Monday, April 04, 2011

Limit of $800 on Shield insurance

Hi Mr Tan
Recently my father (who is now 78 year old) received a letter from income to pay a sum of $400 plus in cash due to medisave can deduct up to maximum of $800 only. That meant the premium of this policy is $1200 plus per year for Medishield Plan B.

Usually I will help to pay for my father, but from the past years only need to pay $200 plus but this time might be due to age group different need to pay higher( $400 plus ).

Why does Medisave set a limit of $800, as senior citizens sure have problem paying in cash. How Do you think about this kind of policy?

REPLY
Your father can move to Medishield and pay a lower premium (compared to private Shield) up to age 80.
Beyond age 80, there is no point in going for expensive health care, as it is not likely to do much for an elderly patient - as it can be very costly, whether as insurance or paid out of Medisave.

Elderly patients (and their family members) should decide on what can or cannot be done, rather than spend the money unnecessarily in medical fees. Insurance may encourage people to spend unnecessarily. There is no point in treating certain illness at an advanced age.
Posted by at

3 comments:

Spur said...

Medishield now covers up to age 85. Previously was only up to age 80. As the population ages, the Medishield age cover should also go up.

Medisave limit to pay for Shield plans is $800/yr if you're up to 80 yrs old. Above 80, the Medisave limit is $1,150/yr. These limits are enough to fully cover Medishield premiums.

For private Shield, the Medisave limits definitely not enough especially once after 70 yrs old, when you most need medical protection. This is the hidden trap of private Shield which insurance agents won't tell you.

Furthermore, private Shield premiums tend to be jacked up every 3-4 years. This is ON TOP OF the age-banded premiums where you pay more as you grow older. So double whammy. Medishield premium increases are much more modest.

If you insist on coverage for higher-class wards or private hospital, you will definitely need to plan extra cash to pay for private Shield during retirement years.

April 04, 2011 10:35 AM
Weng Mao Fa said...

On 20 Feb 2010, Incomeshield Plan C charge 80yo male at $797

On 19 Feb 2011, the premium is $1150+141=1291

April 04, 2011 11:15 PM
Unknown said...

medishield is good. Especially aviva's one. (slightly better than NTUC)

The problem is that insurance agents are not selling it because the comission is very low.

I've been telling everyone about it but it seems nobody has heard of it... more should be done to inform everyone (especially the lower income) about medishield.

April 12, 2011 6:24 PM

Post a Comment

Subscribe to: Post Comments (Atom)

Blog Archive