Wednesday, September 29, 2010

Termination of Private Shield

I terminated my Incomeshield as I preferred to be insured under basic Medishield. I received this letter from NTUC Income:

"If the insured is also covered in the integrated plan and the policy is terminating without switching to another insurer or change, of plan .... the insured will continue to be insured under the MediShield scheme with th eCPF Board, as long as he/she is eligble for the scheme. The MediShield cover willbe renewed automatically each year after the premium is deducted from the Medisave account".

In short, the transfer to Medishield is automatic. If the insured wishes to terminate the MediShield cover, a separate termination form has to be submitted to the CPF Board.

3 comments:

Spur said...

NTUC just increased their premiums for Incomeshield again (I think this is the 2nd time within 5 years), while increasing some benefits e.g. longer community hospital stay and cover for voluntary organ donation to family member under the new living donor act.

With the increasing rise in medical insurance premiums, together with escalating medical inflation (2X normal inflation) it will be quite soon where you will see 2 distinct groups of people --- those who have access to quick & good hospital/specialist treatment, and those who cannot afford. The increasing income-wage gap is also making things worse.

anonymous said...

I want to terminate my incomeshield also. They have been increasing premium as and when they like.

Do you mean once we terminate the incomeshild, we will be automatically switch to basic medishield ? Please advise. Thanks!

Spur said...

To anonymous:

If you are paying for your incomeshield using CPF Medisave, then yes, it should auto step-down to Medishield. Please confirm with NTUC first -- do it thru email for black & white.

Also read up on Medishield on CPF website and MOH website, in order to know fully what it can and cannot do.

Actually all along, your Medishield is existing within your private shield plan (incomeshield in your case). If you claim hospitalisation costs, the 1st few hundred dollars will be paid from Medishield insurer, and the remainder will be paid from NTUC, up to the limit as stated in your policy.

That's why if you use CPF Medisave to pay for your private shield plan, they will say that it is a medishield-integrated private shield plan.

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