AVIVA Myshield Plan 1, 2 or 3, which should you choose?

[Dennis Ng]

Hi Dennis

Like to ask for your advice as I am interested to take up Aviva MyShield Plan. But I am not sure whether to take up Plan 1 or Plan 2?

What is the factor that I should consider?

Thanks a lot.

Regards
Glnnca

My comments:
Dear Ginnca,

you need to consider:

1. Plan 2 has a pro-ration factor of 65% and Plan 3 a pro-ration factor of 50%. Plan 3 only as charged for for 4-bedder.

How Pro-ration factor work?
eg. if the medical bill is $10,000 (assuming all the individual items are claimable), then a pro-ration factor of 65% would just adjust this claimable bill to $6,500 before applying deductible and co-insurance.

For a large bill of say $100,000, a pro-ration factor can mean yourself being exposed to a big part of the bill.

So you need to consider is it worth saving some money (can be only a difference of $100 per year when you're relatively young) and take up a lower plan BUT expose yourself to the risks or would you rather pay a little more (anyway any annual premiums up to $800 can be paid via Medisave) and get a more comprehensive coverage.

At the end of the day, you make your own decision. Just make sure you make your decisions with eyes wide-open and considering all the factors.

Whether you're interested to take up shield plan from AVIVA, NTUC Income or Great Eastern, we can help you get it as we do work closely with financial advisory firms. There's NO extra charges/fees for you as we provide this service as another value-add customer service to our clients and not to earn more money.

Cheers!

Dennis Ng, http://www.HousingLoanSG.com