Getting started with insurance

[downtown2007]

If I on-board the new 5% co-payment scheme and restrict myself die-die must see panel doctor. Will I receive a lower quality healthcare service?

eg. Panel doctors have to follow certain guidelines set by insurers. Non-panel doctors on another hand may prescribe more tests to eliminate certain possibility of cancer.

To what extend will these guidelines affect my health? Anyone can share their inputs?

 

[Bigoya]

If I on-board the new 5% co-payment scheme and restrict myself die-die must see panel doctor. Will I receive a lower quality healthcare service?

eg. Panel doctors have to follow certain guidelines set by insurers. Non-panel doctors on another hand may prescribe more tests to eliminate certain possibility of cancer.

To what extend will these guidelines affect my health? Anyone can share their inputs?

There is no black and white on this at the moment. As much as possible with the mindset of lowering healthcare cost, seek Govt hospital service as much as possible, go A ward if you must.
All Govt. specialists are considered panel.

Only die die bo bian, go private.

All doctors from Raffles Hospital are under the panel of Raffles Shield, if u scared, go Raffles.
While I can't comment how much they would play dirty (if they ever do), the chance is low since it affects their own reputation too.

 

[ivortyt]

Welcome to adulting my Friend!

It largely depend on what type of insurance you’re looking for. For a start I would say personal accident (P.A) and hospitalisation (medical care) insurance is essential.

DM me you would like to know more

just joining society, was thinking of buying some accident plans.

do u guys get from general insurance companies or life insurance companies for personal accident plans?

 

[ivortyt]

Frankly, I don’t think any insurer would restrict their panel of Doctors to conduct lesser test just to save money etc.

Doctors have they own code of conduct to adhere to. And what’s more to an insurance company. They would want their clients to recover fast and well. That is to reduce potential future claims from complicated health conditions.

If I on-board the new 5% co-payment scheme and restrict myself die-die must see panel doctor. Will I receive a lower quality healthcare service?

eg. Panel doctors have to follow certain guidelines set by insurers. Non-panel doctors on another hand may prescribe more tests to eliminate certain possibility of cancer.

To what extend will these guidelines affect my health? Anyone can share their inputs?

 

[ivortyt]

May I ask why specifically term and disability?

yup yup, agree with you. i have medical insurance, a bit of term.
so i guess i shld get more term and disability coverage too....

 

[BBCWatcher]

For a start I would say personal accident (P.A) and hospitalisation (medical care) insurance is essential.

Personal Accident Insurance (PAI) is definitely not essential. Disability Income Insurance (DII) ranks way, way ahead of PAI in importance.

 

[Jacqueline.]

how does the disability insurance works?

1. Do you have to be 'disabled'for a minimum number of days?
2. What is covered under disability?
3. If you are just disabled for 1 weeks, the payout will be prorated accordingly?
4. Deferred period is just how long you willing to wait to get the payout right?
5. In what kind of situations would a person choose to pay more to select 3 months deferred period over 6 months? People who have no savings to tide them over the period?
6. why would 1 need disability insurance you are covered with 60 days of paid sick leave?
If im disabled for 10 years, i'd get the payout for 10 years?

 

[woobs83]

Reply to DII

how does the disability insurance works?

1. Do you have to be 'disabled'for a minimum number of days?
yes, there is a deferment period. different companies have different deferment periods
2. What is covered under disability?
for working professionals, as long as u are prevented from working your prev occupation
3. If you are just disabled for 1 weeks, the payout will be prorated accordingly?
no. must be disabled at least > the deferment period
4. Deferred period is just how long you willing to wait to get the payout right?
yes.
5. In what kind of situations would a person choose to pay more to select 3 months deferred period over 6 months? People who have no savings to tide them over the period?
different companies have different deferred periods. dun think can choose
6. why would 1 need disability insurance you are covered with 60 days of paid sick leave?
wat if ur disabilty > 61 days? ur company will still keep u?
If im disabled for 10 years, i'd get the payout for 10 years?

yes, as long as itz within policy term

 

[Bigoya]

yes, as long as itz within policy term

Pertaining to No. 5, Aviva has an option for 3 and 6mths deferment.
I'd believe AIA and GE too but I can't clearly rmb.

In layman term, people who are more kiasu will choose a shorter deferment. It still depends on what's the difference in premiums for both options, of cos.

 

[yellownova]

This is about when additional money can actually help solve real problems, such as loss of income because you cannot work, because you're disabled.) No matter what the causes of those misfortunes. Then insure against the misfortunes, not against the causes, insofar as possible.

What about medical insurance-think this should also be part of consideration when it comes to insuring for misfortune. However if family history has had the same complications, is it worth it to even purchase as the premiums will be much higher than normal. Especially if no longer young?

Aside, does anyone know if there is a other site to compare accidents, disability, health insurance? Comparefirst.sg features term, life and endowment only.

 

[Bigoya]

What about medical insurance-think this should also be part of consideration when it comes to insuring for misfortune. However if family history has had the same complications, is it worth it to even purchase as the premiums will be much higher than normal. Especially if no longer young?

Aside, does anyone know if there is a other site to compare accidents, disability, health insurance? Comparefirst.sg features term, life and endowment only.

Medical insurance is deffinitely a must have. Whoever tells you he doesn't need it will regret eventually.
Family history don't usually won't affect your underwriting. In addition, apart from Raffles, other insurers do not practice loading when it comes to Shield plans. Correct me if any insurers in fact did offer you a loading.


Compare health insurance here:
https://www.moh.gov.sg/medishield-l...d-plans/comparison-of-integrated-shield-plans
Take note comparison does not includes riders.

 

[yellownova]

Medical insurance is deffinitely a must have. Whoever tells you he doesn't need it will regret eventually.
Family history don't usually won't affect your underwriting. In addition, apart from Raffles, other insurers do not practice loading when it comes to Shield plans. Correct me if any insurers in fact did offer you a loading.


Compare health insurance here:
https://www.moh.gov.sg/medishield-l...d-plans/comparison-of-integrated-shield-plans
Take note comparison does not includes riders.

Not sure what loading is. But previous agent told me due to family history I cannot be covered for certain things.

 

[Bigoya]

Not sure what loading is. But previous agent told me due to family history I cannot be covered for certain things.

Loading means extra premiums.
What is your family's history and what plan(s) were u buying? CI/ECI?

 

[yellownova]

Loading means extra premiums.
What is your family's history and what plan(s) were u buying? CI/ECI?

All unrelated cancers. So technically, there is no link to any of us.

Have IP, CI, life. All from AIA and many years already. I'm now looking to see if Term is better, explore other insurance companies, remove the CI since already have IP. Or upgrade the IP to one that covers CI.

Oh and I have some accident protection thing for my 1 Yr old. Which after reading forums, I'm thinking I should remove it. The only thing relevant that may have been useful in the contract was it covers dengue and hfmd. But IP would cover these hospital bills right?

 

[Bigoya]

All unrelated cancers. So technically, there is no link to any of us.

Have IP, CI, life. All from AIA and many years already. I'm now looking to see if Term is better, explore other insurance companies, remove the CI since already have IP. Or upgrade the IP to one that covers CI.

Oh and I have some accident protection thing for my 1 Yr old. Which after reading forums, I'm thinking I should remove it. The only thing relevant that may have been useful in the contract was it covers dengue and hfmd. But IP would cover these hospital bills right?

I'm afraid your understanding isn't entirely correct for most parts.
Please look for me privately if u need an explaination, too long to type everything out.

 

[andyhtc]

I just received a renewal notice from Aviva. The premium increase looks crazy.

 

[moejoseph]

I just received a renewal notice from Aviva. The premium increase looks crazy.

Yes Aviva is one of the highest for Shield. AXA price is not bad according to Seedly

 

[Samaritan101]

Not sure what loading is. But previous agent told me due to family history I cannot be covered for certain things.

Loading means top up of premium. The insurer company may want to cover the family history you have but in exchange, you need to pay more. Loading usually comes in percentage. You may write to me personally for more information

 

[Samaritan101]

May I ask why specifically term and disability?

Term insurance:
- Death and Total Permanent Disability
- Optional to convert to Whole Life/savings plan in the future
- Optional to top up CI cover (Late stages of CI only)
- Cheapest Insurance to buy besides personal accident

Disability
- Covers Partial and Total Permanent Disability
- Only can claim if you cannot go to work due disability/cannot perform current duties due to disability
- Usually used as an income replacement due to disability
- Lifetime payment? (Dun think so)
- Usually pause payment of premium if you submit a claim on disability and approved

 

[nomoneynotalk]

Hi all, recently I just joined working industry and looking to buy medical insurance for myself.

I have read through CPF website for information regarding MediShield Life and Integrated Shield Plan. I understand that MediShield Life is a very basic plan and it does not cover a lot. We should get medical insurance from private insurer, so that we will have additional insurance coverage on top of MediShield Life.

Question:
Let’s say if things happen (touch wood), can I file claim on from both MediShield Life and private insurer? Or claim MediShield Life until exceed its coverage limit first, then claim the rest from private insurer? How does it works actually?