Thursday, March 14, 2013

Hefty increase in premium for Incomeshield

Hi Mr Tan,
Could you please help to put on your blog my letter and further comments below:
I have written to STforum on thurday on the plain english and the increased premium of 40% amounting to about $400 per annum. Instead of publishing the letter, noted on the contrary, an entire page of advertisement promoting the plain enghlish. The points highlighted on deletion of clauses and restriction of claim (not to the benefit of policy owners) were not addressed in their advertisement.
There is a substantial increase of 40% in premium with additional coverage though CPF indicated only increase of $10 in premium for CPF integrated medilsheild. It translated to 40% increase of about $400 for my policy. I am not interested to have the additional coverage but would want affordable  insurance coverage as per existing policy to enable me to go over to private hospital for treatment if necessary. The queues after queues for treatement and payment due to the overcrowding in the hospitials, would end up in patients receiving delayed diagnosis and treatment.
I am sickened by the policy that affect me and decided by the govt, yet withoug any avenue to express my disagreement when I am the one who would be paying for the cost.
Thanks and regards,
Ms ling


9 March 2013

Forum Page
Straits Times

I personally delivered a letter to NTUC Income last December to ask about the revised
wording, supposedly to be in plain English, of the Incomeshield policy. I was quite unhappy
that some of the clauses on claims have been removed and other clauses have been
changed to be more restrictive.

I did not receive any reply for several weeks, in spite of several telephone calls to remind

I had also received a letter dated 13 Feb 2013 from the Central Provident Fund informing
me that the additional premium based on the existing and new premium for the Med shield
has been increased by $10. Seeking clarification on this and earlier letter on plain English,
I called again. I insisted through my email to the NTUC contact centre again for a response
since there was no response since Dec 2012 to my queries. NTUC Income instead informed
me through email on 1st March 2013 that the premium for my existing policy would be
increased by $386 to $1,360 with the integration with med shield from 1 April 2013, a hefty
increase of nearly 40%

Is the Government monitoring this kind of increase? I had earlier moved to a private Shield
due to the over-crowding in public hospitals, but with the increase, it looks like I have to
move back to the basic Medishield plan.

Ms Ling Mee Choo


Spur said...

Premiums for H&S insurance have been accelerating substantially since 2007. Over a longer term basis, be prepared for your costs to go up by annual inflation of 6% to 8% each year. This is to match the actual medical inflation in S'pore. Medical costs in S'pore are getting worse ever since the push to promote S'pore as medical hub and medical tourism for rich foreigners and pharmaceutical investments.

Govt knows all this. Afterall their policies is the main reason for the huge increase in costs. However their attitude is that this is private arrangement between individuals and commercial companies. Based on market forces, willing-buyer-willing-seller, caveat emptor, laissez faire economy.

Their thinking is that if you want private or A-class treatment, then be prepared to pay arm & leg plus heart and kidney. Officially they'll simply tell you to downgrade if you cannot afford or don't want to pay.

J. Loh said...

I have a similar problem with my NTUC Enhance Incomeshield Medical Insurance Plan. Last year my premium was $2774.00. I just received a renewal notification informing me that my premium will be increased to $3663.00 (an increase of almost $600.00 or over 20%). When I contacted my agent, I was told that this is mainly due to the increase that NTUC Income has to pay to CPF Medishield.

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