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GST rates change

Singapore will increase its GST rate from 7% to 8% effective on 1 January 2023, according to the Budget 2022 announcement.

The government will apply the GST rate change in 2 phases.

From 01 Jan 2023

·         GST prevailing rate will increase from 7% to 8%

From 01 Jan 2024

·         GST prevailing rate will increase from 8% to 9%

GST rate change for 2023

The GST increase will affect both your initial and renewal premium payment.

Initial payment

The GST increase for initial payment will follow the commencement date or effective payment date depending on the GST-registered product your own.

GST-registered products

Commencement date

GST rate

·         Great SupremeHealth (GSH)

·         Great TotalCare (GTC)

·         Great CareShield (GCS)

Year 2022

7%

Year 2023

8%

GST-registered products

Effective payment date

GST rate

Accident and Health plans other than GSH, GTC and GCS

31 Dec 2022 and before

7%

1 Jan 2023 and after

8%

Renewal payment

The GST increase for renewal payment will follow the premium due date or effective payment date depending on the GST-registered product your own.

GST-registered products

Premium due date

GST rate

·         Great SupremeHealth (GSH)

·         Eldershield (ESH)

·         Great CareShield (GCS)

Year 2022

7%

Year 2023

8%

GST-registered products

Effective payment date

GST rate

Accident and Health plans other than  GSH, ESH and GCS

31 Dec 2022 and before

7%

1 Jan 2023 and after

8%

The GST rate is 7% for premiums paid in full by 31 Dec 2022 for Accident and Health plans other than GREAT SupremeHealth, GREAT TotalCare, and GREAT CareShield.

Yes, you can. However, the GST for CPF MediSave plans such as GREAT SupremeHealth, Eldershield Supplements and GREAT CareShield is 8% because we follow the premium due date, i.e. CPF deduction date, that fall in 2023.

Singapore Citizens and Permanent Residents

There is no change to the Additional Withdrawal Limits (AWLs) for Singapore Citizens and Permanent Residents. The existing Additional Withdrawal Limits are as follows:

Age Next Birthday

AWLs for Additional Private Insurance Coverage  (Per insured per policy year)[S$]

1 to 40

300

41 to 70

600

>= 71

900

Foreigners

For foreigners whose plan does not include a MediShield Life component, the GST increase will affect the revised MediSave Withdrawal Limits for policies due on 1 Jan 2023 and onwards. The MediSave Withdrawal Limits for foreigners are as follows:

Age Next Birthday

Foreigner MediSave Withdrawal Limits (S$)

Policies due before 01 January 2023

Policies due from 01 January 2023

1 to 20

445.00

446.36

21 to 30

550.00

552.34

31 to 40

690.00

693.64

41 to 50

1,125.00

1,129.91

51 to 60

1,400.00

1,407.48

61 to 65

1,620.00

1,629.53

66 to 70

1,700.00

1,710.28

71 to 73

2,095.00

2,106.17

74 to 75

2,220.00

2,232.34

76 to 78

2,430.00

2,444.30

79 to 80

2,490.00

2,504.86

81 to 83

2,575.00

2,590.65

84 to 85

2,835.00

2,853.08

86 to 88

2,925.00

2,943.93

89 to 90

2,925.00

2,943.93

>90

2,955.00

2,974.21