Integrated Shield Plan rider

[kaya123]

Hi All, i would like to seek some advice fron the experts here.

I am currently on prushield A Premier which covers hospitalization in private hospitals and i have prushield extra A premier as rider which covers 100% deductible and co insurance too. I bought these in 2012 when it was not that expensive.

I am thinking to terminate my rider as the monthly premier is getting more costly (about $50-60 per month) but my agent advised me not to because she said my current rider plan which covers 100% does no longer exist and it will be costly to pay for the deductible and co insurance if i really do get hospitalized.

My plan is to terminate my rider and perhaps in the near future downgrade my policy to only cover up to gov hospital ward A. But before i really do thag, i would like to seek some advice from the experts here on the pros and cons.

Thank you in advance for any input.

 

[reddevil0728]

Hi All, i would like to seek some advice fron the experts here.

I am currently on prushield A Premier which covers hospitalization in private hospitals and i have prushield extra A premier as rider which covers 100% deductible and co insurance too. I bought these in 2012 when it was not that expensive.

I am thinking to terminate my rider as the monthly premier is getting more costly (about $50-60 per month) but my agent advised me not to because she said my current rider plan which covers 100% does no longer exist and it will be costly to pay for the deductible and co insurance if i really do get hospitalized.

My plan is to terminate my rider and perhaps in the near future downgrade my policy to only cover up to gov hospital ward A. But before i really do thag, i would like to seek some advice from the experts here on the pros and cons.

Thank you in advance for any input.

You have to weigh whether you want to co-pay any charges, or continue to get 100% coverage. you can always stay at restructured a class ward if you get hospitalised and i believe some insurance provide a cash rebate for choosing a lower class ward

 

[xtwis7]

If you’re considering of terminating your current rider, how about consider the new co-pay riders that are much lower than your current premiums.

You also have the option to move down to Pru’s A plan which will save you a considerable amount too. Forgoing the rider may still put you in a situation with a slightly high outlay due to the 10% Co-insurance.

 

[BBCWatcher]

I agree with the advice to consider switching to a lower cost rider first. The lowest cost rider for your base plan is called "PRUExtra Premier Lite CoPay." With that particular rider when you file a claim you'd be responsible for paying the first $1,750 (the deductible) per policy year, then 5% above that (your co-pay), until you hit a total of $3,000 per policy year in out of pocket costs. Then Prudential covers everything claimable above that, up to your annual limit. So you're only responsible for a maximum of $3,000 per policy year for covered services (and within your annual coverage limit), which can be settled with cash and, often, MediSave. In other words, the rider caps your annual out of pocket costs. Please note this rider defense only really works when you choose a medical provider that's within Prudential's panel.

If you don't have any rider then you'll have a deductible plus 10% co-pay, and that'll be an uncapped co-pay. That might not necessarily be a problem, particularly if you have a well funded MediSave Account and are reasonably careful about where and how you get your medical care.

Anyway, I think there's a reasonable argument that the lowest cost rider is good to have. The so-called "zero dollar" rider doesn't make financial sense to me.

Yes, another available option is to switch to PRUShield Plus, their excellent "as charged" public hospital A ward plan. That's a very competitive segment of the market, and Prudential is quite competitive. The rider for that plan is called "PRUExtra Plus CoPay." That'll certainly reduce your premium even more.

If you've got an important insurance necessity (not luxury) that hasn't been addressed yet, then you should fix that if you can, regardless. (Disability Income Insurance is the common example.) And if freeing up precious premium dollars would help you close any such gap, then I think that's well worth doing. And/or save and wisely invest the premium dollars you save.

 

[harky]

i think u downgrade to the lowest can liao... which i going to do so too.. i think the lowest is gd euff..

 

[dexboi]

As some here have already advised, downgrade from your current Private hospital plan to just public/restructured hospitals (up to A class wards) and KEEP your 100% cover rider. It is doable and much cheaper. Just need to fill form, your agent should know.

Do not switch to the new co-pay plan unless you really have no other choices. Your existing plans are no longer available in the market so keep it until you are much older when the premiums are intolerable, then you review your finances again.

 

[BBCWatcher]

As some here have already advised, downgrade from your current Private hospital plan to just public/restructured hospitals (up to A class wards) and KEEP your 100% cover rider. It is doable and much cheaper. Just need to fill form, your agent should know.

Do not switch to the new co-pay plan unless you really have no other choices. Your existing plans are no longer available in the market so keep it until you are much older when the premiums are intolerable, then you review your finances again.

You could do that, but why? You have to pay for riders with cash, the new rider costs less, and it involves a mere 5% co-pay capped at a very reasonable $3,000/policy year (i.e. once total medical bills reach $60,000), still typically MediSave payable. The only reason I can think of why you’d want to cling to the “zero dollar” is if you expect (or are already making) lots of claims, usually every year. In other words, if you’re a “bad risk.” Of course most people know this, which is why the zero dollar riders are in “death spirals,” with most of the people keeping them the ones who file lots of claims.

 

[xtwis7]

I’m actually in favour of the new rider because 5% co-pay is really still quite manageable and I’m saving premiums in the Long run.

It’s just a change in mindset once people accepts the copayment.

 

[andyhtc]

Switching to 100% coverage at restructured hospitals will be much more affordable for most of us.

Given the increase in doctors and expansion of restructured hospitals in recent years, there should be more types of treatment available than at private hospitals.

New hospital in the east; Alexandra to be expanded

https://www.straitstimes.com/singapore/new-hospital-in-the-east-alexandra-to-be-expanded

 

[dexboi]

You could do that, but why? You have to pay for riders with cash, the new rider costs less, and it involves a mere 5% co-pay capped at a very reasonable $3,000/policy year (i.e. once total medical bills reach $60,000), still typically MediSave payable. The only reason I can think of why you’d want to cling to the “zero dollar” is if you expect (or are already making) lots of claims, usually every year. In other words, if you’re a “bad risk.” Of course most people know this, which is why the zero dollar riders are in “death spirals,” with most of the people keeping them the ones who file lots of claims.

How I wish you could tell this to my parents. haha. I am going broke just by paying their sky high premiums anually.

I myself bought co-pay plan with rider cap @ $3k from NTUC since 20yrs ago and it is super affordable, but many, like my sisters and parents still believe in maintaining 100% cover at private hospitals.

 

[harky]

i pay for my mom too.. i get her the lowest plan.

Not sure switch to new rider worth..

my dad been see doc and already max cap his PG card, now he had to use the ISP.

 

[kaya123]

Thanks all for your valuable input, much appreciated.

As suggested by BBCWatcher, think i will either choose option 1, keep my current prushield premier but downgrade my rider to pruextra premier lite copay or option 2, downgrade to restructured hospital ward A (prushield plus) and rider (pruextra plus copay) altogether.

I will compare the premium involved between the 2 options. If no much difference, perhaps i will choose option 1 and see a few years later if the premium gap grows wider at that time i might opt for option 2 then.

If you have any comments on my above plan, please do. Thanks all.

 

[harky]

Just notice my mom rider is like $100+++ per month.. She is 70year old Liao

 

[kaya123]

So i just called my agent to tell her i want to downgrade my rider to pruextra premier lite copay and she told me the cap of $3k for this rider is only for gov hospital. If admitted to private hospital, still there is no cap to co-insurance.

Then i got confused, if the main policy (prushield premier) covers for private hospital but the rider capped at 3k is only applicable to gov hospital, what is the point of buying this rider then when the main policy and rider don't even align? I might as well downgrade my main plan to prushield plus and buy the rider for pruextra plus.

Anyone of you got pruextra premier lite copay can enlighten me please?

 

[xtwis7]

You shouldn’t downgrade to copay. There’s another which I think is the lite version that covers you for the deductible if you’re going to a panel doctor or Govt hospital.

So i just called my agent to tell her i want to downgrade my rider to pruextra premier lite copay and she told me the cap of $3k for this rider is only for gov hospital. If admitted to private hospital, still there is no cap to co-insurance.

Then i got confused, if the main policy (prushield premier) covers for private hospital but the rider capped at 3k is only applicable to gov hospital, what is the point of buying this rider then when the main policy and rider don't even align? I might as well downgrade my main plan to prushield plus and buy the rider for pruextra plus.

Anyone of you got pruextra premier lite copay can enlighten me please?

 

[kaya123]

You shouldn’t downgrade to copay. There’s another which I think is the lite version that covers you for the deductible if you’re going to a panel doctor or Govt hospital.

Yea, i wanted to downgrade to the lite version. But apparently the co-insurance portion is not capped at 3k if i got admitted to private hospital. The 3k cap is only appplicable to govt hospital.

Then there is no point getting it since my IS plan is to cover me till private hospital right?

My agent said prudential doesn't offer a rider which capped at 3k for private hospital. Is that true?

 

[xtwis7]

I can’t confirm so will need to check. They no longer offer it but existing policyholders should be able to downgrade because that’s the same case for GE which I represent.

You hit the nail on its head for the new co-pay riders. All the 6 different companies now have different mechanics so it’s gotten even more confusing.

If co-pay is definitely what you’re going for, companies only have a cap at $3k if the private hospital falls under their panel. If it’s a non-panel private specialist, none of the companies offer a cap under the new copayment riders.

Yea, i wanted to downgrade to the lite version. But apparently the co-insurance portion is not capped at 3k if i got admitted to private hospital. The 3k cap is only appplicable to govt hospital.

Then there is no point getting it since my IS plan is to cover me till private hospital right?

My agent said prudential doesn't offer a rider which capped at 3k for private hospital. Is that true?

 

[BBCWatcher]

Yea, i wanted to downgrade to the lite version. But apparently the co-insurance portion is not capped at 3k if i got admitted to private hospital. The 3k cap is only appplicable to govt hospital.

Not true. The details are on Prudential's Web site.

The $3,000/year cap applies when you're getting medical care from Prudential's "panel providers." Their panel providers include all public restructured hospitals plus Raffles Hospital and Mount Alvernia Hospital. (N.B. A few specialists at those two private hospitals are excluded.)

 

[harky]

the diff between old and new is like $200...... if nt wrong