I have recently bought an Integrated Shield Plan (IP). Why was there more than one deduction made from my MediSave Account (MA) this year?
The first deduction from your MediSave Account (MA) was for the renewal of your MediShield Life (MSL) coverage, which is mandatory for all Singapore Citizens and Permanent Residents. When you buy an Integrated Shield Plan (IP), there would be another premium deduction for the additional private coverage component. There will be a pro-rated refund of the MSL premiums for the remaining unused MSL policy year.
For example, your MSL coverage period was 01 January 2020 to 31 December 2020 and the annual MSL premium of $435 was deducted in January. You subsequently purchased an IP in February 2020 with an annual premium of $600. After you purchase the IP, the unused premium from your MSL coverage of $398.75, would be refunded back to your MA.
*PMI = Private Medical Insurance/Additional private insurance coverage portion of an Integrated Shield Plan