NTUC Incomeshield Riders**UPDATE**

[Jevonology]

We would like to inform you that Income will be launching our new IncomeShield Riders with co-payment features – Deluxe Care Rider and Classic Care Rider on 1 March 2019.

From 1 March 2019, customers who wish to purchase an IncomeShield Rider from Income will have to purchase Deluxe Care Rider and Classic Care Rider. The Assist Rider and Plus Rider will also be withdrawn.

People who purchased the Plus/Assist Riders after 8th March 2018 will be automatically transitioned to the new riders in 2021 renewal date.

The new pricing and details can be found on the website.

In summary :
Deluxe Care - 5% co-payment capped at $3000 for panel, no cap for non-panel
Classic Care - 10% co-payment capped at $3000 for panel, no cap for non-panel

** I personally worked at Income, would like to gather feedback and your thoughts on the plan. Feel free to ask anything, will try go get as much as info as possible. Please take note I do not represent the company or the information is always 100% correct, will try to provide as accurate as possible info. I will not be liable for any mis-interpretations, we are all here to learn

 

[fr33d0m]

What happened to existing Assist Rider and Plus Rider?

Can't renew after March 1st, 2019?

What's the premium compared to Assist Rider?

 

[Jevonology]

What happened to existing Assist Rider and Plus Rider?

Can't renew after March 1st, 2019?

What's the premium compared to Assist Rider?

The new Classic Deluxe (replacing Assist) seem to be more expensive after age 50+

If you purchase the rider before 8th March 2018, there will be no changes until further notice. if you purchase after the date then it will be automatically transition to Classic Deluxe in 2021 renewal date.

 

[BBCWatcher]

I personally worked at Income, would like to gather feedback and your thoughts on the plan.

OK, here's some feedback: the new rule compliant rider should also be available for pairing with Enhanced Income Shield C. It's really bizarre that NTUC is excluding C plan customers from the rule compliant rider.

 

[Jevonology]

OK, here's some feedback: the new rule compliant rider should also be available for pairing with Enhanced Income Shield C. It's really bizarre that NTUC is excluding C plan customers from the rule compliant rider.

Good one, I also found it weird that we excluded the C plan from the riders. I'll see if I can get any explanation from the team

 

[BBCWatcher]

Good one, I also found it weird that we excluded the C plan from the riders.

Yes, that particular policyholder cohort is the most likely to be in genuine financial need of the rider coverage -- and the least likely to abuse it (least prone to moral hazard problems). So it seems quite strange that NTUC Income excluded them, unless that's some sort of clumsy upsell push....

....If that's the case, that it's an upsell nudge, then there's a better way to maintain an upsell nudge while still offering reasonable products. For the C plan only, just have a special variant of the rider that has a 15% co-pay (instead of 5% or 10%) up to the annual cap. Call it something like the "Thrifty Care," "Basic Care," or "Saver Care" rider. That's still rule compliant since the rule only requires a minimum co-pay percentage.

This is really pretty ugly otherwise for C plan policyholders who purchased the Assist or Plus Rider on or after March 8, 2018. Currently, without any rider, their rider ends abruptly with no replacement. That's really, really ugly. They and new customers really ought to have a 15%/$3,000 rule compliant rider available.

 

[tangent314]

Am I reading it right or is there a possibility of paying more co-insurance with a C plan than with MSL Life assuming a treatment is within the MSL limits, since MSL has a tapered co-insurance whereas the C plan is a flat 10%.

I'm guessing the logical thing that will happen is that MSL will cover such bills, while the C plan will cover for whatever is above the claims limit. E.g. that recent case with the $4k+ cataracts treatment only being covered for $3005

 

[soneat]

We would like to inform you that Income will be launching our new IncomeShield Riders with co-payment features – Deluxe Care Rider and Classic Care Rider on 1 March 2019.

From 1 March 2019, customers who wish to purchase an IncomeShield Rider from Income will have to purchase Deluxe Care Rider and Classic Care Rider. The Assist Rider and Plus Rider will also be withdrawn.

People who purchased the Plus/Assist Riders after 8th March 2018 will be automatically transitioned to the new riders in 2021 renewal date.

The new pricing and details can be found on the website.

In summary :
Deluxe Care - 5% co-payment capped at $3000 for panel, no cap for non-panel
Classic Care - 10% co-payment capped at $3000 for panel, no cap for non-panel

** I personally worked at Income, would like to gather feedback and your thoughts on the plan. Feel free to ask anything, will try go get as much as info as possible. Please take note I do not represent the company or the information is always 100% correct, will try to provide as accurate as possible info. I will not be liable for any mis-interpretations, we are all here to learn

I have already posted information about the new riders couple of days back. What's the point of gathering feedback? Not as if you would be able to influence the product.

To me, the riders are not so good for customers on private plan.
1. Compare your Assist Rider (10% co-pay) with Classic Care (10% co-pay). The premium is about the same BUT classic care customers would need to pay extra if they choose non-panel private hospital.
2. Compare your Classic Care (10% co-pay) vs Deluxe Care (5% co-pay). The Deluxe Care premium is significantly more expensive than classic care and is even more expensive than Plus Rider.

For folks on on private plan (plus/assist rider), it doesn't make sense to switch to the new riders, given a choice.
For folks on A/B (plus rider), it would be probably better not to switch to the new riders, given a choice.
For folks on A/B (assist rider), the new riders have not much diff, so not much impact.

 

[light84]

You should set up a focus group or consumer research to get feedback and give away NTUC vouchers.

 

[BBCWatcher]

Am I reading it right or is there a possibility of paying more co-insurance with a C plan than with MSL Life assuming a treatment is within the MSL limits, since MSL has a tapered co-insurance whereas the C plan is a flat 10%.

I've always had the same question/concern. Paired with the Assist Rider it was a moot point. But if Enhanced Income Shield C policyholders cannot buy any rule compliant rider, this discrepancy could be a major problem.

I'm guessing the logical thing that will happen is that MSL will cover such bills, while the C plan will cover for whatever is above the claims limit. E.g. that recent case with the $4k+ cataracts treatment only being covered for $3005

That'd be logical, but it's not necessarily what would happen. The benefit tables are pretty clearly saying that there's less than MediShield Life coverage in some circumstances.

This is especially weird since a pre-existing condition claim exclusion in such circumstances would actually trigger a higher MediShield Life claim payout. (Yay?)

Anyway, NTUC Income needs to do some work here to tidy up the C plan. It is (or was) my favorite plan in certain respects, which I've explained in other threads, but it's something of a mess right now without a rule compliant rider to go along with it. Kudos to NTUC for offering this unique plan, but it has to be functional and sensible. It isn't that right now.

 

[xmisheru93]

The following is mentioned on the official site:

On 1 March 2019, Income’s Plus Rider and Assist Rider, will be replaced by the new IP riders, Deluxe Care Rider and Classic Care Rider, respectively. The new riders incorporate these two features.

So my question is, does the new IP rider includes the benefits stated under the Plus Rider and Assist Rider? Such as the hospital cash benefit?

In addition, will the deductible be fully covered?

I thought with the implementation of the co-payment, the premium rate will be reduced. Seems like its not the case at all.

 

[blurpandasg2014]

Not affordable at all !!!!

The deluxe rider is even more ex den the current plus rider.

 

[LifeIsJinHappy]

I just got the letter yesterday. 20% increase from last year. In the same age bracket.

Sent from Xiaomi REDMI NOTE 6 PRO using GAGT

 

[kurtgoh]

hi,

currently i'm on enhanced incomeshield preferred, thinking of adding a rider.

am 41 this year.

understand there's deluxe and classic rider,
both comes with co-payment and cap at $3k.

which is more recommended, please share with me.

 

[boredboiboi]

hi,

currently i'm on enhanced incomeshield preferred, thinking of adding a rider.

am 41 this year.

understand there's deluxe and classic rider,
both comes with co-payment and cap at $3k.

which is more recommended, please share with me.

Since u do not have a rider means u will not be affected by the new co payment and if you are pink of health. You can consider switching to others. BBC shared before on this. U may look at GE, AIA or raffles shield.

 

[henrylbh]

NTUC Income should consider giving discount on all policies taken up by NTUC union members.

 

[kurtgoh]

Since u do not have a rider means u will not be affected by the new co payment and if you are pink of health. You can consider switching to others. BBC shared before on this. U may look at GE, AIA or raffles shield.

sorry, i dont understand this.

can direct me to the site/post?

 

[boredboiboi]

sorry, i dont understand this.

can direct me to the site/post?

https://forums.hardwarezone.com.sg/money-mind-210/medishield-comparison-find-out-cheapest-5183479.html#post122714854

 

[asmartng]

don't understand the difference from plus rider and deluxe care rider

 

[reddevil0728]

don't understand the difference from plus rider and deluxe care rider

plus rider is legacy