I find that the premium for private Shield has become more expensive at the older ages. My father is 76 years old and my mother is 69 years old. Shall I continue to insure them under Incomeshield M Plans, or switch back to Basic MediShield? If there is a need, we can visit a private hospital and pay out of our savings.
REPLY
If your parents find the premium for private Shield to be too expensive, it is better to switch back to Basic Medishield. They can go to subsidised wards in Government hospitals, rather than private hospitals. You can switch back to basic Medishield at anytime, even after gae 70.
3 comments:
The problem is, they may have develped other health conditions at this advanced age. CPF now requires you to fill in a health declaration form so insurability is an issue. The best way is not to fall into the trap of "upgrading" to a private shield plan in the first place. You are effectively upgrading the cost of your health plan for life!
Falcon,
There is no underwriting required for downgrading to the basic Medishield as it is actually incorporated into all private shield plans.
Last week, I actually went with my wife to NTUC Income to try to cancel her private shield plan. I was told by the staff there that I better check with CPF to make sure that she can downgrade to the CPF medishield. So I went with her to CPF and they handed her a form to fill in in order for that to happen. I queried why she has to fill in a form and the officer say that her health may have changed so it is necessary to fill in the form.
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