Monday, October 03, 2005

Claim 100% of ward fees

Snow White asked this question: "What is your advice regarding the enhanced medical plan, where policyholders can claim 100% of the ward fees (less co-insurance) even if they opt to stay in better wards like B1 or A-wards? The premium are almost 3 times of the original Medishield plan. Should I stay with a hospital and surgical plan."

My reply:

- the limits provided under Incomeshield plan (from NTUC Income) is suffient to cover the charges in B1 and A ward in restructured hospital.

- our premiums are about 50% to 100% higher than Medishield, but are lower than the medical plans provided by other insurers.

- 800,000 people are insured with Incomeshield (giving the largest market share)

- it is better to buy an Incomeshield plan earlier, as it provides lifetime coverage. The H&S plan is a yearly renewable plan. You may not get the coverage when you leave your present employer.

7 comments:

Christopher Loh said...

I seriously doubt the IncomeShield with the Rider can provide for near 100% of the bill in a hospitalisation related to major illness like Heart surgery at National Heart Centre, where you stay typically 3-5 days or longer. The bill can be anything from $15K to $50K depending on the ward class and type of surgery. So far all the insurers' advisers I met concerning Shield plans (all 4 Shields) are more of talk than prove that it really can reduce the cost though their product.

Be mindful that in the near future, the Government might not heavily subsidised the B2 and C ward for everyone single citizens, rather they might use the Means Testing method. If you got an IncomeShield + Rider and Government decided to stop subsidy, we are at the mercy of NTUC Income to increase the limits of this plan shall we are with any illness as switching to other Shield plans are not possible and likely be excluded of pre-existing conditions.

Tan Kin Lian said...

I believe that the plan A with rider can cover the full hospital bill. The cost of $50k is within our limit.

I will ask my actuary to check the claim statistics.

If there is any shortfall, we will adjust the limit. It is our intention that all hospital treatment in the appropriate ward should be covered.

Our Incomeshield plan A and B are adeuate to cover ward A and B1. These are not subsidised wards.

Do not be scared by Christopher Loh , who appears to be working for another insurance company.

Christopher Loh said...

Dear Mr Tan,

Will be glad if you can show me statistics on a private basis regarding actual claims in different wards. Why I need to know the data is because I am finalising my personal decision on what Shield plan to buy and IncomeShield is an option apart from MyShield. There are certain things you do not need to fully covered, and I must see what risk position I am if I would be taking up an IncomeShield or MyShield.

I have already recommended my sister to take up IncomeShield + Rider Plan A. Basic coverage is still needed and affordability is an issue.

Tan Kin Lian said...

Dear Christopher Loh,

You are very knowledgeable. I suspect that you are an agent working for an insurer that sells an expensive Shield plan.

Christopher Loh said...

Dear Mr Tan,

Rest assured that I am not an agent in that insurer which sells an expensive Shield plan in the market now. Most of my information come from the internet (MOH, SingStat) and my friend who happened to work in a private hospital.

So far in my posts you have not see me promote any Shield plan. My intention is clear: Show me the data on bills breakdown so we can see clearly what are we covered against and what risk we must be prepared for in whichever shield plan we are insured with.

Simply saying, I do not believe what most companies' saying, that this is enough that is enough, or this not enough, that not enough.

johntaylor said...

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eric said...

Good day Mr Tan,

Would just like to check with u if i have a bill of $2500 (less than the $3000 deductible) for Incomeshield plan A together with the rider plus, would i be able to claim in full?

Eric

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