Is there need to change medical/hospitalization plan

[charliebrown]

Dear All Sifus:

I checking the hospitalization charge that was due to my late father (in yr 2008) in morning.

Normal Ward Class B2 : $51/day
ICU Class B2 charge : $180/day

Class B2 Daily Treatment: $18/day
ICU Class B2 Daily Treatment: $25/day

My mother has a IncomeShield Plan B.
In the benefit document, the below is stated:
Room, Board & Medical-Related Service: $800/day
ICU & Medical Related Service : $1200/day

Just comparing, it seems to me that the existing IncomeShield plan that my mother has is sufficient to cover to the normal ward and icu ward room and treatment charges.

I wondering is there a real need to upgrade her Medical plan to an As-Charge plan?

Thank you.

[Dennis Ng]

Dear All Sifus:

I checking the hospitalization charge that was due to my late father (in yr 2008) in morning.

Normal Ward Class B2 : $51/day
ICU Class B2 charge : $180/day

Class B2 Daily Treatment: $18/day
ICU Class B2 Daily Treatment: $25/day

My mother has a IncomeShield Plan B.
In the benefit document, the below is stated:
Room, Board & Medical-Related Service: $800/day
ICU & Medical Related Service : $1200/day

Just comparing, it seems to me that the existing IncomeShield plan that my mother has is sufficient to cover to the normal ward and icu ward room and treatment charges.

I wondering is there a real need to upgrade her Medical plan to an As-Charge plan?

Thank you.

My suggestion is to upgrade to an As-Charged plan that covers private hospital treatment. One would rather have choice, then faced with a case of no choice right?

Insurance premiums when compared to actual medical bills is small. eg. Kidney Dialysis per month is about S$3,000...

One can easily downgrade Medical Insurance plan in future, but upgrade is almost impossible especially if one has medical conditions, even if approved, any future upgrade is subject to excluding existing medical conditions.

[Albert]

Hi guys,

Might want to visit this website to know more about other shield plans.

http://www.moh.gov.sg/content/moh_web/h ... rance.html

Things to look out for other than premiums are the claim rate and the Letter of Guarantee

[candy_chia]

I am glad that I took the initiative to meet Dennis in 2005 when he was a financial planner and he recommended my family to take up Aviva "as charged" (1st to offer as charged shield plans at that time) so I have a peace of mind now.

Thankful that I signed up Dennis' courses, which subsequently enable Dennis to recommend to me independent financial planner that dispenses truthful and professional advices, and concurrently, allows us tremendous saving of $139k (for the next 20 years) for our life insurance policies.

My friend is not as fortunate as he has so much stringent exceptions (below throat and stretching to small intestine) clauses imposed on his policies that he doesn't have the choice to upgrade from basic CPF shield plan to private "as charged" plan.

Would encourage everyone to review your financial health while you are still healthy (before stringent exceptions are imposed in your policies), you may find you have another source of fund (which can generate higher investment return) hidden in some of the policies.



Article by in 2006, AVIVA was the first insurer here to offer 'as charged' plans which removes the upper limits on medical benefits, leaving aside the deductible and co-insurance payment that policyholders need to pay.
http://www.myinvestmentforum.com/catego ... t4096.html

And just to add a point to Candy is that there are also itemized limits for surgery (maximum $1,100 claim), kidney dialysis (only $1k/mth) and many more items.

You can compare medical plans by clicking on this website:

http://www.moh.gov.sg/mohcorp/hcfinancing.aspx?id=11164

A simple upgrade to an as-charged plan costs only $207-249 pa (age 41-50) for B1 and below ward. Well affordable payable by Medisave.

I am really gladful that Dennis advised us to upgrade from our basic medisheld plan to Aviva Myshield Plan 1 in Nov 2005 when you are still practising as a financial planner.

My dad suffered a stroke 1 week ago, we discovered limitation of basic medisheld plan.

Below are some basic comparison between Basic Medisheld and Aviva Myshield:


1) Basic Medisheld

(a) Daily daily hospital claim limit is$250 per day.

(b) Maximum claim limit per policy year is $50,000.

(c) Lifetime claim limit is $200,000.

(d)Maximum coverage age is 85 years old.


2) Aviva Myshield

(a)Daily hospital claim limits based on per charged basis.

(b) Maximum claim limit per policy year is $300,000.

(c) Lifetime claim limit is $2,000,000 ($2 Million).

(d) Maximum coverage age is LIFETIME.

[bongiovi]

I have bought NTUC medical insurance (as charged) about 3-4 years back from my friend whom is now not working in insurance industry anymore.

Actually I bought my medical insurance was advised by my 2 close friends whom were diagnosed with major illnesses. As both of them have no private medical insurances, they shared with me how financial burden had on them due to their sickness. Sadly 1 of them passed away. Till now, I appreciated their messages to me. A wake-up call to me. How I wish I had this knowledge on this issue when I was 4 or 5 yrs back and share it with my 2 close friends. Haiz... Seeing is believing after I witnessed it myself but at a high price.

That why when I read Dennis, bemoneysavvy, candy and other posts, I really understand the important is it. If anyone has not buy a medical insurance (as charged), I really hope he/she will wake up and take actions. Remember Health is our greatest asset.

[Alina]

For anyone who wants to consider upgrading their plan, it is good to check where their basic medishield coverage is with. This is especially important for those with medical condition where exclusions be likely to be imposed on their application. If you switch insurers and upgrade your Shield plan without checking which insurer is for your basic MediShield plan and afterwhich exclusion has been imposed on your new Shield plan with the new insurer. Then you will no longer be covered under previous basic MediShield plan where no exclusion was ever imposed. In other words, you had given up your Basic MediShield plan with a higher Shield plan with the exclusions in placed.

[Alina]

To add on. If you choose to upgrade your Shield plan with the same insurer who insures you your Basic MediShield which most of us have. Then any special terms/exclusions imposed should rightfully affect only the upgraded portion from the Basic MedShield plan to the higher Shield plan if you choose to insure with the same insurer. This is my understanding. However do correct me if I am mistaken on this.

[Albert]

This is not what I understand.

As long you are covered under medishield with no exclusion, even if you have upgraded either to the same insurer or different insurer, you should be covered under medishield for full and exlcuded for the upgraded portion. Reason is because it is an Medisave-approved Integrated Insurance Plans.

"Policyholders on the Medisave-approved Integrated Shield plans retain the benefits of MediShield membership, while their private insurer will service all their needs"
http://www.moh.gov.sg/content/moh_web/h ... rance.html

Therefore, you retain the full coverage even when u upgraded your plan. The exclusion imposed by the private insurer do not affect your medishield coverage.

[Alina]

Hi Albert,

Thanks for clarifying. Had also contacted CPF Borad confirming the same. Our Basic MediShield coverage with CPF Board will remain as it is. It will not be affected by the special terms imposed on our upgrade plan even if we switch the cover to upgrade with an insurer.

Alina

[Darren Lee]

Hi Alina,

A little overkill, a 3rd authentication from a practitioner, thats correct.

You don't necessarily need to stick with one insurer. The basic medishield cover (assuming healthy when ur medishield started) will not be affected by the special terms when upgrading to as-charge plan.

Hi Albert,

Thanks for clarifying. Had also contacted CPF Borad confirming the same. Our Basic MediShield coverage with CPF Board will remain as it is. It will not be affected by the special terms imposed on our upgrade plan even if we switch the cover to upgrade with an insurer.

Alina