One of the mysteries about insurance in Singapore is why the insurers providing Integrated Plans are not more profitable. Integrated Plans are Hospitalization and Surgery (H&S) plans complementing the Government-subsidized Medishield Life Plans (for B2 and C class wards at public hospitals) which give policy-holders access to B1 and A class wards at public hospitals and private hospitals. Is it a case of greedy doctors demanding to be paid more? Or is it a case of overpaid financial advisors and insurance agents who are churning customers for more commission? Or perhaps the fault lies in the kiasu mentality of the patients, who demand as much healthcare as the plans will cover them for?

Rewinding back a few years, it wasn’t always this way. In fact, when private Shield Plans were first introduced back in 2005, they made profits for the insurers for more often