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Old 19-06-2011, 08:04 PM   #1
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Question Can use our CPF to buy Medishield insurance for my baby?

Would like to know whether we are allow to deduct our CPF Medisave account to cover him/her under Medishield insurance plan?
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Old 19-06-2011, 08:19 PM   #2
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From what I know, if both the parents have Aviva Myshield, children get free coverage till 20 years old.
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Old 19-06-2011, 08:48 PM   #3
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Would like to know whether we are allow to deduct our CPF Medisave account to cover him/her under Medishield insurance plan?
Yes parents can use their Medisave accounts. Riders require cash though. As mentioned by stix, Aviva offers free coverage for children but it's subject to some terms and conditions.
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Old 19-06-2011, 08:55 PM   #4
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Yes parents can use their Medisave accounts. Riders require cash though. As mentioned by stix, Aviva offers free coverage for children but it's subject to some terms and conditions.
thanks tix and handstied. any idea about Great Eastern TotalShield? Will my children be covered for free?
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Old 19-06-2011, 08:58 PM   #5
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thanks tix and handstied. any idea about Great Eastern TotalShield? Will my children be covered for free?
Nope. Only Aviva offers such a feature if both parents are covered under Aviva MyShield.
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Old 19-06-2011, 11:14 PM   #6
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From what I know, if both the parents have Aviva Myshield, children get free coverage till 20 years old.
The free coverage is a lower plan.

Only Aviva is giving this free thing as a gimmick.
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Old 20-06-2011, 12:00 AM   #7
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The free coverage is a lower plan.

Only Aviva is giving this free thing as a gimmick.
"Lower plan"? The children are given Plan 2. It is only a "lower plan" if both parents take up Plan 1 (which covers up to private hospitalisation). Even if both parents take up Plan 2, the children are still covered under Plan 2 which is equal coverage.

What does Plan 2 cover? Plan 2 covers any government/restructured ward, including A ward. Is it the best plan available? No, since there are plans that cover even Private hospitalisation. But is it a good amount of coverage? Yes. Moreover, free coverage also includes a the co-insurance rider if both parents take up which otherwise would have to be paid for in cash.

Those who want private hospitalisation coverage for their kids can choose to pay for Plan 1 for their kids.

Parents with limited budget for insurance will find Aviva's offer exceedingly helpful. A medical plan for a child can cost $100+ in Medisave and $100-$250 in cash every year per child. Aviva covers up to 4 for free until their 19th birthday. This is relief to a significant financial burden.

To you, it's a gimmick because you can only sell your company's products and can't compete with such a feature Aviva is offering. I'm also sure it doesn't hurt for you to get that extra bit Premiums also recently increased right? Do you dismiss A-ward coverage as "lower plan" because you only push private coverage?
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Old 20-06-2011, 02:17 AM   #8
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I actually did a cost-comparison (ignoring any other "features") between ntuc's enhanced incomeshield and Aviva.
Which MediSheld Plan is good ind e market??

Assuming the premiums remain the same, you only save about $3k (per child) at most with the "free coverage" (until the child is 20 yrs old). That "savings" is spread over about 20 years with an inferior (imho) rider.
Which MediSheld Plan is good ind e market??

Last edited by Asure7; 20-06-2011 at 02:22 AM..
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Old 20-06-2011, 08:51 AM   #9
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I actually did a cost-comparison (ignoring any other "features") between ntuc's enhanced incomeshield and Aviva.
Which MediSheld Plan is good ind e market??

Assuming the premiums remain the same, you only save about $3k (per child) at most with the "free coverage" (until the child is 20 yrs old). That "savings" is spread over about 20 years with an inferior (imho) rider.
Which MediSheld Plan is good ind e market??
That's a good observation to make, but that's comparing it against IncomeShield, the only other non-100% coverage plan. IncomeShield and MyShield remain the two H&S plans I recommend due to their more cost-efficient nature (not insisting on 100% coverage).

If you compare to the other plans in the market however, you will find the cost savings even greater since other plans insist on a 100% coverage rider.

Moreover - I'm not sure if you are an agent or adviser yourself - my experience is that parents are generally unwilling to purchase H&S plans for their kids as if nothing will go wrong with them. Probably only want to buy expensive cash value type policies. Even if they do they only wish to only use their Medisave. Aviva's offering at least ensures they have the rider.

I agree with you the IncomeShield is a good alternative but I think either way is fine and Aviva's plan is a good choice for parents especially those with multiple children.
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Old 01-07-2011, 12:08 AM   #10
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That's a good observation to make, but that's comparing it against IncomeShield, the only other non-100% coverage plan. IncomeShield and MyShield remain the two H&S plans I recommend due to their more cost-efficient nature (not insisting on 100% coverage).

If you compare to the other plans in the market however, you will find the cost savings even greater since other plans insist on a 100% coverage rider.

Moreover - I'm not sure if you are an agent or adviser yourself - my experience is that parents are generally unwilling to purchase H&S plans for their kids as if nothing will go wrong with them. Probably only want to buy expensive cash value type policies. Even if they do they only wish to only use their Medisave. Aviva's offering at least ensures they have the rider.

I agree with you the IncomeShield is a good alternative but I think either way is fine and Aviva's plan is a good choice for parents especially those with multiple children.
my insurance agent told me that Aviva complimentary child covers the minimum stuff. but i'm not sure how true it is.

anyway, he recommended me term and wholelive (investment) plans. it seems wholelive investment plans are very popular nowadays. any drawbacks or hidden stuff for this kind of package?
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Old 01-07-2011, 12:52 AM   #11
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In addition to what is mentioned about AVIVA MyShield, it is the only company at the moment that offers letter of guarantee to the private hospitals, - i.e. Parkway East Hospital, Mount Elizabeth and Gleneagles. If you insure yourself with plan 1 and both the Option A and Option B riders, you do not require a single cent for the whole hospitals stay. Hassle free claim. I just signed up for both the rider.
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Old 01-07-2011, 08:37 AM   #12
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my insurance agent told me that Aviva complimentary child covers the minimum stuff. but i'm not sure how true it is.

anyway, he recommended me term and wholelive (investment) plans. it seems wholelive investment plans are very popular nowadays. any drawbacks or hidden stuff for this kind of package?
You can decide if it covers "minimum stuff". As explained, up to A-ward coverage plus co-insurance waiver is actually quite good already. If you wish, you can also top up cash to cover the deductible (personally I feel the deductible rider is expensive).

Whole life investment policies (or ILPs) have been discussed quite a few times on this forum. There are a lot of unnecessary charges and caveats. All the charges and drawbacks can be seen on the Benefit Illustration, but it is full of technical info and jargon that it's as good as hidden because very few laymen will understand the BI and what it means without proper explanation. Someone trying to sell you the policy will not go through the cons of the plan properly so as not to jeopardise the sale.
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Old 01-07-2011, 12:59 PM   #13
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Anyone have NTUC Incomeshield Basic Plan (Medi-save) and Assist Rider(Cash) ? Any views on it?

Recently applied for it but they have exclusions for my elbow injury 20 years ago still thinking if i should go ahead or look at other plans...
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Old 01-07-2011, 04:58 PM   #14
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"Lower plan"? The children are given Plan 2. It is only a "lower plan" if both parents take up Plan 1 (which covers up to private hospitalisation). Even if both parents take up Plan 2, the children are still covered under Plan 2 which is equal coverage.

What does Plan 2 cover? Plan 2 covers any government/restructured ward, including A ward. Is it the best plan available? No, since there are plans that cover even Private hospitalisation. But is it a good amount of coverage? Yes. Moreover, free coverage also includes a the co-insurance rider if both parents take up which otherwise would have to be paid for in cash.

Those who want private hospitalisation coverage for their kids can choose to pay for Plan 1 for their kids.

Parents with limited budget for insurance will find Aviva's offer exceedingly helpful. A medical plan for a child can cost $100+ in Medisave and $100-$250 in cash every year per child. Aviva covers up to 4 for free until their 19th birthday. This is relief to a significant financial burden.

To you, it's a gimmick because you can only sell your company's products and can't compete with such a feature Aviva is offering. I'm also sure it doesn't hurt for you to get that extra bit Premiums also recently increased right? Do you dismiss A-ward coverage as "lower plan" because you only push private coverage?

I agree this thing is a gimmick... Aviva should offers Plan 1 (private hospital coverage) free of charge (FOC) to the children as well if both parents take up Plan 1...

By offering only Plan 2 (Govt Hospital A ward) coverage free for children no matter both parents take up Plan 1 or Plan 2 is a gimmick to me...

Maybe Aviva can consider offering the children free Plan 1 coverage too?
Most parents will still opt for Free Plan 2 then paying for Full amount for Plan 1 for kids if both parents having Plan 1.... I mean it seduce people to be cheapo to get Free Plan 2 ... haha hope you all know what I mean.

I use to suggest them to offset the amount but they says no. it does not work this way.

Premium for Plan 1 - Premium for Plan 2 (supposely Free) = Actual premium to pay for Plan 1 for kids.

So you think it is a gimmick?

Last edited by gohmjie; 01-07-2011 at 05:07 PM..
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Old 01-07-2011, 06:29 PM   #15
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Anyone have NTUC Incomeshield Basic Plan (Medi-save) and Assist Rider(Cash) ? Any views on it?

Recently applied for it but they have exclusions for my elbow injury 20 years ago still thinking if i should go ahead or look at other plans...
You shld go try other company? Other companies may not give you the exclusions.

Normally for small insurance coy, they like to exclude this exclude that, worst is when you want to claim, start to give reasons to reject the claims. But still, many ppl buy insurance based on the cheap premiums and end up regretting.
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