Saturday, October 08, 2005

Deductible under Shield plans

QUESTION:

I am currently a IncomeShield Plan B policyholder and will like to seek some clarifications on how claims are processed under IncomeShield.

An agent shared with me the attached article. It is taken from Business Times. It was doing a comparison on the payouts from the different Insurers. I was very surprised that most of the insurers, including Income does not pay a cent in the example where a policyholder stays at Mt Elizabeth for 2 nights.

Could Income explain how the claims are processed? For example, what items will be considered for the deductible. Lastly, if the policyholder had bought the IncomeShield rider, how does it helps in this example?

ANSWER:

All the Shield plans are required to have a deductible, representing approximately 5 days of hospital stay. The principle is that the patient should pay for the first 5 days, and the insurance will pay for 90% of the bill in excess of the deductible.

This condition is imposed by the Ministry of Health.

We offer a rider that charges a separate premium (to be paid by cash) that will cover the deductible and the balance of 10%. Many people have opted to buy this rider.

Tan Kin Lian
CEO, NTUC Income
Posted by at

3 comments:

aiyoyo said...

Qns
if the bills for my 2 days stay in hospital add up to $1800. Am i right to say that incomesheid plan b does not pay to the insurer? If i were to buy Rider plan b on above of incomeshield b too... issit means that ntucincome will pay me the full amount of $1800. am i right to say that? pls reply. thanks

October 08, 2005 11:43 PM
Tan Kin Lian said...

Reply to Aiyoyo. If you buy Incomeshield and the rider, it will pay out the full amount of your hospital bill, ie $1,800, provided that you go to the right class of ward (ie what you are insured for).

October 10, 2005 8:04 AM
JLCX said...

Dear Mr Tan,
Why does Incomeshield policy Schedule do not include the flexible deductible (FD) description in Plan A & B for the differen ward classes but is described only in Plan C?

I have requested NTUC insurance agent for documentation to show this but was told this [flexible deductible] is standard practise although not stated explicitly. I responded that if this is standard, why not put it into policy document to counteract other Shield plans claim that NTUC does not practise FD?

November 01, 2005 10:42 PM

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