What does it mean by the best ISP plan today may not be the best 2 to 3 years down the road?

Plans are renwewable and non guaranteed yearly.

Definitions can change from time to time and premiums as well.

Best could mean very different things depending on which aspect you're looking into.

Premiums, coverage and terms of offer as well.

Premium wise, rates may change yearly depending on how well the companies can stomach the payouts for claims. (Eg. If this year the total amount of claims exceed the premiums pooled from all the policy holders, high chance they may revise it upwards)

Coverage wise, some may change between their pre and post hospitalisation duration of cover, annual limits and even improve or remove certain benefits in the policies. Having said, its not a great idea to hop around to find the "best" ISP as health changes may affect your underwriting for your policies when you switch.

Terms of offer (hospital riders) in particular, the older policy holders get to enjoy first dollar coverage (100%) instead of having to pay the 5% copayment in the event of being hospitalised.

Having said, the best ISP plan tomorrow may not be the best either. It really all depends. Just note that they are renewable and non-guranteed. Perhaps consider insurers that don't fluctuate their premiums as much. (Some companies tried pricing their premiums extremely low before and eventually had to increase it to the point that they are one of the most expensive in the industry)​​​

Hi Anon,

ISP are one of the policies that is highly regulated by the government as part of the premiums are actually from your Medisave.

Why is it that what is good today might not be good 2 to 3 years down the road is because ISPs are risk-pooled meaning if there are higher claims that year, then there will likely be an increase in premiums the next year. Of which this has been the trend for ISP also due to medical inflation as well.

But what is more important for an ISP is that you have gotten it when you are at your best health condition as that would mean that you do not have any exclusions in the event you are hospitalised. Thus we do not encourage you to switch yours ISP once you already have gotten it.