Dear Mr Tan
Please see attached table of premium rates from NTUC Income for its IncomeShield Rider Plus 2017, 2018, 2019.
I would like to draw your attention to the age group from 51-55.
The premium in 2017 was $608. In 2018,this went up to $956 (57% increase). For 2019,the premium increased to $1587(66%).
How is this justified?
I am reaching out to you on this matter to raise awareness to the public on the big increments that a normal working class citizen like me have been bearing quietly.
The insurance plan is not portable, unlike the telcos.
Would really appreciate if this email finds your attention.
REPLY BY TKL
The Rider Plus covers the co-payment under the IncomeShield integrated plan.
The premium is indeed very costly and has been increasing sharply in recent years.
It can be more costly that the integrated plan itself.
I have advised consumers to avoid buying the Rider Plus as the premium is high and the coverage is modest. It is better for you to pay the co-payment (which can come out of your Medisave account), rather than buy insurance to cover it.
The amount of co-payment in most cases should be quite affordable. There is no need to buy insurance to cover it.
NTUC Income must have seen large increase in claims under the Plus Rider cover in recent years. They have to increase the premium to match the claims.
As you have not made a claim, you are paying for the other policyholders who are hospitalized. The hospitals probably charge high fees and this has to be borne by every insured person.
Actually, the insurance plan is portable. You can downgrade to Medisheld Life regardless of your health condition.
If you wish to transfer to another private plan, you have to meet their underwriting requirements.
2 comments:
All insurance companies (not just ntuc) are pushing policyholders to downgrade to lower level of riders which have co-payment and are not 100% covered.
Ppl under 100% covered riders have been abusing the coverage, with many insisting on Mt E or Novena inpatient for having colds or slight fevers or tummy aches as don't have to cough out a cent. Specialists are more than happy to oblige with extra tests & MRIs thrown in.
So you can do the following:
1. Downgrade to a rider that has 5%-10% co-payment. There is an annual cap of $3K so that's the most you will need to pay per year for hospital bills.
2. As the main plan also gets more expensive, you can slowly downgrade e.g. from private to A-class to B1-class.
At B1 class, you can still specify a particular specialist and/or certain more expensive procedures.
At the end of the day, if you think your life is so damn precious then insurance companies also know & be prepared to pay for it.
( REPRICING FOR HOME & EQUITY LOAN)
As spoken, to do away with TDSR assessment, you can consider making 3% paydown of the outstanding principal. This will be amounting to $28K. One month notice period is required for this paydown. The one month notice will be from the date we receive the signed partial prepayment form.
If you would like to go for 3% paydown, the only documents required will be property tax page, front and back copy of NRIC, HDB printout and CPF Property Withdrawal Statement from all borrowers.
To go for TDSR assessment, please find below for the documents required.
Documents required from all Borrowers
For Owner-Occupied Property : Please submit documents 1 to 4
1. Front & Back copy of NRIC (mandatory)
2. Property Tax Page for all Owner-Occupied Property (mandatory)
a. Log on to IRAS Website at http://www.iras.gov.sg
b. Click on “Login to my Tax Portal
c. Click on “LOGIN” with “SingPass” or IRAS pin (right side of webpage)
d. Search for “Property Tax” on the left panel
e. Click on “View my Property Portfolio / Change mailing address”
f. Click on the property address that is “owner- occupied”
g. Print out the page that indicates “Tax rate : Owner-Occupier”
***Kindly note printout to indicate date of printing and reflects IRAS logo
3. HDB Printout (If you have a term loan with us)
a. Logon to HDB Website at http://www.hdb.gov.sg
b. Log in via Singpass at “My HDBPage”
c. Click on “My Flat” and then click on “Financial Info” under Purchased Flat (on left)
d. Please print and email page over
4. CPF Property Withdrawal Statement (if you have a term loan with us)
a. Log in to CPF Website at http://www.cpf.gov.sg
b. Go to My Statement
c. Scroll down to Section C and click on the “Property”
d. Select “I wish to view my Private Housing Withdrawal Statement” from “My Statement – Property”
e. Print out this statement to show Private Housing Property Withdrawal Details
For Investment Property : Please submit documents 1 to 7
5. Income Documents (mandatory)
Self-employed, commissioned or variable income earners: Latest Notice of Assessment
Salaried Employees: Latest year Notice of Assessment and latest pay slip and Last 12 months CPF Contribution statement
• Overseas Employees: 3 months’ pay slip/Letter of Employment and 3 months bank statements reflecting crediting of salary
• Dividend income (If applicable)
- Latest CDP Statement
- Certification of latest year dividend income by certified accountant
- Letter from company with corresponding bank statement showing crediting of latest year dividend
Steps to obtain Notice of Assessment
a. Log on to IRAS Website at http://www.iras.gov.sg/irashome/default.aspx
b. Login with your Singpass or IRAS pin
c. Go to “View Correspondence/Notices” (left of webpage)
d. Click on “Letters/Notices” and select the required Notice of Assessment
6. Statements for All Existing Credit Cards/Credit Line Statements(mandatory)
***Please provide statements which reflect card holders name, card number and minimum payment amount
7. Details on other loans (for example: Car Loan, Housing Loan, Renovation Loan, etc):
a. Original Loan Amount & Loan Tenure
b. Outstanding Loan Amount & Remaining Loan Tenure
c. Monthly Instalment
d. Current Interest Rate
e. Name of Financier
***Missing information of the above might delay the review process
The repricing application is subject to TDSR & Quantum of Financing assessment and review.
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