Friday, May 09, 2008

Choosing options in a Shield plan

Dear Mr. Tan,

My family is covered under Incomeshield Plan B. Should we:

a) Buy an Assist Rider
b) Convert the existing plan to Enhanced Incomeshield Basic

Please read this FAQ:

If you are insured fro Plan B, which is treated in government B1 ward, it should be sufficient. I think that there is no need to upgrade to Enhanced Plan Basic (which covers "as charged"), as the difference in coverage is small.

Perhaps you can ask the insurance agent or the office to give practical examples of the difference in coverage between these two plans, based on a sample of hospitalisation in B1 ward.

The Assist rider covers the Deductible. I think that this is not necessary. You can self-insure this risk and pay the Deductible from your Medisave account. I am not sure if the premium charged gives good value to the policyholder.


Anonymous said...

I'm relating to a personal experience. Late last year, I was hospitalised for four days at an NHG hospital. The total billable amount came to about $2,400 where the payable amount is about $700 after subsidies.

I have an Incomeshield Plan B, but nonclaimable as the payable amount is below the deductible bracket. The payable amount was paid from my Medisave. Therefore, there wasn't any cash outlay from me.

Though I didnt get to claim from my policy for that incident, I appreciate the value of the policy. For what if it was something more serious and expensive? It could wipe out my Medisave balance and then, still not enough. In that case, a Shield plan could mean the difference between affordable treatment or financial hardship after treatment.

Therefore, I agree with Mr. T.K.L.'s recommendation of a Shield Plan B plus Medisave as the basic necessary healthcare safety net for most Singaporeans.

Plan A isn't really necessary unless one is really bent on insisting on Class A ward and can afford both the premiums and foregoing subsidies comfortably.

Raymond T said...

I covered my mum under Incomeshield MB... but she opted to go to a pte hospital to do her op... the insurance payout amounted to less than 20% :*

Khiat Han Hwee Adrian said...

The plan chosen must be in line to the hospital you think you most likely be going.

If you think you have a good chance of going for Private hospital, its better to upgrade to the relevant plan.

If we are young, say below 50yrs old, I hope we don't try to save that few dollars. Upgrade from the Medishield to the private one.

In my opinion, Medishield is not enough for many Singaporeans especially Middle income and above.

Thomas Phua's Blog said...

It is a matter of expectation.

If one needs private medical care, one has to take higher plan, like Plan Prefered, Incomeshield.

For those who think B1 restructured hospital is good enough, Plan Basic is sufficient.

So it depend on individual what level of medical care they want.

As Charge Shield Plan will be more comprehensive, and premium is not very much more higher.

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