PRUDENTIAL - MediShield Premium Increase Once Again

[AhPek_Lion]

Not long ago, prudential introduced penalising their customers for getting hospitalised. They claimed that this was TO PREVENT ANY FURTHER RAISE IN PREMIUMS.

Not even 1yr after, premiums were adjusted again (very recently) .... And instead of an age band approach, premiums are now based on age!!!

DO YOU WANT TO HAVE AN INSURER WHO TAKE CUSTOMERS AS FOOLS... RAISE PREMIUMS AS AND WHEN THEY PLEASE?! PENALISES CUSTOMERS

Please choose wisely

 

[SBC]

Sound familiar for gov related too.

 

[BBCWatcher]

Not even 1yr after, premiums were adjusted again (very recently) .... And instead of an age band approach, premiums are now based on age!!!

Look again. They still have an age band approach (and every insurer doesn't once you reach a certain age).

Yes, Prudential did change the format of their premium table. Now every "Age Next Birthday" is listed on a separate row, including ages 1 through 20 when the premium is the same for that 20 year age band. Prudential also reduced the size of certain age bands, but that's a good thing. It means you're not going to have as much bill shock when you're a year older. Smoother, gentler premium steps are better.

 

[limster]

if you are a non-NTUC agent, the natural target to attack is NTUC because it has the lowest premiums. It almost seem automatic for non-NTUC agents to say that NTUC don't pay claims, very slow, blah blah blah. (of course many of the 'regular IFA /agents here in HWZ have higher integrity and don't do that)

for me i look in the long run. Now, people on hwz mainly 20s or 30s, premium rates all look cheap. But when you hit 50+, 60+, the differences in premiums between insurers will be much much larger, and at the age, probably cannot switch already. And my bet is that of all the insurers, ntuc will still have the lowest premium.

http://forums.hardwarezone.com.sg/34307351-post99.html

The point I made many years ago is that the policies that apparently appear the 'most generous' will have the largest premium increases because people will 'overclaim' and 'overconsume' such policies, especially private shield plans.

Since I am a thrifty consumer and happy with even B class ward, I am happy with Income so far. Even though i have A plan, my family chooses B1 ward and gets the $100 day cash incentive (unless B1 class ward not available) and I have no complaints about the medical care received in B1.

 

[akwl88]

Agent say to have peace of mind, must buy pte hosp plan with top tier rider

Then turn ard blame consumers for "overconsumption" leading to premiums increase

Guess both scenario benefits who?

 

[JuniorLion]

Seems that this is going the way of insurance in the US system. Positive feedback (cost more -> therefore go check up for every little thing -> drives up cost -> insurer increase premium -> since more expensive now, going to check up for even smaller thing -> drives cost up further ->...)

Remedy is to implement a tier system and a discount system. No claims discount.

 

[AhPek_Lion]

Look again. They still have an age band approach (and every insurer doesn't once you reach a certain age).

Yes, Prudential did change the format of their premium table. Now every "Age Next Birthday" is listed on a separate row, including ages 1 through 20 when the premium is the same for that 20 year age band. Prudential also reduced the size of certain age bands, but that's a good thing. It means you're not going to have as much bill shock when you're a year older. Smoother, gentler premium steps are better.

U shld also check the rider out too. The premiums are terribly expensive

From what I see, the premiums are significantly more den the previous premiums on the age band approach

 

[BBCWatcher]

They claimed that this was TO PREVENT ANY FURTHER RAISE IN PREMIUMS.

Prudential never claimed that.

 

[AhPek_Lion]

Prudential never claimed that.

Mayb I shld rephrase... Prudential agents are claiming that to convince their customers not to change insurers

Just curious... are u representing prudential

 

[BBCWatcher]

Just curious... are u representing prudential

I don't work in the financial industry, don't sell anything financial, don't represent anyone in the financial industry.

Fortunately (in my view) Prudential has a terrific public hospital A ward Integrated Shield plan, and their optional "Lite" rider seems to be a good value, too. So Prudential customers -- indeed, all private hospital consumers -- who are suffering from "sticker shock" have a nice option available. Switching insurers isn't going to help -- the whole private hospital Integrated Shield system is in turmoil -- and it could easily hurt (pre-existing conditions).

 

[Mecisteus]

Most insurances can safely stick with NTUC.

 

[LiteHouse]

I don't work in the financial industry, don't sell anything financial, don't represent anyone in the financial industry.

Fortunately (in my view) Prudential has a terrific public hospital A ward Integrated Shield plan, and their optional "Lite" rider seems to be a good value, too. So Prudential customers -- indeed, all private hospital consumers -- who are suffering from "sticker shock" have a nice option available. Switching insurers isn't going to help -- the whole private hospital Integrated Shield system is in turmoil -- and it could easily hurt (pre-existing conditions).

Every insurer are raising the premiums for the riders. I just received my letter for a consecutive increase of premiums for my AIA rider. No plans to switch since got existing medical condition.

 

[BBCWatcher]

Every insurer are raising the premiums for the riders. I just received my letter for a consecutive increase of premiums for my AIA rider. No plans to switch since got existing medical condition.

Yes, it's a problem, and it's going to continue for some time to come.

If you're currently under AIA's HealthShield Gold Max A with the Max Essential A rider, then you've got a couple choices to handle these premium increases. One option is to downgrade from Max Essential A to Max Essential A Saver. As long as you seek care from their "AQHP" network (or from a public hospital), with A Saver you still get the zero deductible. If you stray outside the AQHP/public network, it's not the end of the world. You just have the standard deductible, but still no co-pays. That's quite reasonable, really -- I would take that deal if I were on Max Essential A. The only other difference is a reduction in the daily hospital cash incentive if you voluntarily downgrade to a public hospital. With these minor tweaks, you can cut your rider bill.

Another, more powerful option is to downgrade from Gold Max A to Gold Max B, and with Max Essential B (if you'd like to keep a rider). That'll significantly reduce your annual maximum and your pre-/post-hospitalization coverage periods (from AIA's best-in-industry 13 months pre-/post- for AQHP/public to 100 days pre-/post-), but it'll also reduce your premiums a lot -- and put those premiums on a more stable footing going forward.

There's also a Gold Max B Lite (with or without Max Essential B Lite) if you want to take an even bigger downgrade. I wouldn't go that far, personally.

Downgrades should not impact your pre-existing condition status, but of course please confirm that (in writing) with the insurer.

 

[BBCWatcher]

Yes, it's a problem, and it's going to continue for some time to come.

I want to expand on this point for a moment.

If a patient is insured from dollar one, government subsidized to buy that insurance (i.e. tax-free Medisave), with a high insurance limit, and seeks care from medical providers that are not subject to price controls, what'll naturally happen? Medical prices will go up, of course. And this is today's private Integrated Shield insurance system. This recipe doesn't work, and it should have been entirely obvious to policymakers and stakeholders that it never would work. It's absolutely no surprise that prices are rising. Why shouldn't they? And no, it's not because Singaporeans really love going to the hospital -- that's not what's going on. It's because, when they have to go to the hospital, they can go to non-price controlled providers and pay nothing out-of-pocket. So they do.

The insurance companies will inevitably try to fix this by adopting "in-network" and "out-of-network" concepts. They won't provide dollar one coverage -- or any coverage at all, perhaps -- unless you choose medical providers within the insurance company's network, with pre-negotiated prices agreed with the insurer. That's where this all heading, and probably rather soon. AIA is almost there already. But, for now, lots of people are sucking up the premium increases. Until they won't, forcing the insurers and providers to act.

If you're already tired of this systemic problem, no problem. Just choose medical insurance coverage for the price controlled (and directly government subsidized) sector, the public restructured hospitals. This type of coverage still lets you "dabble" in private hospital care for something extraordinary, if you wish, subject to pro-ration factors (~65-70% typically). You'll have to pay the difference out-of-pocket, but you can if you have the money (or the Medisave funds for eligible expenses, or some of both).

I figured this "ticking time bomb" problem out even before I experienced it. Public hospital A ward coverage is fine with me, and I wouldn't really be bothered with B1 or B2+. YMMV.

 

[LiteHouse]

Yes, it's a problem, and it's going to continue for some time to come.

If you're currently under AIA's HealthShield Gold Max A with the Max Essential A rider, then you've got a couple choices to handle these premium increases. One option is to downgrade from Max Essential A to Max Essential A Saver. As long as you seek care from their "AQHP" network (or from a public hospital), with A Saver you still get the zero deductible. If you stray outside the AQHP/public network, it's not the end of the world. You just have the standard deductible, but still no co-pays. That's quite reasonable, really -- I would take that deal if I were on Max Essential A. The only other difference is a reduction in the daily hospital cash incentive if you voluntarily downgrade to a public hospital. With these minor tweaks, you can cut your rider bill.

Another, more powerful option is to downgrade from Gold Max A to Gold Max B, and with Max Essential B (if you'd like to keep a rider). That'll significantly reduce your annual maximum and your pre-/post-hospitalization coverage periods (from AIA's best-in-industry 13 months pre-/post- for AQHP/public to 100 days pre-/post-), but it'll also reduce your premiums a lot -- and put those premiums on a more stable footing going forward.

There's also a Gold Max B Lite (with or without Max Essential B Lite) if you want to take an even bigger downgrade. I wouldn't go that far, personally.

Downgrades should not impact your pre-existing condition status, but of course please confirm that (in writing) with the insurer.

I went through the list of "preferred healthcare partners" at this link https://www.aia.com.sg/en/help-support/qualityhealthcare/browse-healthcare-specialist.html

One concern I have is that the list is not a lot. If you search by General Surgery (Breast), there's only 3 approved private specialists to visit! For colon, there's 6 private specialists to choose from, etc. That's if u are under the downgraded Saver rider.

Top few cancers in Singapore are breast, colon and lung.

 

[Carnage]

http://forums.hardwarezone.com.sg/34307351-post99.html

The point I made many years ago is that the policies that apparently appear the 'most generous' will have the largest premium increases because people will 'overclaim' and 'overconsume' such policies, especially private shield plans.

Since I am a thrifty consumer and happy with even B class ward, I am happy with Income so far. Even though i have A plan, my family chooses B1 ward and gets the $100 day cash incentive (unless B1 class ward not available) and I have no complaints about the medical care received in B1.

Actually NTUC is 1 of the lower premiums, but not by much.

 

[Carnage]

Every insurer are raising the premiums for the riders. I just received my letter for a consecutive increase of premiums for my AIA rider. No plans to switch since got existing medical condition.

AIA also hike?! WTH!?

 

[Carnage]

I went through the list of "preferred healthcare partners" at this link https://www.aia.com.sg/en/help-support/qualityhealthcare/browse-healthcare-specialist.html

One concern I have is that the list is not a lot. If you search by General Surgery (Breast), there's only 3 approved private specialists to visit! For colon, there's 6 private specialists to choose from, etc. That's if u are under the downgraded Saver rider.

Top few cancers in Singapore are breast, colon and lung.

That's my beef with this rider as well.

Which was why I decided against AIA in the end.

 

[BBCWatcher]

OK, but the Max Essential A Saver rider still covers your co-pays no matter which medical provider you choose. It's only the deductible that kicks in if you stray out-of-network....

....Or you can keep doing what you're doing, and your premiums will continue to rise faster than the general rate of inflation. If that's what you prefer, I can hardly object.

 

[BBCWatcher]

Ervino, I don't think you understand how Integrated Shield plans work. Or even, perhaps, Singapore's medical system.

Integrated Shield plans are hospitalization insurance, not outpatient medical insurance. If you bring an insured child directly to a specialist, none of the Integrated Shield plans cover that specialist visit. (A rider might, but most probably not in the scenario you describe.) There are two problems with your approach, if you're expecting any insurance coverage:

1. In order to get any coverage for the initial (and post) outpatient care, there needs to be a hospitalization. Day surgery counts. No hospitalization, no coverage. Whatever specialist you visit, you're paying out-of-pocket.

2. And, further, even if there is a hospitalization, you need to visit a GP first (or the A&E if an emergency). If you visit a specialist and are then hospitalized, there's no coverage for the outpatient specialist visit. (There is coverage for the hospitalization, though.)

Please go read the fine print in your policy! But, to net it out, the complaint you have has nothing whatsoever to do with private v. public hospital Integrated Shield coverage. Public hospital Integrated Shield plans do not require you to obtain outpatient care from a public hospital or polyclinic, but they do require visiting a GP first (for a referral) and a hospitalization.