Hospitalisation plan question

[hyperfuse]

I am not very familiar with hospitalisation plans terms and conditions

I have an existing GE supremehealth plan that I have to make a payment of the premium soon.

Got a question. I saw that there are promotions for people who sign up a plan and have discounts off the first year premium.

If I terminate my current plan and let it lapse, and then maybe explore other companies insurance, I will be entitled to that company's promo discount to sign up right?

Or if I let my GE lapse, and after a month I realise I want to sign back up with GE again, will I get that 20 percent discount since it will be a new account?

 

[boredboiboi]

I am not very familiar with hospitalisation plans terms and conditions

I have an existing GE supremehealth plan that I have to make a payment of the premium soon.

Got a question. I saw that there are promotions for people who sign up a plan and have discounts off the first year premium.

If I terminate my current plan and let it lapse, and then maybe explore other companies insurance, I will be entitled to that company's promo discount to sign up right?

Or if I let my GE lapse, and after a month I realise I want to sign back up with GE again, will I get that 20 percent discount since it will be a new account?

First, i am curious to know which insurer hospital plan is having discount. Most or all insurers usually dont give discount on hospital plan. Where u get the info of the discount? Their discount is usually on other plans.

 

[soneat]

First, i am curious to know which insurer hospital plan is having discount. Most or all insurers usually dont give discount on hospital plan. Where u get the info of the discount? Their discount is usually on other plans.

Quite often. GE, Income, Prudential etc do run promo on their shield plan from time to time. A few rounds every year.

 

[soneat]

I am not very familiar with hospitalisation plans terms and conditions

I have an existing GE supremehealth plan that I have to make a payment of the premium soon.

Got a question. I saw that there are promotions for people who sign up a plan and have discounts off the first year premium.

If I terminate my current plan and let it lapse, and then maybe explore other companies insurance, I will be entitled to that company's promo discount to sign up right?

Or if I let my GE lapse, and after a month I realise I want to sign back up with GE again, will I get that 20 percent discount since it will be a new account?

Generally not a good idea to do such a thing just to get the discount. You will have to go through the various waiting period all over again. Its just not worth the risk and hassle.

If you let it lapse, the medishield component will still continue. You will risk not being able to get it back on standard terms when you sign up for GE again.

If you sign up with others, then terminate it prematurely again and switch back to GE, would you be able to get a proportionate amount of premium back from the other insurers? It depends on the T&Cs.

How much can you actually save any way? Is it worth the hassle and risk? This is not like credit cards where it is OK to cancel and reapply to get freebies.

 

[highsulphur]

Moreover you might be excluded from new preexisting conditions

 

[silverbomb]

Health stuffs don't bother to jump around unless the experience is so bad u need to justify the jump. I only jumped once. This one not electricity, mobile or broadband jump already and if you really got yourself excluded for some issues or still within wait out period got claims then hoh seh good luck.

 

[qhong61]

I am not very familiar with hospitalisation plans terms and conditions

I have an existing GE supremehealth plan that I have to make a payment of the premium soon.

Got a question. I saw that there are promotions for people who sign up a plan and have discounts off the first year premium.

If I terminate my current plan and let it lapse, and then maybe explore other companies insurance, I will be entitled to that company's promo discount to sign up right?

Or if I let my GE lapse, and after a month I realise I want to sign back up with GE again, will I get that 20 percent discount since it will be a new account?

Don't be penny wise pound foolish.

 

[hyperfuse]

Don't be penny wise pound foolish.

Oh so u mean once people sign up a hospitalisation plan, they must stick to it rest of their lives if not its penny wise pound foolish?

 

[reddevil0728]

Oh so u mean once people sign up a hospitalisation plan, they must stick to it rest of their lives if not its penny wise pound foolish?

I don't think that's what poster meant.

it's more like you get a 1 time discount to switch (with all the accompanying drawbacks), then the following year they change this change that increase price.... which may make your current plan worse than your previous plan. does it make sense?

Take a more macro view rather than micro.

 

[CrashWire]

Health stuffs don't bother to jump around unless the experience is so bad u need to justify the jump. I only jumped once. This one not electricity, mobile or broadband jump already and if you really got yourself excluded for some issues or still within wait out period got claims then hoh seh good luck.

Don't be penny wise pound foolish.

Oh so u mean once people sign up a hospitalisation plan, they must stick to it rest of their lives if not its penny wise pound foolish?

it's more like you get a 1 time discount to switch (with all the accompanying drawbacks), then the following year they change this change that increase price.... which may make your current plan worse than your previous plan. does it make sense?

I've mentioned this quite a few times: it's ridiculous that insurers are allowed to adjust the premiums and coverage of Integrated Shield Plans, but consumers wanting to switch are affected by exclusions from pre-existing conditions, among other things. The balance of power is heavily tilted towards the oligopoly of insurers.

We need MOH to make ISPs portable to shift the balance back to the consumers.

 

[zoneguard]

I've mentioned this quite a few times: it's ridiculous that insurers are allowed to adjust the premiums and coverage of Integrated Shield Plans, but consumers wanting to switch are affected by exclusions from pre-existing conditions, among other things. The balance of power is heavily tilted towards the oligopoly of insurers.

We need MOH to make ISPs portable to shift the balance back to the consumers.

Agree for consumers this is good to have but:

1. Insurers all have differences in their actuarial models.
2. They are probably vested in different assets and hence get a range of different returns.
3. They have different owners and boards to answer to.
4. How to deal with pre-existing conditions during a transfer?

The last thing we want as consumers is for insurers to increase their premiums to cover a transfer between providers. This will hit those who don't want any transfers in the first place.

 

[reddevil0728]

Agree for consumers this is good to have but:

1. Insurers all have differences in their actuarial models.
2. They are probably vested in different assets and hence get a range of different returns.
3. They have different owners and boards to answer to.
4. How to deal with pre-existing conditions during a transfer?

The last thing we want as consumers is for insurers to increase their premiums to cover a transfer between providers. This will hit those who don't want any transfers in the first place.

https://www.channelnewsasia.com/sin...ns-insurance-committee-fully-portable-1354091
SINGAPORE: The Ministry of Health (MOH) will study whether Integrated Shield Plans can be made fully portable, but this could result in higher premiums, said Senior Minister of State for Health Koh Poh Koon in Parliament on Monday (May 10).

 

[qhong61]

https://www.channelnewsasia.com/sin...ns-insurance-committee-fully-portable-1354091
SINGAPORE: The Ministry of Health (MOH) will study whether Integrated Shield Plans can be made fully portable, but this could result in higher premiums, said Senior Minister of State for Health Koh Poh Koon in Parliament on Monday (May 10).

Then better not