Learn the factors that contribute to the rise in medical costs, and remember to review your medical insurance regularly to ensure adequate coverage
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| Product Name | Average Medical Inflation Rate p.a.² | Average increase in Utilisation Rate p.a.³ | Average Increase in Medical Cost p.a.⁴ | Cummulative Increase in Medical Cost⁵ |
| Enhanced MediCover | -0.7% | 21.5% | 20.6% | 75.2% |
| MediCover | -1.7% | 20.3% | 18.3% | 65.5% |
| MediSafe Infinite/ MediSafe Infinite Xtra | 5.0% | 17.8% | 23.8% | 89.6% |
| Total Company Level⁶ | 1.7% | 16.7% | 18.7% | 67.3% |
Note
1) Reference time-frame used for the computations: 1 January 2021 to 31 December 2023.
2) Refers to the increase of average claims cost per claim per annum where a negative inflation indicates a decrease in average claims cost per claim per annum from 1/1/2021 to 31/12/2023.
3) Refers to average rate of increase in number of claims per annum.
4) Refers to increase of medical cost per annum as the combined effect of medical inflation and increase in utilisation rate.
5) Refers to total increase in medical cost from 1/1/2021 to 31/12/2023.
6) Total company level represents the experience of all retail medical products as a whole. For products where the medical inflation and cost are not shown individually, total company level number should be referred to. This is due to the size of individual product portfolio that is not sufficient to provide credible metrics and hence subject to higher volatility. Please refer to the following list for these products.
Product Listing
Allianz Care Plus
Allianz Diabetic Essential
Allianz FlexMed Care
Alliance MedCare Plus
EBCare
Enhanced Health Vantage
Enhanced Medishield
Allianz Retirement Health/ EB MediShield/ EB MediShield Plus/ MediFlex/ FlexiMed/ FlexiMed Plus/ iFlexiMed Plus
GHS Medishield
HealthGuard Plus
HSBC's HealthPlus - Medical
Health Partner
Health Vantage
Hospital & Surgical Rider
LION Health Rider
MediSure
HealthInsured
MediAide
MediEssential
MediSafe Infinite+
MediSafe/MediSafe Xtra
Medical Edge
Critical Edge
MediAdvantage
Allianz FlexMed Choice
MediChoice
