Best integrated shield plan

[Preety]

What is the difference in premium between A and B1?

I am not sure if you have see this link..The premiums are towards the end of the pdf document

https://www.moh.gov.sg/content/moh_web/medishield-life/integrated-shield-plans/comparison--of-integrated-shield-plans.html

Class A Comparison

Class B1 Comparison

 

[matrix05]

I am not sure if you have see this link..The premiums are towards the end of the pdf document

https://www.moh.gov.sg/content/moh_web/medishield-life/integrated-shield-plans/comparison--of-integrated-shield-plans.html

Class A Comparison

Class B1 Comparison

Thank guys for the info, those were useful links. Most insurers offer 3 types of ISP: Basic (gov hos B1), Advance (gov A class) and Preferred (Private). For a 50 yo, using ntucincome, the premium : Basic $140, A class $244, Private $470.
MSL (gov B2), $435 (this one compulsory).

 

[matrix05]

Looking at the Service Indicators, (I) Claims return rate (from MOH website); GE is the worst, significantly bad, among the insurers. Avoid GE.

 

[Tornesoul]

heard AXA entering the medishield market in june 2016 +-

any1 know anything?

 

[streetguy28]

yup.... stay tuned.... heard by June..

doubt it will be the cheapest but high chance of most bang for buck.

heard AXA entering the medishield market in june 2016 +-

any1 know anything?

 

[blurpandasg2014]

If AXA enter the fray, it will look interesting. Looking forward to their announcement. likely I will stick with ntuc unless AXA has something special that it is a die die to change to

 

[matrix05]

How does switching to different insurance company work? Is there any cost involve? Is ISP like term insurance; end of the coverage period, you can just switch/jump to another company?

 

[01asdf]

How does switching to different insurance company work? Is there any cost involve? Is ISP like term insurance; end of the coverage period, you can just switch/jump to another company?

Assuming you are in good health - they may still require a check up depending on your age and medical history.

 

[mksing]

Thinking of switching my Medishield plan

Yesterday I received a letter from Aviva about the upcoming renewal of my integrated shield plan.

Obviously they have increased the premium from both Medisave and Out of pocket payment ($499/yr to be exact)

Its quickly becoming unaffordable already, hence thinking of changing my insurer.

I compared all 5 insurers in the market for private hospital coverage and difference between least expensive (NTUC) and most expensive (Aviva) for the same level of coverage is now $6500 over the period between age 30-75.

Do you all think, I should switch?

I don't have any pre-existing condition, hence that is not a point of consideration.

 

[Relia_tan]

Just a heads up when comparing premium payable for the integrated shield plan, it will be Medishield Life Premiums + Additional Private Insurance coverage.

Below are the main plans (excluding their respective riders which main focus is to cover deductibles and co-insurance)

Aviva MyShield Plan:
Age Next Birthday 31 to 40
$310 + $278.17 = $588.17

NTUC Plan P:
Age Next Birthday 31 to 35
$310 + $232 = $542

Age Next Birthday 36 to 40
$310 + $243 = $553

Great Eastern P Plus:
Age Next Birthday 31 to 40
$559

Prudential A Premier:
Age Next Birthday 31 to 40
$310 + $172 = $482

Hope these information can be useful.

 

[mksing]

Just a heads up when comparing premium payable for the integrated shield plan, it will be Medishield Life Premiums + Additional Private Insurance coverage.

Below are the main plans (excluding their respective riders which main focus is to cover deductibles and co-insurance)

Aviva MyShield Plan:
Age Next Birthday 31 to 40
$310 + $278.17 = $588.17

NTUC Plan P:
Age Next Birthday 31 to 35
$310 + $232 = $542

Age Next Birthday 36 to 40
$310 + $243 = $553

Great Eastern P Plus:
Age Next Birthday 31 to 40
$559

Prudential A Premier:
Age Next Birthday 31 to 40
$310 + $172 = $482

Hope these information can be useful.

What about Deductible and Co-insurance riders? I think price varies greatly in that also.

 

[akwl88]

SINGAPORE: Premiums for healthcare insurance products should be more transparent to keep them affordable, the Life Insurance Association Singapore (LIA) said on Wednesday (Mar 9).

Speaking at an annual industry luncheon, LIA President Khoo Kah Siang said improving price transparency will be a key priority for the association in the year ahead. One way of doing this could be to enhance benefit illustrations to make it easier for consumers to understand, he said.

To better manage rising healthcare costs in Singapore, the association will work closely with medical practitioners, Government bodies, consumers and other relevant parties, Dr Khoo said.

"In recent years, claims escalation for integrated shield plans (IPs) due to larger medical bills, greater healthcare consumption and the increased use of newer and costlier medical procedures has grown to become a prominent problem, resulting in an inevitable rise in premiums for our consumers," he noted.

Dr Khoo said that for IPs targeting public hospital Class A/B1 wards and private hospitals, claims increased about 12 and 17 per cent per annum, respectively, over the past few years.

The industry will also work towards improving the skills of its workforce, he said. It will work with the Institute of Banking and Finance and the Singapore College of Insurance to design courses for fresh graduates and those seeking employment in the sector as well as current employees.

- CNA/cy

 

[jeffrey745]

SINGAPORE: Premiums for healthcare insurance products should be more transparent to keep them affordable, the Life Insurance Association Singapore (LIA) said on Wednesday (Mar 9).

Speaking at an annual industry luncheon, LIA President Khoo Kah Siang said improving price transparency will be a key priority for the association in the year ahead. One way of doing this could be to enhance benefit illustrations to make it easier for consumers to understand, he said.

To better manage rising healthcare costs in Singapore, the association will work closely with medical practitioners, Government bodies, consumers and other relevant parties, Dr Khoo said.

"In recent years, claims escalation for integrated shield plans (IPs) due to larger medical bills, greater healthcare consumption and the increased use of newer and costlier medical procedures has grown to become a prominent problem, resulting in an inevitable rise in premiums for our consumers," he noted.

Dr Khoo said that for IPs targeting public hospital Class A/B1 wards and private hospitals, claims increased about 12 and 17 per cent per annum, respectively, over the past few years.

The industry will also work towards improving the skills of its workforce, he said. It will work with the Institute of Banking and Finance and the Singapore College of Insurance to design courses for fresh graduates and those seeking employment in the sector as well as current employees.

- CNA/cy

Thanks. Claims increase means premiums increase to protect profits? I read that the standard B1 plan gg b released ,seems like its the more affordable version for masses? Rather than on relying subsidized healthcare

 

[MikeZhang]

Thanks. Claims increase means premiums increase to protect profits? I read that the standard B1 plan gg b released ,seems like its the more affordable version for masses? Rather than on relying subsidized healthcare

The standard plan doesn't have pre/post hospitalisation benefit and the max limit is 150k per annual. The plan itself doesn't have 'as charged'. Every single treatment and surgical got limit and there is no additional rider to cover co-insurance and deductible.

 

[Soul77]

Yesterday I received a letter from Aviva about the upcoming renewal of my integrated shield plan.

Obviously they have increased the premium from both Medisave and Out of pocket payment ($499/yr to be exact)

Its quickly becoming unaffordable already, hence thinking of changing my insurer.

I compared all 5 insurers in the market for private hospital coverage and difference between least expensive (NTUC) and most expensive (Aviva) for the same level of coverage is now $6500 over the period between age 30-75.

Do you all think, I should switch?

I don't have any pre-existing condition, hence that is not a point of consideration.

I'm on Aviva plan 1 as well, but I took option A, so my cash outlay only $115 every year. My thinking is I can pay the deductible using medisave. Also I have my employer group plan.

 

[mksing]

I'm on Aviva plan 1 as well, but I took option A, so my cash outlay only $115 every year. My thinking is I can pay the deductible using medisave. Also I have my employer group plan.

Hmmm, I see you point. Must keep deductible amount in liquid assets; thanks, will keep this in mind when deciding.

 

[jeffrey745]

I'm on Aviva plan 1 as well, but I took option A, so my cash outlay only $115 every year. My thinking is I can pay the deductible using medisave. Also I have my employer group plan.

U took rider that can cover copayment? So limit only to paying deductible ? Urs is coverage up to pte hospital ward?

 

[jeffrey745]

The standard plan doesn't have pre/post hospitalisation benefit and the max limit is 150k per annual. The plan itself doesn't have 'as charged'. Every single treatment and surgical got limit and there is no additional rider to cover co-insurance and deductible.

Do u have links n more info of the standard B1 plan? I tot some insurance companies have B1 plan already.... n its as charged...

 

[Soul77]

U took rider that can cover copayment? So limit only to paying deductible ? Urs is coverage up to pte hospital ward?

Yes. Aviva Option A take care the 10% co-payment. I took plan 1 which is up to pte hospital highest ward, with $3,500 annual deductible.