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GST rates change

Singapore will increase its GST rate progressively over 2 years from 7% to 9% effective on 1 January 2023, according to the Budget 2022 announcement.

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

From 1 Jan 2023

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

From 1 Jan 2024

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

GST rate change for 2024

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 Payment Effective Date depending on the GST-registered product.

GST-registered products

Commencement Date

GST rate

·         Great SupremeHealth (GSH)

·         Great TotalCare (GTC)

·         Great CareShield (GCS)

Year 2023

8%

Year 2024

9%

GST-registered products

Payment Effective Date

GST rate

Accident and Health plans other than GSH, GTC and GCS

31 Dec 2023 and before

8%

1 Jan 2024 and after

9%

Renewal payment

The GST increase for renewal payment will follow the Premium Due Date or Payment Effective Date depending on the GST-registered product.

GST-registered products

Premium Due Date

GST rate

·         Great SupremeHealth (GSH)

·         Eldershield (ESH)

·         Great CareShield (GCS)

Year 2023

8%

Year 2024

9%

GST-registered products

Payment Effective Date

GST rate

·         GREAT TotalCare (GTC)

·         Accident and Health plans other than GSH, GCS and ESH.

 

31 Dec 2023 and before

8%

1 Jan 2024 and after

9%*

*Except for full premiums made before premium due date or successful recurring payments made via GIRO deductions and credit card payments within the month of January 2024, the premium will be based on GST rate of 8%.

We would encourage customers to pay their premiums timely when due to avoid incurring the higher GST rate if they were to make payment in 2024.

However, advanced premium (premium due from February 2024) is not allowed to be made in 2023 and any excess premium will be refunded if there is no premium due in January 2024 or earlier.

 

The GST rate is 8% for premium paid in full by 31 December 2023 for Accident and Health plans other than GREAT SupremeHealth, GREAT TotalCare and GREAT Careshield.

GST rate for premium due from February 2024 will be subjected to 9%. GE does not allow advanced premium payment. Any excess premium will be refunded if there is no premium due in January 2024 or earlier.

The GST rate is 8% for premiums paid in full by policy due date or successfully deducted in first attempt for premium due in January 2024. However, the GST rate will be revised to 9% after policy due date or when the first deduction attempt is unsuccessful.

Note: This is not applicable for CPF MediSave plans such as GREAT SupremeHealth, Eldershield Supplements and GREAT CareShield because we follow the premium due date, i.e. CPF deduction date, that fall in 2024 to determine the GST rate.