Over 112,000 people in S'pore discontinued optional private health insurance riders in 2025 after rising premiums

In 2025, more than 112,000 individuals in Singapore opted out of optional private health insurance riders, following a trend of increasing premiums. The Straits Times reported that this represents a 72% surge compared to the previous year. According to the Ministry of Health, 5.6% of the 2 million IP rider policyholders in Singapore chose to discontinue their coverage in 2025.

The rise in premiums has prompted policyholders to downgrade or cancel their plans, with 128,200 downgrades and cancellations recorded in 2025 alone. In 2023, there were 99,000 downgrades and cancellations, while 105,900 happened in 2024. The decrease in ridership was also significant, with 84,800 riders dropping out in 2023, 103,400 in 2024, and a sharp rise to 181,800 in 2025.

IP (Integrated Shield Plan) is a mandatory insurance scheme that covers all Singaporeans for hospitalization and surgical procedures. However, those seeking additional coverage can opt for an IP rider, which offers extra benefits at higher premiums. The majority of IP riders (over 60%) discontinued their coverage in 2025, while the rest downgraded their policy.

The latest figures indicate that in 2023, 66,100 individuals reduced their coverage and 65,000 in 2024, a significant jump to 112,300 in 2025. The costs of rider premiums have also skyrocketed, with annual premiums potentially reaching up to S$9,000 for a rider policyholder aged 70, and even higher for older policyholders.