><\/style>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:[null,0],&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\"><div class='code-block code-block-1' style='margin: 8px 0; clear: both;'>\n<p><a href=\"https:\/\/www.pacificprime.sg\/plans\/individual-health-insurance\/?campSource=PPSG-Blog&utm_source=blog&utm_medium=content_banner&utm_campaign=banner&utm_content=single\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-774\" src=\"https:\/\/www.pacificprime.sg\/blog\/wp-content\/uploads\/2022\/12\/WP-Banner-revamp-final-20221207_1.-Single-final.jpg\" alt=\"Individual health insurance blog\" width=\"1138\" height=\"493\" \/><\/a><\/p><\/div>\n<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tail cover protects against future suits for incidents that occurred whilst a doctor was insured, and this includes where the doctor in question has already retired or left the public sector. In 2015, MPS caused a stir in the medical community when it reduced its premiums by a considerable amount, but then ceased providing tail cover once a doctor stopped paying the annual premium. Since then, premiums have almost returned to the same level as before. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Insurance broker Aon has provided the new scheme, which public doctors will move to throughout the year as their current coverage expires. The MOHH has said it doesn\u2019t believe that doctors need separate tail coverage insurance of their own, and that Aon is providing coverage and premiums comparable to that of MPS. The costs of the insurance will be paid by the public institutions where the doctors work. <\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Change to affect health insurance and medical costs<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As the number of clients an insurer has can affect the premiums it charges, there are concerns that this move can mean higher indemnity insurance costs for MPS\u2019 remaining clients. Insurance premiums are generally lower where an insurer has more people with which to spread their risk across. The significant reduction of 9,000 clients in the space of a year could leave the 4,500 remaining doctors in Singapore with more of a burden to bear. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The domino-effect to this could be that private doctors, now faced with higher indemnity coverage costs, may pass this increase onto patients through higher medical fees and hospital charges. While the Singapore government has taken care of the public sector, private sector doctors might feel the pinch. This change has the potential to impact private health insurance holders. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">MPS is said to be disappointed by the move, however stated that their membership subscriptions were not based on the number of insured, but the anticipated claims experience. As a not-for-profit doctors\u2019 cooperative, MPS provides <\/span><a href=\"https:\/\/www.medicalprotection.org\/hongkong\/about\/mps-around-the-world\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">coverage<\/span><\/a><span style=\"font-weight: 400;\"> for doctors in other locations, including the UK, Ireland, South Africa, New Zealand, Malaysia, the Caribbean and Bermuda, as well as 10,000 members in Hong Kong. <\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How do I avoid insurance increases?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If the indemnity insurance changes affect healthcare costs, then it\u2019s likely private health insurers may also seek to increase premiums. The cost of healthcare is always rising, that\u2019s simply a fact of life. However, potentially industry-changing moves such as this news from the MOHH may in fact make the rise higher than normally anticipated. The best way to secure a low premium price is to secure health insurance sooner rather than later. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pacific Prime Singapore<\/span><span style=\"font-weight: 400;\"> has an experienced team of advisers who can find you the right coverage for a price that\u2019s within your budget. Whether you\u2019re an individual or corporate client, our consultants can lock in a premium to guarantee you coverage unaffected by price increases that might come from the indemnity insurance changes in Singapore. Check out our <\/span><span style=\"font-weight: 400;\">online comparison tool<\/span><span style=\"font-weight: 400;\"> for a free quote, or <\/span><a href=\"https:\/\/www.pacificprime.sg\/contact-us\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">call our team<\/span><\/a><span style=\"font-weight: 400;\"> today!<\/span><\/p>\n<style type=\"text\/css\"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--><\/style>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:[null,0],&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\"><div class='code-block code-block-6' style='margin: 8px 0; clear: both;'>\n<p><a href=\"https:\/\/www.pacificprime.sg\/compare-quotes\/step-one\/?campSource=PPSG-Blog&utm_source=blog&utm_medium=cta_banner&utm_campaign=banner&utm_content=quote\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-781\" src=\"https:\/\/www.pacificprime.sg\/blog\/wp-content\/uploads\/2019\/06\/PPSG_Gen_02.jpg\" alt=\"Get an Insurance quote banner\" width=\"1138\" height=\"493\" \/><\/a><\/p><\/div>\n<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With indemnity insurance for doctors in the public sector about to expire, the Ministry of Health Holdings (MOHH) has announced coverage will be taken over by a new insurer. Following our article on the possible introduction of mandatory malpractice insurance for Singapore, this recent news impacting 9,000 public health doctors could also see further pressure &#8230;<\/p>\n","protected":false},"author":33,"featured_media":510,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[767,132,130,768,539,514,513,329,328],"class_list":["post-509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance","tag-ban_sin","tag-cost-of-health-insurance","tag-cost-of-insurance-in-singapore","tag-cta_gen","tag-indemnity-insurance","tag-malpractice-insurance","tag-mandatory-malpractice-insurance","tag-ministry-of-health","tag-singapore-ministry-of-health"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Indemnity insurance changes for public doctors may affect your insurance<\/title>\n<meta name=\"description\" content=\"The Ministry of Health Holdings has announced a new indemnity insurance provider for public doctors. 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He writes articles and blog posts, creates infographics and videos, translates between Chinese and English, and more. Skilled at explaining complicated concepts in layman\u2019s terms, Martin believes the gold standard of translation is attained when the translated text is not only accurate, but also reads like an original text. Martin holds a degree in Economics from the University of London, UK. Since joining Pacific Prime, Martin has become even more aware of the gap between the true value of insurance products and most people\u2019s appreciation of it, and developed a passion for demystifying and simplifying matters, so that more people get the protection they need at a cost they can easily afford. In his free time, Martin attends concerts of various genres, and plays the violin with piano accompaniment he pre-recorded himself or played live by his niece.","url":"https:\/\/www.pacificprime.sg\/blog\/author\/martin-lee\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/posts\/509"}],"collection":[{"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/comments?post=509"}],"version-history":[{"count":4,"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/posts\/509\/revisions"}],"predecessor-version":[{"id":1091,"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/posts\/509\/revisions\/1091"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/media\/510"}],"wp:attachment":[{"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/media?parent=509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/categories?post=509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/tags?post=509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}