Medishield Comparison. Find out which is the cheapest

[Bigoya]

Does anyone know whether cataract ops will result in exclusion in insurance coverage if I change insurer? I have done cataract ops in one eye only and till now both eyes are OK. Tks.

Unless there's an underwriter in the forum with a specific Shield insurer, no one can tell you for sure if your condition may be covered as standard or what exclusion(s) may be imposed.
Many conditions are underwritten on a case by case basis especially at Raffles since we are backed by a medical group.

Few of my cataract cases had been offered Standard.

There is no loss on your end for just trying to apply since you already have secured an existing coverage.
Unless it is a Standard offer, any counter offer would require your consent to proceed with switching.
No harm trying.

 

[Avks9377]

Tks for all the advice.
I am not interested in private hospital coverage.
Looking at GE and I notice there is a proration of claims for non-subsidised outpatient and short stay ward,even for restructured hospital. I believe if stay at B1 ward, subsequent outpatient visit will be all non-subsidised? Another thing is once we choose doctor, it will be considered non-subsidised? I think that is how GE reduce their cost and afford a post hospitalisation coverage of 180/365 days. Is NTUC better as they do not have proration but shorted pre/post hospitalisation coverage?

 

[xtwis7]

Yes, B1 ward is considered non-subsidised ward so to not be affected by proration, one can consider staying at B2. Subsequent outpatient treatment for that condition is based on tour ward type during admission so you’re right.

Even A ward may be a good option if really you want to have the option of going B1 since the proration is going to cost way more than the difference in premiums between A and B.

And don’t forget subsidised follow up visits may have longer waiting periods in between due to the sheer number of patients so for NTUC, a short post-hospitalisation may not be useful at all. What’s fantastic about GE A/B ward plans is that the post-hospitalisation is automatically extended to 1 year which is a big relief. Once you consider the cost of the TotalCare Classic riders, it’s hard to justify why are you paying so much more for the other companies.

Tks for all the advice.
I am not interested in private hospital coverage.
Looking at GE and I notice there is a proration of claims for non-subsidised outpatient and short stay ward,even for restructured hospital. I believe if stay at B1 ward, subsequent outpatient visit will be all non-subsidised? Another thing is once we choose doctor, it will be considered non-subsidised? I think that is how GE reduce their cost and afford a post hospitalisation coverage of 180/365 days. Is NTUC better as they do not have proration but shorted pre/post hospitalisation coverage?

 

[BBCWatcher]

Looking at GE and I notice there is a proration of claims for non-subsidised outpatient and short stay ward,even for restructured hospital. I believe if stay at B1 ward, subsequent outpatient visit will be all non-subsidised?

Well, there are a few public hospital B2 and C ward patients who "win the lottery" and end up staying in B1 or even A ward. If their ward is full, they'll get bumped up.

Aside from those exceptions, I think you're correct.

Another thing is once we choose doctor, it will be considered non-subsidised?

Yes, I'm afraid so.

I think that is how GE reduce their cost and afford a post hospitalisation coverage of 180/365 days. Is NTUC better as they do not have proration but shorted pre/post hospitalisation coverage?

Take a look at Aviva MyShield Plan 3.

 

[Avks9377]

Tks BBC/ xtwis7.
Will take a look at Aviva. I think Aviva biggest contribution is introducing new changes to the industry years ago. But read that they are looking to sell their Spore ops? So that will mean increase in premiums?
BTW, who is the biggest in IP plan? GE? Wonder who are the top 3?

 

[winthony]

Tks BBC/ xtwis7.
Will take a look at Aviva. I think Aviva biggest contribution is introducing new changes to the industry years ago. But read that they are looking to sell their Spore ops? So that will mean increase in premiums?
BTW, who is the biggest in IP plan? GE? Wonder who are the top 3?

News are going around in terms of Aviva selling off their Asia business but mostly unfounded at the moment because they haven't put a price or even open up for offer. Premium wise, not looking at any changes tbf. Haven't heard anything about that from them

Hard to know who is the biggest based on IP haha

 

[Bigoya]

Tks for all the advice.
I am not interested in private hospital coverage.
Looking at GE and I notice there is a proration of claims for non-subsidised outpatient and short stay ward,even for restructured hospital. I believe if stay at B1 ward, subsequent outpatient visit will be all non-subsidised? Another thing is once we choose doctor, it will be considered non-subsidised? I think that is how GE reduce their cost and afford a post hospitalisation coverage of 180/365 days. Is NTUC better as they do not have proration but shorted pre/post hospitalisation coverage?

It seems like the focus is now centered at Govt. B Ward coverage.
If budget isn't a huge concern to you and is still within your means, please consider going for at least an A ward coverage for higher healthcare flexibility.
What's better is that Raffles has a hybrid plan called Raffles Shield A + Raffles Hospital Option, whereby premiums are roughly 25% lower compared to a full private coverage plan.

Echoing mummynew's experience: "Taking into consideration that our public hospitals are most if not all the time crowded, I feel it makes more sense for those who can afford to seek private hospital care with proper insurance covers, so as to free the limited capacity to those who really need them."

Main issue for Govt. Hospital is generally the long waiting time. However, You don't always get to "win the lottery"

Premiums of NTUC, GE, Aviva and Raffles (B Ward) as above, based on Govt. B ward coverage with 5% co-payment rider. I have also added in Raffles (A Ward) for your comparison.

On your earlier concerns:

No clue who's the biggest on IP since switching is somewhat common.
Just note that Raffles is the newest.

Hope it helps.

 

[Avks9377]

Tks Winthony/ Bigoya. So GE has a catch for their longer post hospitalisation which I have let my friend be aware if he want to switch. I guess it is fine if his objective is to cover large bills and willing to bear 20% of the bill for outpatient Or he can stay in B2 and below.

 

[Avks9377]

For Raffles, I wish them well but I am actually surprise govt allow another player in the crowded IP field. I think Raffles is not as financially strong as other player and I suspect they may eventually tweak their IP so that the insured will go to their Raffles hospital, which is their core business. Given that it is not easy to change to other insurer when we are older, we should be mindful of these when we choose insurer.

 

[Avks9377]

Actually, the more I read about IP, the more I think our Govt has not done a good job at all. The standard B1 IP is a joke as no one is serious about it. Years ago they (KBW?) talk about implementing portable medical insurance but nothing has really happened. The insurance industry needed the extra millions of premiums to keep themselves afloat? And while it is true the consumers buffet syndrome under full coverage rider resulted in over consumption of medical services, the medical professional and the insurance companies should take some blame too. It is quite disturbing that no one from the medical profession are taking any blame other than the infamous Susan Lim case. For this alone the Govt and MOH have failed Singapore.

 

[Bigoya]

For Raffles, I wish them well but I am actually surprise govt allow another player in the crowded IP field. I think Raffles is not as financially strong as other player and I suspect they may eventually tweak their IP so that the insured will go to their Raffles hospital, which is their core business. Given that it is not easy to change to other insurer when we are older, we should be mindful of these when we choose insurer.

What's bad about having more players?

The way I see it, more companies lead to more competition which means better deals for consumers. The risks are also diluted to 7 insurers rather than just 1 or 2.

Each insurer has to come out with ways to mitigate the risk on behalf of their insureds, yet makes the coverage worth it for clients. It is definitely not an easy business looking at the losses suffered over past years.

The current Raffles Shield undoubtedly (if you check the product summary) favours Raffles Hospital over the other Private hospitals. Should that be a huge concern? Not unless if you have a current private specialist outside Raffles which you have been consulting for a pre-existing condition over the years. If you stick with Govt. Hospitals and their doctors, it wouldn't even matter.

I don't know if Raffles is financially stronger or weaker, but I'm pretty sure our underwriters can understand and underwrite the applications more carefully (and differently) to filter out the high risk condition(s) from the pool.
Remember I mentioned my clients with cataract operation were offered Standard?
That is what i meant.

 

[Avks9377]

My comments are not intended to affect those who are dependent on insurance Co for their livelihood. Yes, generally more competition is good for consumers. But for medical insurance, it is different if the competition becomes too intense. First if the whole sector is affected, someone has to bill them out. Case in point where competition resulted in offering of full coverage riders many years ago and govt has to come in to stop it. The consumers under the old riders faced increasing premiums to force them to switch so that the whole sector can be be pulled not of their losses. Also, if any single insurance Co goes into perpetual losses and financially unable to sustain its obligations due to over competition, their customers will be subjected to great uncertainties as there is no guarantee of coverage when consumers try to switch insurer. Raffles Medical is listed on SGX and you compare their market cap or assets with other listed insurer like GE.

What's bad about having more players?

The way I see it, more companies lead to more competition which means better deals for consumers. The risks are also diluted to 7 insurers rather than just 1 or 2.

Each insurer has to come out with ways to mitigate the risk on behalf of their insureds, yet makes the coverage worth it for clients. It is definitely not an easy business looking at the losses suffered over past years.

The current Raffles Shield undoubtedly (if you check the product summary) favours Raffles Hospital over the other Private hospitals. Should that be a huge concern? Not unless if you have a current private specialist outside Raffles which you have been consulting for a pre-existing condition over the years. If you stick with Govt. Hospitals and their doctors, it wouldn't even matter.

I don't know if Raffles is financially stronger or weaker, but I'm pretty sure our underwriters can understand and underwrite the applications more carefully (and differently) to filter out the high risk condition(s) from the pool.
Remember I mentioned my clients with cataract operation were offered Standard?
That is what i meant.

 

[i.c.e.d.c.u.p.p.a]

SOS

I am interested in buying ISP for myself (28M, non-smoker), was browsing around and saw that PruShield Plus (for A class ward) has one of the best coverage and budgeting, currently only on Aviva MINDEF group term life and accident plan and the disability group rider.

Should i purchase directly from P website, they quote $251 yearly, without additional rider? I am planning to pay using cash, since Medisave can get 4.0% interest rates.

Any thoughts or other recommendations for my case?

I am also thinking of getting the eci or the multi pay critical illness policy plan (before the change in the ILA def)

Much help needed from the gurus here, thanks!

 

[Bigoya]

I am interested in buying ISP for myself (28M, non-smoker), was browsing around and saw that PruShield Plus (for A class ward) has one of the best coverage and budgeting, currently only on Aviva MINDEF group term life and accident plan and the disability group rider.

Should i purchase directly from P website, they quote $251 yearly, without additional rider? I am planning to pay using cash, since Medisave can get 4.0% interest rates.

Any thoughts or other recommendations for my case?

I am also thinking of getting the eci or the multi pay critical illness policy plan (before the change in the ILA def)

Much help needed from the gurus here, thanks!

You are not planning to get the PRUExtra Plus CoPay rider for the IP? Are you aware of what you are potentially risking?

Also to hi-light for Living organ transplant, P only covers for $40k/year while most other insurers offer $40k/transplant coverage.

For P plan, you can only purchase from P agents. There's no 3rd party distributers.

Mutipay CI plan from Aviva is good based on my past comparisons. CI is definitely a shortfall in your current portfolio and it is not to be overlooked. This covers ECI as well hence you won't need to get another plan to cover ECI.

 

[i.c.e.d.c.u.p.p.a]

You are not planning to get the PRUExtra Plus CoPay rider for the IP? Are you aware of what you are potentially risking?

Also to hi-light for Living organ transplant, P only covers for $40k/year while most other insurers offer $40k/transplant coverage.

For P plan, you can only purchase from P agents. There's no 3rd party distributers.

Mutipay CI plan from Aviva is good based on my past comparisons. CI is definitely a shortfall in your current portfolio and it is not to be overlooked. This covers ECI as well hence you won't need to get another plan to cover ECI.

Sorry, am just getting into this space and am thus quite new, understand the potential risk is that i will have to pay at least 5% deductible plus co-payment if never take the rider. It could potentially be huge?

Thanks for the highlight! I am still shopping around, and may have overlooked on the organ transplant part, in your opinion, what would be a better deal? I am honestly looking for one that covers more *as charged and pre-post hospitalisation.

Yeap i am looking at the Aviva Multipay CI Plan, and am trying to get it before the 25th Aug deadline

 

[boredboiboi]

Sorry, am just getting into this space and am thus quite new, understand the potential risk is that i will have to pay at least 5% deductible plus co-payment if never take the rider. It could potentially be huge?

Thanks for the highlight! I am still shopping around, and may have overlooked on the organ transplant part, in your opinion, what would be a better deal? I am honestly looking for one that covers more *as charged and pre-post hospitalisation.

Yeap i am looking at the Aviva Multipay CI Plan, and am trying to get it before the 25th Aug deadline

Hospital plan changes all the time. I would say go for the 1 that u r comfortable with. If u upgrade now, max u r covered is 95% (co payment is 5%), no more 100%

 

[Bigoya]

Sorry, am just getting into this space and am thus quite new, understand the potential risk is that i will have to pay at least 5% deductible plus co-payment if never take the rider. It could potentially be huge?

Thanks for the highlight! I am still shopping around, and may have overlooked on the organ transplant part, in your opinion, what would be a better deal? I am honestly looking for one that covers more *as charged and pre-post hospitalisation.

Yeap i am looking at the Aviva Multipay CI Plan, and am trying to get it before the 25th Aug deadline

Feel free to familiarise yourself and explore around MoneyMind.

Without the said rider, you'd have to pay up to an annual deductible of $3.5k for A ward treatment, and a further 10% on the balance of the bill. This amount varies with the size of your bill.
The rider comes in to cover your deductible and reduces co-payment to 5% per bill, further capped at maxium $3k/yr if treatment is sought within panel.

Apart from Income and Aviva, the other 5 insurers all have 365 days post-hosp cover for Govt. Hosp coverage.

For clearer comparisons, refer to https://www-moh-gov-sg-admin.cwp.sg...mparison-of-class-a-ips.pdf?sfvrsn=9c206e84_2

 

[i.c.e.d.c.u.p.p.a]

Feel free to familiarise yourself and explore around MoneyMind.

Without the said rider, you'd have to pay up to an annual deductible of $3.5k for A ward treatment, and a further 10% on the balance of the bill. This amount varies with the size of your bill.
The rider comes in to cover your deductible and reduces co-payment to 5% per bill, further capped at maxium $3k/yr if treatment is sought within panel.

Apart from Income and Aviva, the other 5 insurers all have 365 days post-hosp cover for Govt. Hosp coverage.

For clearer comparisons, refer to https://www-moh-gov-sg-admin.cwp.sg...mparison-of-class-a-ips.pdf?sfvrsn=9c206e84_2

Thanks a lot for the quick response, yeap now that you mentioned it, it's actually a pretty big thing that I will be missing out upon if i don't add on the rider, which is considerable sum of money.

Thanks for sharing the comparison table that you have posted, much appreciate!

 

[a4973]

Feel free to familiarise yourself and explore around MoneyMind.

Without the said rider, you'd have to pay up to an annual deductible of $3.5k for A ward treatment, and a further 10% on the balance of the bill. This amount varies with the size of your bill.
The rider comes in to cover your deductible and reduces co-payment to 5% per bill, further capped at maxium $3k/yr if treatment is sought within panel.

Apart from Income and Aviva, the other 5 insurers all have 365 days post-hosp cover for Govt. Hosp coverage.

For clearer comparisons, refer to https://www-moh-gov-sg-admin.cwp.sg...mparison-of-class-a-ips.pdf?sfvrsn=9c206e84_2

Hi, based on the linked table AIA HSG Max B is 180 days pre and post op. Am I missing something? Thanks

 

[Bigoya]

Thanks a lot for the quick response, yeap now that you mentioned it, it's actually a pretty big thing that I will be missing out upon if i don't add on the rider, which is considerable sum of money.

Thanks for sharing the comparison table that you have posted, much appreciate!

Hi, based on the linked table AIA HSG Max B is 180 days pre and post op. Am I missing something? Thanks

My bad, correction:

Apart from Income and AIA, the other 5 insurers all have 365 days post-hosp cover for Govt. Hosp coverage.