The premium for private Shield plan has increased for the past few years. I am not aware about the actual increase. To hide the increase, some insurance changed the benefits provided, so that the policyholders cannot make any comparison.
I thought that the increase is due to higher claims. But, someone from the inside told me that the premiums are being increased to give a higher profit margin to the insurance company. I was surprised! I thought that any increase would have to be approved by the Ministry of Health, and they will check to make sure that the increase are justified (as Medisave money is being used).
For consumers who find the increase to be unjustified, it is better to switch back to basic Medishield. This advice is specially important for older people You can save more than 50% of the premium and also pay a lower deductible when you are treated in hospital. Read this article. http://tankinlian.com/admin/file.aspx?id=229
You also avoid the stress of having your claims rejected. Read about "rejected claims" in www.tankinlian.com/ask.aspx. Do not pay more in premium and still suffer from uncertainty and stress!
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10/10 - 10/17
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- Time to buy a property?
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- Gmail and multiple inboxes
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- Ask Mr. Tan
- Huge profits of life insurance companies
- Half truths about Life Insurance (3)
- Preparing for the General Election
- Donate to philantrophy
- How to produce billionaires
- Client sues private banker
- General Election Issues
- Is insurance good or bad?
- FISCA Talk on Financial Planning
- Increase in premium for Private Shield
- Branding and Trust (2)
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- US housing crisis
- Easy to buy, hard to claim
- Singapore President
- GIC IPO - Global Logistics Property
- Reasonable charge for incidental service
- Information about shares
- Swimming Team at Commonwealth Games
- Too big to fail?
- The Sleep Test
- Shield claim - change of insurer
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