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.

2 comments:

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.

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.

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