Integrated shield plans

[Bigoya]

I've another question. Are there any restrictions on buying ISP for someone who's mentally challenged? She wouldn't be able to make the health self-declaration herself.

Based on my experience, mentally challenged would be a decline case across the industry.

 

[BBCWatcher]

If your mum could be covered even at 200% loading, switching to RCMP would be worthy. Just think of all the possible conditions mentioned in your last paragraph, how much more money would need to be paid just because she has 0 cover apart from MSHL?

I don’t think I agree with this. The drain on cash and MediSave resources at 200% loading is quite high, keeps rising, and is recurring. And it’s always for a plan that’s (probably) over-designed — above KKH B2+ ward and all public hospital B2 and C wards, in particular.

Anyway, I think the question is moot since this particular individual is probably not going to be able to sign up for any Integrated Shield plan. So the answer is MediShield Life, getting care in the public medical system (in B2 or C ward, or in KKH’s B2+ ward if you don’t mind spending a little extra for the air conditioning), and bolstering her income if she needs it. In particular, if somebody (or more than one person) can qualify for CPF-related tax relief to help her out (to boost her CPF LIFE retirement income, and potentially also to boost somebody else’s MediSave who might use MediSave dollars for her care), that’d be great. Above all else, help her stay focused on managing her conditions and staying healthy — that’s the overriding goal.

 

[lancer6238]

Based on my experience, mentally challenged would be a decline case across the industry.

Wow, that's too bad. No wonder I couldn't find much info on it, just NTUC's insurance for young people with autism. Doesn't seem fair especially if they're in otherwise good health.

 

[BBCWatcher]

Doesn't seem fair especially if they're in otherwise good health.

It’s fair to current and prospective policyholders. If everybody could wait to sign up for insurance until just before they face the highest risks, the insurance market would collapse, and (if the remnants of the market even existed) premiums would be sky high.

Thank goodness the government ensures there’s some baseline insurance (MediShield Life) and a public medical system with lots of subsidies, and they work pretty well for citizens. But the government has to make MSL compulsory in order to keep the risk pool stable, and the government subsidizes MSL premiums if/as necessary.

There are a couple other insurance programs that are typically available no matter what risks you face. For example, everybody who is a CPF member is automatically signed up for the Dependants Protection Scheme (DPS), which provides a little bit of life insurance. Even those who are ordinarily uninsurable get and can keep DPS. You can opt out of DPS, but once you opt out there’s no guarantee you can get life insurance. The near future CareShield Life (CSL) will be broadly similar, but CSL will be phasing in. Another potential example is NTUC membership, which includes a little bit of life insurance — but please read the T&Cs carefully.

Employer-provided group insurance coverage is typically available to all employees and, in some cases, to the employer’s retirees as well (although that’s now much less common than it used to be). And that’s another possible solution here, if your loved one is able and willing to work for such an employer. MSL paired with employer-provided hospitalization insurance should work rather well for stays in public hospital B2+ ward at KKH, for example, or even potentially a higher ward category.

I happen to believe that MSL ought to be more generous, or at least there ought to be a “MSL Plus” that’s similar to the DPS (opt-out). As an example, I’d like to see MSL offer some real, meaningful prescription drug coverage. True, unsubsidized MSL premiums would likely need to increase, but that’s OK in my view. You’re certainly free to express your views on possible MSL improvements if you wish.

As mentioned, you can also lay a strong financial foundation to help your loved one. Make sure there’s a decent or better CPF LIFE income stream in your loved one’s future (or present), and MediSave (which earns a nice 4% interest rate) is available, too. I would focus on those parts of CPF in that order, and if somebody can claim tax relief for top ups, that’s even better. Hospitals, doctors, and clinics always accept cash — it’s very useful stuff — and frequently, at least partially, accept MediSave dollars from any relative’s MediSave Account.

 

[Bigoya]

Wow, that's too bad. No wonder I couldn't find much info on it, just NTUC's insurance for young people with autism. Doesn't seem fair especially if they're in otherwise good health.

We are speaking about mentally challenged individual who relies on someone else's care, who ain't independent themselves.

This factor itself is already a permanent risk to insurers (and obviously a pre-ex medical condition). Consider the subject person could potentially lead a less-healthy lifestyle due to his/her mental incapacity, no offence.

Today if I take on this risk to cover someone mentally challenged is as good as covering someone who has been diagnosed for cancer and still undergoing treatment. The risk of incurring medical expenses is (somewhat) as high.

 

[styrx79]

Is there any recommended Integrated shield plans for my newborn? Is it advisable to sign up for a private hospitalization plan now instead of restructured, as I believe it will be easier to downgrade in the future. Please kindly offer your opinions.

 

[blackvice]

Is there any recommended Integrated shield plans for my newborn? Is it advisable to sign up for a private hospitalization plan now instead of restructured, as I believe it will be easier to downgrade in the future. Please kindly offer your opinions.

if you and your spouse are both covered under aviva's integrated shield plan and ride, you may wish to have your child covered with aviva too, as there would be family discount for children until child life assured reaches 20 years old age next birthday.

Whether will be easier to downgrade in future anot, no one will know. It depends on whether you want an appointed specialist for the medical care, comfortable with the waiting time, the ward ( single room or 6 bedders..etc).

 

[Bigoya]

Is there any recommended Integrated shield plans for my newborn? Is it advisable to sign up for a private hospitalization plan now instead of restructured, as I believe it will be easier to downgrade in the future. Please kindly offer your opinions.

Based on PRIVATE coverage:

Congenital Abnormaliities
AIA is strong with 0 waiting period, As charged.
Income and AXA 12 mths waiting period, As Charged.
GE $20k/yr within 1st 2 years, As Charged thereafter.
The rest 24 mths, As Charged.

Premium Waiver
AIA - Waives 1 year premium for insured in the event Payor suffers TPD
Raffles - Waives premium for insured in the event Payor pass on or suffers TPD, till age 21.

Premiums
Raffles likely cheapest (this is true for A plan, comparison excl. Pru)

I used to strongly recommend AIA for newborns in the past (before new riders for 5% co-pay comes into picture). The old rider (A Saver) was very cost-effective, plus 0 waiting period for congenital abnomalitiesis extremely helpful as some of these conditions would only be discovered few months or years later.

Now AIA premiums is quite expensive but i still think their Congen Ab. coverage is worth considering.

While Aviva has free cover for kids if both parents are insured by Aviva, based on my last comparison with old riders, it wasn't worth it unless the family has 4 kids or more. I have not compared the new premium rates.

Should you get Private or Govt A ward cover?
Depends. Kids are more prone to illnesses compared to adults. Some parents wish to seek immediate medical attention (for comfort, to save time waiting, for whatever reasons), they'd go Private. Otherwise, if you prefer A wards, getting a Private cover assuming the plan comes with daily hospital incentive for staying in lower wards can also "earn" u some cashback.

Downgrading of plan no need underwriting.
Upgrading need.

Kids premiums are so cheap which shouldn't be a concern.

Personally I'll go for P.

 

[slurpy0099]

What is the recommendation for hospital plan coverage to buy for elderly above age 60? Top up cash for the private integrated plan for full Private is really costly.

 

[Bigoya]

What is the recommendation for hospital plan coverage to buy for elderly above age 60? Top up cash for the private integrated plan for full Private is really costly.

Main Qn is affordability.
Who's paying the premiums, how much he can afford now?
*In the future cannot sustain premium still can downgrade, no problem*

If income is low, look at A/B coverage.
If the applicant stay C ward also nevermind one, stick with MedishieldLife?

If got Diabetes/Hypertension/High BP but expect A/Private wards, no need think, go Raffles A + RH.

If got any other pre-ex, Raffles may not be a good plan.

If no pre-ex, looking for A ward cover, Raffles most competitive.

If u still need further advice, ask.

 

[BBCWatcher]

If got any other pre-ex, Raffles may not be a good plan.

For citizens with other pre-existing conditions, probably it’d be Great Eastern’s “as charged” public hospital B1 ward plan, then stay in B2+ ward if offered, or lower if acceptable. Plus a “reasonable” or better MediSave Account balance. That’s because you probably don’t want to get caught with a denied claim and a big hospital bill (stayed in a higher price ward).

This is where I lament the loss of NTUC Income’s public hospital B2+ ward plan.

 

[alpha29]

Can I know what the additional withdrawal limit (awl) is about? I can use medisave to pay for the private component up to the stated awl amount?

 

[BBCWatcher]

Can I know what the additional withdrawal limit (awl) is about? I can use medisave to pay for the private component up to the stated awl amount?

Yes, the AWL is the maximum amount per year that you can spend on the base Integrated Shield premium amount above the MediShield Life premium. You cannot use any MediSave dollars to pay for any Integrated Shield riders.

The AWL is applied per Integrated Shield policyholder, not per MediSave Account. For example, if you're using MediSave dollars to pay for your own Integrated Shield plan, your spouse's, and your child's, then each deduction is compared to the AWL separately. However, if your Integrated Shield premium is above the AWL but your child's is below, you don't get to "borrow" some limit from your child's AWL.

The AWLs increase as the policyholder reaches certain ages.

 

[HWZ1973]

I’m covered under NTUC IP (as charged) and went for a day surgery for cyst removal last month and given 3 weeks hospitalisation leave.
Till now the claim (e-file by hospital) is still not approved.
Anyone knows roughly how Long this process will take usually? Will there be any hiccups!
Thanks in advance!

 

[edmwing]

I’m covered under NTUC IP (as charged) and went for a day surgery for cyst removal last month and given 3 weeks hospitalisation leave.
Till now the claim (e-file by hospital) is still not approved.
Anyone knows roughly how Long this process will take usually? Will there be any hiccups!
Thanks in advance!

For my relative, NTUC tooK about 2 months from discharge. No hiccups. Bill size around 80k.

 

[HWZ1973]

Thanks for you reply, my bill is only $7k...

 

[Investnewbie82]

Hi all,

If I have Ntuc isp with plus rider now ( bought 2 years ago), can I check if I downgrade like say 20 years later (when premiums become too high) will it be full coverage? Or considered new policy and exclude the existing conditions then?

Thanks!

 

[boredboiboi]

Hi all,

If I have Ntuc isp with plus rider now ( bought 2 years ago), can I check if I downgrade like say 20 years later (when premiums become too high) will it be full coverage? Or considered new policy and exclude the existing conditions then?

Thanks!

Nobody know what the rules and regulations will be in 20 years. But as of now it will be no changes if U downgrade

 

[HWZ1973]

I’m covered under NTUC IP (as charged) and went for a day surgery for cyst removal last month and given 3 weeks hospitalisation leave.
Till now the claim (e-file by hospital) is still not approved.
Anyone knows roughly how Long this process will take usually? Will there be any hiccups!
Thanks in advance!

For my relative, NTUC tooK about 2 months from discharge. No hiccups. Bill size around 80k.

My claim still not settled by NTUC, coming 3 months now...
First time claim, really fed up with NTUC!

 

[firsttimebuyer]

I wish to ask everyone for advice for a particular scenario.

lets say more than a decade ago, my agent persuaded me to buy an Integrated Shield Plan but did not let me know that I need to declare any pre-existing conditions. I genuinely did not know as I was very ignorant then.

Since then, I was clinically diagnosed with depression.

I recently met a better agent and this agent advice me to do a re-declaration.

If I do a re-declaration, is it alright if just declare the conditions before I bough the ISP? or I need to declare conditions that happened after I bought the ISP? I am a bit concerned as I read that depression is a straight-out rejection by all insurers for ISP.