NTUC income shield VS Prudential PRUshield

[comeonshowme]

Just to clarify on this, Assist rider option is slightly unique. With this rider, deductible and co-insurance do not really matters. You just pay 10% of the total bill, which caps at $3000 pa.

Say, total bill = 100k. 10% = 10k. But you only pay 3k, and the annual limit will be met. Subsequent bills (in the same year) will be free.

If total bill = 5k. 10% = 500. You will pay 500, and your annual limit will falls to 2500.

This applies to all kind of sickness, right?

 

[comeonshowme]

You are correct to plan ahead. However, in such cases, opting Class B1 and below will enjoy Government subsidy (as for now unless policy changes).

If you think you can afford it, then it is a personal preference to go for it. My opinion is that when we are in our employable years, aka 21-65, we need the best kind of medical coverage to make us healthy so we can continue working to generate income. Thus staying in private hospital can sometimes speed up the treatment and make us well. With better care, our younger bodies can get back our health and hopeful go back to work and generate income. After we past that age 65, generally our liabilities are mostly gone ie. kids growth up and parrents maybe no around anymore.

We still NEED medical insurance, just that we given private or restructured may not make a big difference in our recovery namely because our body is weaker once older.

However, you can still choose for plans to cover for private if they is your preference because, you can always choose the kind of medical treatment you want. So i think it's about choice. Eating steak at hawker centre or hotel is really personal choice and affordability.

So you can still buy coverage for Private hospitalisation if thats want you really want and can afford the high premiums.

Anyway all plans under Medisave health insurance aka all the private integrated shield plans are all integrated.
Meaning, if affordability becomes an issue at old age, you can always reverse back to Medishield without the need to go through medical underwriting again. So it is downgradable in a sense.

Not going for that high class bah, just going normal hospital. As long as the plan can cover the medical bill, then its good enough...

 

[lonewalker]

Not going for that high class bah, just going normal hospital. As long as the plan can cover the medical bill, then its good enough...

Hi, actually all shield plans are designed with that basic requirement you need. However, do take note that for outpatient treatment for medication in some cancer cases, it is not covered.

One of my client is diagnosed with a certain type of Leukemia, and there is no need to go for chemo and radiotheraphy. However, he has to take medication for life and it cost nearly $6,000 per month. So it will be good if you have major illness plans to combine your Hospital and medical insurance.

Also hospital plans reimburse your bills and you should know that Major illness plans like 30 critical illness pays you a lump sum to cover your loss of income or additional treatment like medications not covered by the hospital plan.

In this case, you can consider planning ur major illnesses together with your H&S planning.

 

[iAdvisor]

This applies to all kind of sickness, right?

All kind of sickness that is stipulated under the base plan.

If base plan doesn't cover, then the charges won't apply, as you can't make a claim under the shield.

 

[iAdvisor]

Not going for that high class bah, just going normal hospital. As long as the plan can cover the medical bill, then its good enough...

Just like to add on.

Many thought that the plan preference (Private,Restructure A, B1/2/C) is the quality of hospital stay. Please do NOT forget that many, in fact most hospital, define the range of doctors you can engage depending on your ward.

Example, some specialist can only operate you if you say at least B1 or A, else they won't be able to carry out the operation in that hospital.

My mom is a very scrimp person, but she recently have to stay in A ward for 2 days, because the doctor that she has been seeking consultation from, can only operate her in that ward.

Doctors/hospital are not charity, even charity also need to think commercially. If you want good doctor (not expensive doctor), sometimes you still need to pay top dollar (For hospital stay). They might not be able to help you if you choose to stay in B1 or below.

 

[Axisx]

enquiry

Hi, just curious... thot of visiting a specialist for some lower back pain.

I have a Prudential savings plan and Rider III. Does these cover any of the medical costs if i were to visit the specialists?

 

[HandsTied]

Hi, just curious... thot of visiting a specialist for some lower back pain.

I have a Prudential savings plan and Rider III. Does these cover any of the medical costs if i were to visit the specialists?

What is the full name for "Rider III"?

Likely no. Even most integrated Medishield policies will pay only if the consultation leads to hospitalisation.

 

[Cashcow]

Hi, just curious... thot of visiting a specialist for some lower back pain.

I have a Prudential savings plan and Rider III. Does these cover any of the medical costs if i were to visit the specialists?

If only it leads to hospitalisation, it can be covered under pre-hospitalisation benefit.

 

[Samot]

I used to be treated in SGH for a backache was told to swim and avoid heavy lifting for a while...The problem has since gone away least for a decade

So if I signup or upgrade my current shield plan do I have to declare this? Will this cause me to have to signup with an exclusion in my policy?

 

[HandsTied]

I used to be treated in SGH for a backache was told to swim and avoid heavy lifting for a while...The problem has since gone away least for a decade

So if I signup or upgrade my current shield plan do I have to declare this? Will this cause me to have to signup with an exclusion in my policy?

Applicants should fully disclose all material facts. If you are unsure if a fact is material, it is best to disclose it.

Most (if not all) integrated Medishield policies will ask very broad ranging questions. For example, "have you ever had, been told to have, been treated for or suffered symptoms for bone, spine, joint or muscle disorders?" and even "blanket" questions such as "any injuries, illness, disorders or abnormalities" that they have left out in the questionnaire.

Depending on the severity of the medical condition declared, the underwriters may accept it as "standard" (best case scenario, no exclusions), impose exclusion(s) (specific exclusions are better than wide exclusions), or even decline the application (worst case scenario, affects eligibility for MyShield Moratorium underwriting). Medical reports will be helpful to get best underwriting conditions for yourself.

 

[audiovideo]

sometimes the extra premium paid over the years can already cover back the co-insurance portion (NTUC Assist Rider $3000).

provided you can be assured nothing happen over the years
not worth the gamble
comparatively less $$ for premium, versus hefty hospital bill, can always earn back in a short time

 

[xiaoevil]

Touchwood but when something is wrong, the hospital bill cost tons, thats the worrying part which push me to thinking to opt for higher coverage...

don't compromise your needs (coverage). the premium is shown to you. get your financial consultant to plan your retirement needs and factor in the insurance premium.

Do take note you can only draw $800 from Medisave for 80yo and below and $1150 for 81yo and above. remaining is paid in cash. a lot of agents do not highlight this for the medisave-approved hospitalisation plan.

it is very important for 100% coverage, even if it is for restructured (government) hospital. today's surgery + 3 days ICU + 7 days ward can easily be $100,000.
This means if A ward,
Deductibles: $3,000 (You Pay)
Co-Insurance: $9,700 = ($100,000-$3,000)*10% (You Pay)
Total you need to pay $12,700

For the same treatment 40 years later. Medical average inflation @ 5% p.a.
You need to pay $89,407 (Today's $12,700)

Prudential has this adjustable policy limits which only Prudential guarantees you if medical costs increase (according to CPI), it will do exact increment. Other insurance companies only try to follow if the others increase.

 

[audiovideo]

Prudential has this adjustable policy limits which only Prudential guarantees you if medical costs increase (according to CPI), it will do exact increment. Other insurance companies only try to follow if the others increase.

lamb hair/fur grow on lamb body

 

[Kyubi]

don't compromise your needs (coverage). the premium is shown to you. get your financial consultant to plan your retirement needs and factor in the insurance premium.

Do take note you can only draw $800 from Medisave for 80yo and below and $1150 for 81yo and above. remaining is paid in cash. a lot of agents do not highlight this for the medisave-approved hospitalisation plan.

it is very important for 100% coverage, even if it is for restructured (government) hospital. today's surgery + 3 days ICU + 7 days ward can easily be $100,000.
This means if A ward,
Deductibles: $3,000 (You Pay)
Co-Insurance: $9,700 = ($100,000-$3,000)*10% (You Pay)
Total you need to pay $12,700

For the same treatment 40 years later. Medical average inflation @ 5% p.a.
You need to pay $89,407 (Today's $12,700)

Prudential has this adjustable policy limits which only Prudential guarantees you if medical costs increase (according to CPI), it will do exact increment. Other insurance companies only try to follow if the others increase.

so in the case of ntuc assist rider? how it differs?

 

[iAdvisor]

so in the case of ntuc assist rider? how it differs?

With Ntuc assist rider, you have to pay 10% of
the total bill, that capped at 3k per year (base on private hospital stay). It also provide you with a daily hospitalized cash benefit with you choose to stay at a lower grade ward.

Eg, my client who stay in hospital for 10 days. Bill works out to be 10k+. He owns a private ntuc plan and choose to stay in a ward. He got to pay 1k+ for the hospitalized cost, but ntuc also pays him 1250 (10days x 125). So overall, his bill is 0

The daily cash benefit is nothing big, but it help to further reduce your liability on the hospital bill.

It's a great idea to plan for the increasing premium, but not choose the suitable plan, right at the start? Planning more $ for premium paying, imo, is like taking a loan to pay for another loan.

 

[Suleyman]

With Ntuc assist rider, you have to pay 10% of
the total bill, that capped at 3k per year (base on private hospital stay). It also provide you with a daily hospitalized cash benefit with you choose to stay at a lower grade ward.

Eg, my client who stay in hospital for 10 days. Bill works out to be 10k+. He owns a private ntuc plan and choose to stay in a ward. He got to pay 1k+ for the hospitalized cost, but ntuc also pays him 1250 (10days x 125). So overall, his bill is 0

The daily cash benefit is nothing big, but it help to further reduce your liability on the hospital bill.

It's a great idea to plan for the increasing premium, but not choose the suitable plan, right at the start? Planning more $ for premium paying, imo, is like taking a loan to pay for another loan.

Prushield rider also has cash benefit for lower wards. As many have said, both are the same, just that NTUC cost less, but do not cover the entire co-payment whereas Prushield does.

 

[iAdvisor]

Prushield rider also has cash benefit for lower wards. As many have said, both are the same, just that NTUC cost less, but do not cover the entire co-payment whereas Prushield does.

Indeed, the cash benefit is nothing big as I've mentioned.

As an information to all, just in case, not only prudential cover the full bill, but all the rest except ntuc.

In order not to confuse consumer, it is not the co-payment that ntuc do not cover. Without an additional cash rider, client need to pay the deductible and 10% co-insurance. Some also call this 10% co-payment.

Some others who do not understand the product, thought that it's the 10% co-insurance that is not covered, which is wrong. (Due to assist rider wording)

Example, for a 10k bill, client has to pay the 3k deductible + 700 as the 10% co-insurance. Assist rider covers the whole bill, but changes the usual calculation. Client will pay 10% of the bill, 1k, and the rest is taken care by insurance.

So if we look at the 1k bill vs $0 payable. Other plan seems much better. With the daily cash benefit, ntuc bill becomes smaller, but other plans allow you to take home more cash.

Now we got to ask ourselves, why do we need such plan? For more money in pocket or to reduce financial burden.

It's a individual choice, I would not say one is definitely superior than the other. Someone who earns good income, willing and capable to pay the premium over his old age, choose what fits them.

Imo, I Dunn feel like paying more to get more, in such product. I prefer something practical and sustainable over long term, serve its purpose, and free my pocket for other needs.

As financial advisor, we are suppose to plan and reduce/mitigate financial risk for our client. That include sourcing for alternatives that can enhance client's portfolio. Eliminate unnecessary higher cost, to better make use of the ready cash.

 

[yoshihara]

I have a personal experience to share. She does not have any kind of medical insurance as she had cancer at relatively young. Recently, she was down with lung cancer last stage and have been going in and out of the hospital very frequently. My point is that the 10% makes a lot of difference if one has a condition that requires frequent visits to the hospital.

TS dont delay anymore, quickly go get a H&S asap.

 

[iAdvisor]

I have a personal experience to share. She does not have any kind of medical insurance as she had cancer at relatively young. Recently, she was down with lung cancer last stage and have been going in and out of the hospital very frequently. My point is that the 10% makes a lot of difference if one has a condition that requires frequent visits to the hospital.

TS dont delay anymore, quickly go get a H&S asap.

The 10% of ntuc rider, is capped at 3k yearly, not by each visit.

It's due to such condition, you will hope to stay at the best hospital, with the best doctor, without worrying the bill, AND premium. I heard from many clients who told me their advisor told them to downgrade their plan when the premium is too much. With such condition, how can one downgrade their plan?

We got to plan practically, and prudently. I'm really sad to hear your story. Many agents out there sell policy base on their kpi, and neglect the basic need. I've seen many many people with tonnes of product,
but a out dated shield plan.

The first product I got for my boy is the shield plan, n life plan. Once I've gotten the birth cert, the plan is submitted. This prevent any new found issue to be excluded.

 

[yoshihara]

The 10% of ntuc rider, is capped at 3k yearly, not by each visit.

It's due to such condition, you will hope to stay at the best hospital, with the best doctor, without worrying the bill, AND premium. I heard from many clients who told me their advisor told them to downgrade their plan when the premium is too much. With such condition, how can one downgrade their plan?

We got to plan practically, and prudently. I'm really sad to hear your story. Many agents out there sell policy base on their kpi, and neglect the basic need. I've seen many many people with tonnes of product,
but a out dated shield plan.

The first product I got for my boy is the shield plan, n life plan. Once I've gotten the birth cert, the plan is submitted. This prevent any new found issue to be excluded.

I understand it is a yearly visit. When one is diagnosed with such condition, this could go on for years. Might as well use that $3000 to buy a rider that covers everything. Furthermore, the incentive given makes alot of difference.

Insurance is not perfect but if you combine different products together, it can be closer to perfection.