Enhanced MediShield Plan + Critical Illness advice

[freespiritsy]

I am a 39 year old married female with no kids.

Having pored through the content of the threads here, I have these additional queries and hope to get some humble advice from those of you who have already done the due research :

1) I am contemplating between NTUC IncomeShield Plan B and Aviva MyShield. However Aviva MyShield seems to have included some form of critical illness claim of up to $50K. Rate-wise, I will go for NTUC IncomeShield Plan B but if Aviva MyShield does indeed include the 30 critical claims, it might be worthwhile for me to consider Aviva as I then won't have to get another Critical Illness Plan. Any advice will be most welcomed.

2) I understand cost of cancer treatment for e.g will be expensive and an enhanced MediShield will not be sufficient so I am considering getting a Critical Illness Plan on top of the enhanced MediShield Plan as I don't want to be a liability to my husband. Most critical illness plans covers one up to 65 yrs old only so i wonder if it makes sense to purchase one as lifespan of one nowadays is relatively long, beyond 70-80 yrs. If so, I am contemplating 1) Safra Living Care undertaken by NTUC Income (cheap) 2) AXA (but up to 55 yrs only) in terms of costs but I understand GE and AIA has critical illness policies that payout in early stages of illness, which I think will be beneficial. Any advice?

3) I understand the 30 critical illness policies do not cover women-related diseases. GE Pinklife and Prudential's Smart Lady II reimburse for women-related diseases but again, rates are high and coverage is up to 65 yrs only. Insurance premiums are higher than those in (2)

Therefore, pls advise which enhanced MediShield should I go for and in addition, should I go for (2) or (3) as I am strapped budget-wise but I also don't wanna be penny wise pound foolish.

Thanks in advance for your time and help!

 

[edit_bite]

You may want to check other shield plans as there are other plans such as Prudential pru-shield provides for a more comprehensive coverage. Cause with Aviva, when hospitalization occurs, client still has to pay 10% of the bill. Whereas pru shield & its extra provides for full protection. Anything were to happen, the entire bill would be taken care by the company.

As for critical illness coverage, you can look at prudential Pru multiple crisis cover. It is a level term plan which means you pay the same premium for the rest of the term. It provides 3 times critical illness coverage and up to age 99. I heard premiums for this plan is rather affordable. Here's e website for the plan, http://www.prudential.com.sg/corpor...ion/critical_illness/prumultiple_crisis_cover

 

[edit_bite]

Oh... N u shld go for both if critical illness is a concern. Basic shield plans are deductble using CPF medisave account and the extra/enhanced riders are affordable at couple of hundreds, ard $300+/ year. Whereas the prumulitple crisis cover plan could be $200+/mth due to the age. Though it may be high, the later you are gonna take the plan, the higher the premiums will get.

 

[Kheetat]

I am a 39 year old married female with no kids.

Having pored through the content of the threads here, I have these additional queries and hope to get some humble advice from those of you who have already done the due research :

1) I am contemplating between NTUC IncomeShield Plan B and Aviva MyShield. However Aviva MyShield seems to have included some form of critical illness claim of up to $50K. Rate-wise, I will go for NTUC IncomeShield Plan B but if Aviva MyShield does indeed include the 30 critical claims, it might be worthwhile for me to consider Aviva as I then won't have to get another Critical Illness Plan. Any advice will be most welcomed.

2) I understand cost of cancer treatment for e.g will be expensive and an enhanced MediShield will not be sufficient so I am considering getting a Critical Illness Plan on top of the enhanced MediShield Plan as I don't want to be a liability to my husband. Most critical illness plans covers one up to 65 yrs old only so i wonder if it makes sense to purchase one as lifespan of one nowadays is relatively long, beyond 70-80 yrs. If so, I am contemplating 1) Safra Living Care undertaken by NTUC Income (cheap) 2) AXA (but up to 55 yrs only) in terms of costs but I understand GE and AIA has critical illness policies that payout in early stages of illness, which I think will be beneficial. Any advice?

3) I understand the 30 critical illness policies do not cover women-related diseases. GE Pinklife and Prudential's Smart Lady II reimburse for women-related diseases but again, rates are high and coverage is up to 65 yrs only. Insurance premiums are higher than those in (2)

Therefore, pls advise which enhanced MediShield should I go for and in addition, should I go for (2) or (3) as I am strapped budget-wise but I also don't wanna be penny wise pound foolish.

Thanks in advance for your time and help!

I am glad that you are taking charge for your financial plan now. I wish to make some contribution to your post earlier.

1) Contemplating between NTUC IncomeShield Plan B and Aviva MyShield. Both plans will reimburse hospitalisation cost, and subjected to deductibles and co-insurance. They do not offer any lump sum payment upon a critical illness diagnosis.

Upon the inclusion of a rider, MyShield rider will only give a benefit of $10,000 upon critical illness once per life time. Therefore, it does not remove the need to purchase a critical illness insurance.

2) While Medishield and Private shield plans protect your family from catastrophic hospital cost, the purpose of critical illness insurance is to reduce the potential of financial lost when one is sick. Imagine how it will impact the family with only a single income instead.

You mentioned that most critical illness plans cover up to 65 years old only and wonders if it make sense to purchase one as life span nowadays is relatively long. Many CI plan are available in the market now. Not just it covers for a period of time, say 10 or 20 years, it can now be covered up to age 65, 75 or even 99. Which to select depends on your current financial portfolio and also your required coverage and budget for the solution.

While group insurances are cheap (Safra Living Care), it is advisable to have a decent coverage based on your personal health while increasing your coverage with a cheap group insurance.

AXA's critical illness insurance plans are more comprehensive that you mentioned. They can provide coverage for 10, 20, 30 year, up to 65, 75 and even up to age 99. AXA also offers early stages critical illness plan and they are currently having some promotion on the plans at the moment.

It is better to have a critical illness insurance issued under your own health, and have a peace of mind knowing that the rest will be taken care of. You can enhance your coverage with a early stages critical illness plan.

3) Women-related illness usually isn't as critical and life threatening. While it is necessary for treatment, it is not as time critical as the other critical illness. The good thing is, an early treatment critical illness would provide certain coverage such as mastectomy. Another alternative is to complement the early payout critical illness with a hospital cash plan that pays a sum of benefit upon a surgery procedures. This type of hospital cash plan is very reasonable priced and you will definitely find it attractive.

If you would like to know more, you can visit my website and drop me a mail.

 

[Kheetat]

You may want to check other shield plans as there are other plans such as Prudential pru-shield provides for a more comprehensive coverage. Cause with Aviva, when hospitalization occurs, client still has to pay 10% of the bill. Whereas pru shield & its extra provides for full protection. Anything were to happen, the entire bill would be taken care by the company.

As for critical illness coverage, you can look at prudential Pru multiple crisis cover. It is a level term plan which means you pay the same premium for the rest of the term. It provides 3 times critical illness coverage and up to age 99. I heard premiums for this plan is rather affordable. Here's e website for the plan, http://www.prudential.com.sg/corpor...ion/critical_illness/prumultiple_crisis_cover

Aviva also provides 100% coverage to its policyowners who purchase the riders that they offer.

 

[freespiritsy]

tks edit_bite. I am aware I still have to foot 90% of the bill with Enhanced MediShield plans. That's OK with me, as I will have to pay more to get a rider if I want 100% coverage. I have also done research on prudential Pru multiple. Annaul Premium is quite expensive i.e $1600 - $1800 range, with coverage up from 65 - 99 yrs.

 

[freespiritsy]

I am glad that you are taking charge for your financial plan now. I wish to make some contribution to your post earlier.

1) Contemplating between NTUC IncomeShield Plan B and Aviva MyShield. Both plans will reimburse hospitalisation cost, and subjected to deductibles and co-insurance. They do not offer any lump sum payment upon a critical illness diagnosis.

Upon the inclusion of a rider, MyShield rider will only give a benefit of $10,000 upon critical illness once per life time. Therefore, it does not remove the need to purchase a critical illness insurance.

2) While Medishield and Private shield plans protect your family from catastrophic hospital cost, the purpose of critical illness insurance is to reduce the potential of financial lost when one is sick. Imagine how it will impact the family with only a single income instead.

You mentioned that most critical illness plans cover up to 65 years old only and wonders if it make sense to purchase one as life span nowadays is relatively long. Many CI plan are available in the market now. Not just it covers for a period of time, say 10 or 20 years, it can now be covered up to age 65, 75 or even 99. Which to select depends on your current financial portfolio and also your required coverage and budget for the solution.

While group insurances are cheap (Safra Living Care), it is advisable to have a decent coverage based on your personal health while increasing your coverage with a cheap group insurance.

AXA's critical illness insurance plans are more comprehensive that you mentioned. They can provide coverage for 10, 20, 30 year, up to 65, 75 and even up to age 99. AXA also offers early stages critical illness plan and they are currently having some promotion on the plans at the moment.

It is better to have a critical illness insurance issued under your own health, and have a peace of mind knowing that the rest will be taken care of. You can enhance your coverage with a early stages critical illness plan.

3) Women-related illness usually isn't as critical and life threatening. While it is necessary for treatment, it is not as time critical as the other critical illness. The good thing is, an early treatment critical illness would provide certain coverage such as mastectomy. Another alternative is to complement the early payout critical illness with a hospital cash plan that pays a sum of benefit upon a surgery procedures. This type of hospital cash plan is very reasonable priced and you will definitely find it attractive.

If you would like to know more, you can visit my website and drop me a mail.

tks for your detailed post Kheetat.

1) now that you've clarified Aviva only offers a one-time payment of $10K for critical illness, it does not make sense. I will go for NTUC IncomeShield then. However I read from the MOH website that Aviva offers $50K for critical illness claim so the info is incorrect?

2) For Safra Living Care group insurance, does it mean my husband will also need to take up a policy along with me too? I will go find out more about the AXA critical illness policy that gives early payout as well. If its premium is competitive, I will consider it. tks for the info.

3) tks

 

[Kheetat]

tks for your detailed post Kheetat.

1) now that you've clarified Aviva only offers a one-time payment of $10K for critical illness, it does not make sense. I will go for NTUC IncomeShield then. However I read from the MOH website that Aviva offers $50K for critical illness claim so the info is incorrect?

2) For Safra Living Care group insurance, does it mean my husband will also need to take up a policy along with me too? I will go find out more about the AXA critical illness policy that gives early payout as well. If its premium is competitive, I will consider it. tks for the info.

3) tks

1) I think the $50k they mentioned refer to the additional limit for specific critical illness coverage.

2) I am not sure if that group insurance requires your husband to be covered. But I believe that might be the case. You may also PM me your details if you are interested in AXA's product. I can help you with the process.

 

[freespiritsy]

noted Kheetat. I will PM you should I decide to pursue AXA after I have done the comparison. tks for your help!

 

[Accesscode]

tks for your detailed post Kheetat.

1) now that you've clarified Aviva only offers a one-time payment of $10K for critical illness, it does not make sense. I will go for NTUC IncomeShield then. However I read from the MOH website that Aviva offers $50K for critical illness claim so the info is incorrect?

2) For Safra Living Care group insurance, does it mean my husband will also need to take up a policy along with me too? I will go find out more about the AXA critical illness policy that gives early payout as well. If its premium is competitive, I will consider it. tks for the info.

3) tks

Be mindful you're referring to 2 different plans from Aviva:
Myshield and Myshield Plus.
IMO, you might have jumbled up the benefits from 2 plans and talk about them as if they are the same one-plan.

Myshield has an additional $50,000 coverage for 5 specified Critical Illnesses.
This additional amount is provided to cover hospitalisation expenses incurred as a result of one of the 5 C.I. specified.

Myshield Plus provides a one-time lumpsum payment of $10,000 upon diagnosis of one of 30 listed Critical Illnesses.

SAFRA Living Care covers until a max. age of 65.
C.I. can happen either before or after age 65.

Incomeshield's cheapest as-charged Enhanced Incomeshield plan has pro-ration factors.
You'll need to be very certain you'll be opting to stay only in Govt./restructured hospitals, and only in B-class ward.
Otherwise, you'll need to be prepared to pay more cash for expenses incurred in a higher-class ward or stays in private hospitals.

 

[luckyplate]

I am a 39 year old married female with no kids.

Having pored through the content of the threads here, I have these additional queries and hope to get some humble advice from those of you who have already done the due research :

1) I am contemplating between NTUC IncomeShield Plan B and Aviva MyShield. However Aviva MyShield seems to have included some form of critical illness claim of up to $50K. Rate-wise, I will go for NTUC IncomeShield Plan B but if Aviva MyShield does indeed include the 30 critical claims, it might be worthwhile for me to consider Aviva as I then won't have to get another Critical Illness Plan. Any advice will be most welcomed.

2) I understand cost of cancer treatment for e.g will be expensive and an enhanced MediShield will not be sufficient so I am considering getting a Critical Illness Plan on top of the enhanced MediShield Plan as I don't want to be a liability to my husband. Most critical illness plans covers one up to 65 yrs old only so i wonder if it makes sense to purchase one as lifespan of one nowadays is relatively long, beyond 70-80 yrs. If so, I am contemplating 1) Safra Living Care undertaken by NTUC Income (cheap) 2) AXA (but up to 55 yrs only) in terms of costs but I understand GE and AIA has critical illness policies that payout in early stages of illness, which I think will be beneficial. Any advice?

3) I understand the 30 critical illness policies do not cover women-related diseases. GE Pinklife and Prudential's Smart Lady II reimburse for women-related diseases but again, rates are high and coverage is up to 65 yrs only. Insurance premiums are higher than those in (2)

Therefore, pls advise which enhanced MediShield should I go for and in addition, should I go for (2) or (3) as I am strapped budget-wise but I also don't wanna be penny wise pound foolish.

Thanks in advance for your time and help!

Take up a shield plan for all your pre-treatment and hospitalisation benefits.

Take up a traditional policy with a lump sum in Criitical illness rider using full acceleration benefits e..g. 100 k if you are diagnose with a CI .

You should consider the affordable of the premium in long terms as when you grow older, these premium should also increase with age .

Don't compare product , check your budget and find out your needs. Othewise,
you mostly will end up buying something you don't need and paying more.

 

[freespiritsy]

Be mindful you're referring to 2 different plans from Aviva:
Myshield and Myshield Plus.
IMO, you might have jumbled up the benefits from 2 plans and talk about them as if they are the same one-plan.

Myshield has an additional $50,000 coverage for 5 specified Critical Illnesses.
This additional amount is provided to cover hospitalisation expenses incurred as a result of one of the 5 C.I. specified.

Myshield Plus provides a one-time lumpsum payment of $10,000 upon diagnosis of one of 30 listed Critical Illnesses.

SAFRA Living Care covers until a max. age of 65.
C.I. can happen either before or after age 65.

Incomeshield's cheapest as-charged Enhanced Incomeshield plan has pro-ration factors.
You'll need to be very certain you'll be opting to stay only in Govt./restruct.ured hospitals, and only in B-class ward.
Otherwise, you'll need to be prepared to pay more cash for expenses incurred in a higher-class ward or stays in private hospitals.

tks for the clarification on both of Aviva's Shield Plan Accesscode! i won't be staying in private hospitals so I think these Shield plans will work fine for me.

As Aviva's MyShield and MyShield Plus pays for only 1 of the 30 critical illnesses, will it make sense for me to get 2 or 3 of such plans as I don't know the statistics of one contracting more than 1 critical illness. I believe NTUC income critical illness plan also gives payout for only 1 of the 30 critical illnesses. When I spoke to the customer service personnel this afternoon, he told me there are individuals who therefore get 2 or 3 critical illness plan as such. Does it make sense you think?

As you mentioned, CI can happen at any age. In that case, will you suggest getting a CI plan that covers beyond 65 yrs then, which rules out Safra Living Care then?

Thanks!

 

[freespiritsy]

Take up a shield plan for all your pre-treatment and hospitalisation benefits.

Take up a traditional policy with a lump sum in Criitical illness rider using full acceleration benefits e..g. 100 k if you are diagnose with a CI .

You should consider the affordable of the premium in long terms as when you grow older, these premium should also increase with age .

Don't compare product , check your budget and find out your needs. Othewise,
you mostly will end up buying something you don't need and paying more.

noted. tks Luckyplate!

 

[Kheetat]

tks for the clarification on both of Aviva's Shield Plan Accesscode! i won't be staying in private hospitals so I think these Shield plans will work fine for me.

As Aviva's MyShield and MyShield Plus pays for only 1 of the 30 critical illnesses, will it make sense for me to get 2 or 3 of such plans as I don't know the statistics of one contracting more than 1 critical illness. I believe NTUC income critical illness plan also gives payout for only 1 of the 30 critical illnesses. When I spoke to the customer service personnel this afternoon, he told me there are individuals who therefore get 2 or 3 critical illness plan as such. Does it make sense you think?

As you mentioned, CI can happen at any age. In that case, will you suggest getting a CI plan that covers beyond 65 yrs then, which rules out Safra Living Care then?

Thanks!

Hi freespiritsy, would like to clarify.. Aviva MyShield and MyShield Plus pays for All Hospitalisation cost, regardless if is accidental or due to illnesses.

If you are referring to the term plan, then it will be true. There are many individuals who get more than 2 critical illness plan. Some that are life time, while some are shorter period of time.

For example, Mr Tan purchased 3 policies with $100,000 critical illness coverage. Fer years later, he contracted a critical illness and wish to make a claim. Which of the following would you suggest.

1) To claim only 1 of the 3 policies, keeping the balance 2 for future claims on other critical illness
2) To claim 2 of the 3 policies, keeping the balance 1 for future claim on other critical illness
3) To claim all the 3 policies, and save some away for rainy days

Which of the 3 actions you feel that you will take?

 

[Accesscode]

Hi freespiritsy, would like to clarify.. Aviva MyShield and MyShield Plus pays for All Hospitalisation cost, regardless if is accidental or due to illnesses.

If you are referring to the term plan, then it will be true. There are many individuals who get more than 2 critical illness plan. Some that are life time, while some are shorter period of time.

For example, Mr Tan purchased 3 policies with $100,000 critical illness coverage. 20 years later, he contracted a critical illness and wish to make a claim. Which of the following would you suggest.

1) To claim only 1 of the 3 policies, keeping the balance 2 for future claim
2) To claim 2 of the 3 policies, keeping the balance 1 for future claim
3) To claim all the 3 policies, and save some away for rainy days

Which of the 3 actions you feel that you will take?

Are you implying the policyholder of 3 separate C.I. plans can choose to claim from either one or all policies if a C.I. is diagnosed?
If that's what you're implying, then I suggest you check again and update your knowledge base, because the implication is incorrect.
Correct me if my assertion is wrong.

Read any C.I. contract.
They all clearly state, upon diagnosis of a C.I., the claim MUST be submitted within a specified time frame.

Here are a few I found:
For MyShieldPlus, it is within 30 days.
For NTUC Living-Endowment Policy and LUV, it is within 6 months.
For AIA, it is within 60 days.

It would be very good if we are given the choice, but unfortunately, that is not the case.

 

[Accesscode]

As you mentioned, CI can happen at any age. In that case, will you suggest getting a CI plan that covers beyond 65 yrs then, which rules out Safra Living Care then?

Thanks!

You know the conclusion already.
If you can predict your health's future, buy until age 65. Otherwise, buy beyond age 65.
You cannot be buying only one plan to cater to all you concerns.
It is impossible.

Split up your concerns (in dollar value) over the different stages/ages of your life, and check what insurance policies can cover those concerns.
Initial discussions should omit budget constraints, otherwise you hinder proper financial planning. Discuss and plan like there is absolutely no budget constraints.
Once you know exactly what coverages and how much of the benefits you need, input the budget constraints and purchase within affordability.

 

[Kheetat]

Are you implying the policyholder of 3 separate C.I. plans can choose to claim from either one or all policies if a C.I. is diagnosed?
If that's what you're implying, then I suggest you check again and update your knowledge base, because the implication is incorrect.
Correct me if my assertion is wrong.

Read any C.I. contract.
They all clearly state, upon diagnosis of a C.I., the claim MUST be submitted within a specified time frame.

Here are a few I found:
For MyShieldPlus, it is within 30 days.
For NTUC Living-Endowment Policy and LUV, it is within 6 months.
For AIA, it is within 60 days.

It would be very good if we are given the choice, but unfortunately, that is not the case.

Hi accesscode, I agree that claim MUST be submitted within a specified time frame. In her previous post, she mentioned multiple CI. So that means that she can choose to claim 1 policy with the first CI while keeping the other 2 to claim when another illness strikes. I hope you don't read as claim one first then claim the other few years later with the same illness.

 

[Accesscode]

Hi accesscode, I agree that claim MUST be submitted within a specified time frame. In her previous post, she mentioned multiple CI. So that means that she can choose to claim 1 policy with the first CI while keeping the other 2 to claim when another illness strikes. I hope you don't read as claim one first then claim the other few years later with the same illness.

You're an insurance advisor, correct?
Then you should have corrected her.
Instead, you posted suggestions that IMO could have possibly reinforced her misbelief of C.I. policies being able to claim one after another over different times.
I'm adding on posts to clarify points from a layperson's view.
No offence meant.

 

[zznais]

i won't be staying in private hospitals so I think these Shield plans will work fine for me.

Most people says that as well.

But when things happen, these people want the best first.
And when they can't get that, makes lots of comments and writes a lot as well.

1cent

 

[Kheetat]

You're an insurance advisor, correct?
Then you should have corrected her.
Instead, you posted suggestions that IMO could have possibly reinforced her misbelief of C.I. policies being able to claim one after another over different times.
I'm adding on posts to clarify points from a layperson's view.
No offence meant.

Thank accesscode for your pointers. I have added a few words to the previous post. Hope it will be clearer now. Thanks!