Getting started with insurance

[xtwis7]

As much as I wish to help, I believe the situation is almost entirely controlled by MOH. There’s a reason why Medishield Life covers the bare minimum and the rest of the enhanced cover responsibilities are passed on to the private insurers.

Honestly B1 as charged is the way to go. Even for elderlies who have the pre-existing “highs” or in mandarin, the 三高, if they have high cholesterol or high BP it’s still possible to apply but once someone is diabetic, sad to say that the chances are almost zero.

Adult kids should be taking up the responsibility to Ensure that their parents at least have a B1 as-charged cover because any excessive medical expenses may spill over to themselves. Even without the rider, you’re covered up to almost 80% for B1.

If u r in the insurance line and have seen the above scenario, so have many of us who now are experiencing and "suffering" as elderlies who already have the pre-existing "highs" staying in crowded B2/C class. As many are ageing, don't u see a potential business and open B2+ open more spaced up wards with the govt and accept us into your insurance umbrella in "As charged" category.Adult kids should top up their parents' Medisave Account" or additional top-up premiums to buy this B2+ class to get Adult Kids Filiel Piety Tax rebates, the opposite of Parental Tax Rebates their last time when they have at least 3 kids.

 

[8zaoyu]

As much as I wish to help, I believe the situation is almost entirely controlled by MOH. There’s a reason why Medishield Life covers the bare minimum and the rest of the enhanced cover responsibilities .........

TQ 4 ur ans. MOH 's B2/C MedShield Life should also come w pre-emptive rider so that Retirees n those not working do not need to pay the Deductibles which is now more than the Toilet or other Cleaners' minimum pay! And nowadays, you see people who do not want kids or have financially strained kids so who will help them with the higher premiums at higher age. When I were in the Emergency ward waiting for a ward bed, saw them dealing with their only visitor who is their insurance agent, sad!

 

[collision]

Hi there, i would like to seek advice from everyone here. I am currently in the midst of purchasing a term life with ECI + CI rider. Due to the the presence of fibroadenoma (benign lump) in my breast, the underwriters are offering me the policy with breast cancer exclusion. I would like to check:

1) Has anyone of the insurance agent here managed to help your client fight for the inclusion of breast cancer even with the presence of the breast lump?

2) My current agent has sent preliminary underwriting to all companies and all came back with exclusion of breast cancer. Would like to check if a preliminary underwriting is the same as submitting an application? Will there be a case although preliminary underwriting excluded the breast cancer but an application may consider?

3) Anyone here with breast lump and managed to get breast cancer inclusion in your ECI/CI policy?

Thank you in advance for sharing!

 

[minamikaze]

Those with parents in their mid-late 60s who only have basic medishield insurance - would that be sufficient to cover most of their medical needs? Dad's working (but not making a lot), mom's a housewife.

I'm thinking of helping to beef up their insurance coverage (help them pay some/all of the cost), but not sure where to start or what to get. Coming from a standpoint of protecting my own finances (since if they get into serious medical trouble, I'd have to step in anyway) and safeguarding their retirement years.

Thanks in advance for any suggestions and help!

 

[boredboiboi]

Hi there, i would like to seek advice from everyone here. I am currently in the midst of purchasing a term life with ECI + CI rider. Due to the the presence of fibroadenoma (benign lump) in my breast, the underwriters are offering me the policy with breast cancer exclusion. I would like to check:

1) Has anyone of the insurance agent here managed to help your client fight for the inclusion of breast cancer even with the presence of the breast lump?

2) My current agent has sent preliminary underwriting to all companies and all came back with exclusion of breast cancer. Would like to check if a preliminary underwriting is the same as submitting an application? Will there be a case although preliminary underwriting excluded the breast cancer but an application may consider?

3) Anyone here with breast lump and managed to get breast cancer inclusion in your ECI/CI policy?

Thank you in advance for sharing!

Chances is all the same. Unless u have medical report, preliminary is as good as actual underwriting.

Exclusion and loading is very normal nowadays. Which are the insurers that u send in for preliminary underwriting?

 

[boredboiboi]

Those with parents in their mid-late 60s who only have basic medishield insurance - would that be sufficient to cover most of their medical needs? Dad's working (but not making a lot), mom's a housewife.

I'm thinking of helping to beef up their insurance coverage (help them pay some/all of the cost), but not sure where to start or what to get. Coming from a standpoint of protecting my own finances (since if they get into serious medical trouble, I'd have to step in anyway) and safeguarding their retirement years.

Thanks in advance for any suggestions and help!

Basic is good enough but do add on the rider to cover majority of the bill.

 

[collision]

Chances is all the same. Unless u have medical report, preliminary is as good as actual underwriting.

Exclusion and loading is very normal nowadays. Which are the insurers that u send in for preliminary underwriting?

The only application sent was to Aviva. I have sent Aviva my medical report as well as doc's memo to certify that it is benign and even got discharged. My agent sent the preliminary underwriting to the other insurance companies e.g. AXA, Pru, AIA, GE, TM etc. Only HSBC is willing to cover 20% during first year and reassess later but it's wholelife so personally don't rly like a wholelife policy. Any thoughts here?

 

[boredboiboi]

The only application sent was to Aviva. I have sent Aviva my medical report as well as doc's memo to certify that it is benign and even got discharged. My agent sent the preliminary underwriting to the other insurance companies e.g. AXA, Pru, AIA, GE, TM etc. Only HSBC is willing to cover 20% during first year and reassess later but it's wholelife so personally don't rly like a wholelife policy. Any thoughts here?

Never try manulife? Want to give manulife a try?

 

[xtwis7]

Just curious, if you have a IFA agent, how did he or she manage to send in a application to AIA/GE for you since those companies are usually tied to their own distribution channel.

The only application sent was to Aviva. I have sent Aviva my medical report as well as doc's memo to certify that it is benign and even got discharged. My agent sent the preliminary underwriting to the other insurance companies e.g. AXA, Pru, AIA, GE, TM etc. Only HSBC is willing to cover 20% during first year and reassess later but it's wholelife so personally don't rly like a wholelife policy. Any thoughts here?

 

[collision]

Never try manulife? Want to give manulife a try?

Tried. Exclude too

 

[collision]

Just curious, if you have a IFA agent, how did he or she manage to send in a application to AIA/GE for you since those companies are usually tied to their own distribution channel.

Through friends haha.

 

[boredboiboi]

Tried. Exclude too

Ok. Look at a bigger picture. U r still able to covered on the rest of the conditions. I understand where your worried is. Exclude 1 is better than nothing.

 

[moejoseph]

The only application sent was to Aviva. I have sent Aviva my medical report as well as doc's memo to certify that it is benign and even got discharged. My agent sent the preliminary underwriting to the other insurance companies e.g. AXA, Pru, AIA, GE, TM etc. Only HSBC is willing to cover 20% during first year and reassess later but it's wholelife so personally don't rly like a wholelife policy. Any thoughts here?

Usually if the full medical report is sent, the premlim underwriting will count as a record which insurer will take note (since ur particulars are showing). It will hence affect your chances with other insurers as well, especially when IFA applies using the same report through their list of insurers.

Usually what i did for my clients is to cropped out any details that may result in an indentification of individual. In this case, underwriters assess only based on the conditions and if reject/loading/exclusion, my clients may still stand a chance elsewhere without a record.

For your case, i think the best option now will be to fight for loading (if possible). At least it is still covered rather than an exclusion.

How long ago was ur diagnosis of the presence of fibroadenoma?

I have helped a few clients to successfully fight for standard coverage (no exclusion/loading) for angiomyolipoma and PCOS, but these depends on individual's condition as well, whereby underwriters will assess the risk for each individual and condition, amongst other factors. I can help u to try/appeal with AXA (my representing company), but of course no guarantee that it will be successful though

 

[collision]

Usually if the full medical report is sent, the premlim underwriting will count as a record which insurer will take note (since ur particulars are showing). It will hence affect your chances with other insurers as well, especially when IFA applies using the same report through their list of insurers.

Usually what i did for my clients is to cropped out any details that may result in an indentification of individual. In this case, underwriters assess only based on the conditions and if reject/loading/exclusion, my clients may still stand a chance elsewhere without a record.

For your case, i think the best option now will be to fight for loading (if possible). At least it is still covered rather than an exclusion.

How long ago was ur diagnosis of the presence of fibroadenoma?

I have helped a few clients to successfully fight for standard coverage (no exclusion/loading) for angiomyolipoma and PCOS, but these depends on individual's condition as well, whereby underwriters will assess the risk for each individual and condition, amongst other factors. I can help u to try/appeal with AXA (my representing company), but of course no guarantee that it will be successful though

Hey! Thanks for your reply. Hmm but all companies don't share the same underwriter right? Anyway even if the identity wasn't revealed to other companies, upon application, the underwriters will still receive the same declaration and medical reports so isn't it the same?

My agent has helped appealed but sad to say even loading was not consider. I think he also submitted the prelim underwriting to AXA and same results. Will application differ? Haha

 

[moejoseph]

Hey! Thanks for your reply. Hmm but all companies don't share the same underwriter right? Anyway even if the identity wasn't revealed to other companies, upon application, the underwriters will still receive the same declaration and medical reports so isn't it the same?

My agent has helped appealed but sad to say even loading was not consider. I think he also submitted the prelim underwriting to AXA and same results. Will application differ? Haha

Haha yes insurers have different underwriters, which is why usually prelim underwriting/application must be done together, as otherwise there will be a section required to declare the results by other insurers (if not applying together).

As for the report, yes they will know upon application but the results are more or less the same as prelim underwriting, so it doesn't matter. But if it is annonymous during prelim underwriting, client can have a gauge what will the outcome be, and decide if they still want to proceed with application, check with other insurers or wait. Because some not so serious conditions, usually after 1 - 2 years if conditions did not worsen/turn better, high chance underwriters can accept as standard at that point in time.

If AXA already has ur details in the record, it could be tough but still worth a try. Will have to reach out to different underwriter, probably the senior ones who are more experience to assess the risks, as some underwriters follow book-by-book to dish out their decision, especially if prelim underwriting. But still, will be on best effort basis as high chance the result will be the same

 

[BBCWatcher]

Those with parents in their mid-late 60s who only have basic medishield insurance - would that be sufficient to cover most of their medical needs? Dad's working (but not making a lot), mom's a housewife.

I'm thinking of helping to beef up their insurance coverage (help them pay some/all of the cost), but not sure where to start or what to get. Coming from a standpoint of protecting my own finances (since if they get into serious medical trouble, I'd have to step in anyway) and safeguarding their retirement years.

OK, in my view the very best way you can help your elders is to make sure their future (soon) CPF LIFE retirement income streams are decent. That's "longevity insurance," and it's most helpful.

For Integrated Shield coverage, and assuming they're Singaporean citizens, I suggest Great Eastern's SupremeHealth B Plus with TotalCare Classic B rider. That "as charged" plan combination is designed to cover care in public hospital B1 ward, and it's currently the best overall plan in its segment for citizens. There's really nothing between that grade of plan and MediShield Life except the Standard Plan, but the Standard Plan sets benefit caps rather than cap to out of pocket costs for covered services.

Note that they won't be covered above MediShield Life for preexisting conditions.

They could also take a look at CareShield Life coverage. I think they'll be able to join CSL in mid-2021 as long as they're not disabled.

That's about it, really. Make sure you're solid, of course. (DII, DII, DII.... )

 

[Mr. Wood]

For Integrated Shield coverage, and assuming they're Singaporean citizens, I suggest Great Eastern's SupremeHealth B Plus with TotalCare Classic B rider. That "as charged" plan combination is designed to cover care in public hospital B1 ward, and it's currently the best overall plan in its segment for citizens. There's really nothing between that grade of plan and MediShield Life except the Standard Plan, but the Standard Plan sets benefit caps rather than cap to out of pocket costs for covered services.

for coverage till public A ward, wht is the best plan out there now?
I understand dat now riders no longer cover co-insurance and deductibles totally.

and den, my understanding, again, is dat prudential impose higher premium the following yr is there is claims dis yr. but pru agents say it shud be seen as a no claim discount. wht is yr view?

 

[BBCWatcher]

for coverage till public A ward, wht is the best plan out there now?
I understand dat now riders no longer cover co-insurance and deductibles totally.

I wouldn’t. They’re older. The major potential problem is they could have claims denied (above MediShield Life levels) due to preexisting conditions, so if they stay in public hospital A ward they could get slammed with a bigger bill than they would in B1 ward (or B2+ ward, which is air conditioned with 5 beds). B1 would still be painful if denied, but at least it’d be a lot less painful than A.

For reference, A ward in KK Hospital currently costs $260/day more than B1 ward.

However, to answer your question Great Eastern’s public hospital A ward plan is rather good too, so if you insist, there you go. But I just don’t think it’s wise, unless you’re just flush with cash and want to give it to them outright.

and den, my understanding, again, is dat prudential impose higher premium the following yr is there is claims dis yr. but pru agents say it shud be seen as a no claim discount. wht is yr view?

That’s only with their private hospital plan with their most expensive rider. And even then the claims-based pricing only adjusts the rider premium, not the base plan premium. It’s entirely avoidable if you choose any other plan and/or rider.

Prudential does not offer an “as charged” public hospital B1 ward plan, so it wouldn’t be my first choice in these particular circumstances. But they do have a very good public hospital A ward plan.

 

[twinklingstars]

Hi guys, need some advices with regards to my insurance:

I'm in my mid 30s, single female, have family history of cancer.

These are the plans that I'm holding on to right now, is this sufficient? I skipped term insurance as I do not have any dependents. I think I'm lacking an accident plan, besides this, is my insurance coverage sufficient?

- AIA Healthshield Gold Max Policy (covers private hospital and full rider), the plan is getting more and more expensive each year and I'm considering downgrading to just coverage for public hospitals. However currently I'm seeing a specialist in a private hospital, hence I am still holding on to the highest plan.
- Tokio Marine Legacy Lifetime prem term 25 years, yearly premium approx $1700
Attachments to Main Life :
1. Total and Permanent Disability Rider- 43 years coverage: $125,000 guaranteed benefit
2. Dread Disease Accelerator Rider -Life coverage: $50,000 guaranteed benefit
3. EarlyCare Rider- Life coverage: $75,000 guaranteed benefit

Thanks in advance!

 

[boredboiboi]

Hi guys, need some advices with regards to my insurance:

I'm in my mid 30s, single female, have family history of cancer.

These are the plans that I'm holding on to right now, is this sufficient? I skipped term insurance as I do not have any dependents. I think I'm lacking an accident plan, besides this, is my insurance coverage sufficient?

- AIA Healthshield Gold Max Policy (covers private hospital and full rider), the plan is getting more and more expensive each year and I'm considering downgrading to just coverage for public hospitals. However currently I'm seeing a specialist in a private hospital, hence I am still holding on to the highest plan.
- Tokio Marine Legacy Lifetime prem term 25 years, yearly premium approx $1700
Attachments to Main Life :
1. Total and Permanent Disability Rider- 43 years coverage: $125,000 guaranteed benefit
2. Dread Disease Accelerator Rider -Life coverage: $50,000 guaranteed benefit
3. EarlyCare Rider- Life coverage: $75,000 guaranteed benefit

Thanks in advance!

Does your company covers you for any outpatient? If yes, most likely you dont need a accident plan.