Recommend shield plans for my parents

[Ap3s]

Looking at the increasing medical cost, I'm planing to get shield plans for my parents. My father is 57 and my mother is 50 this year. Both are generally healthy.

After analysing the comparison on http://www.moh.gov.sg/mohcorp/uploa...d/Comparison of IPs_wef 6 May 2010_Table2.pdf , i feel that NTUC Enhanced IncomeShield Plan seems to be a better choice. It offers "as charged"coverage at a lower rate, which i feel it is necessary in order to cover more for the expensive medical cost for elderlies. Any other better suggestions?

For the different kinds of plans, the main difference is the deductible on the class of wards to stay in and whether it's a private hospital. Right? so, it's doesnt matters much to get a plan meant for B1 ward instead of A, if my parents don't intend to stay in A ward or private hostipal, given the choice to choose? correct me if i'm wrong.

Personally, I'm on PruShield premier. Though i'm inclined to change to Enhanced IncomeShield, when i hit 30+.

Any comments? Thanks!

 

[Rommie2k6]

NTUC shield plan are one of the more value-for-money plans out there. Don't anyhow changed shield plans as this is subjected to medical underwriting. For young people like you, buy one now, stick to it and don't change.

 

[RoLanTo]

yesterday i had a chat with an IFA who is my gf elder bro.. cos im thinking of chaning the shield plan for my parents and myself..

after some comparison together with him, i also feel that NTUC en-incomeshield+assist rider is more value for money compare to our existing aia health shield plan b.

the problem is just that whether i wish to go for the Preferred or Adavantage plan

 

[RoLanTo]

hi ntucagent.. care to enlighten me the difference between
govt hospital vs restructure hospital? private is more clear cut

my main deterministic factor to select preferred or advantage will be to see how much of medisave my parents have and how to play around with it to last at least 20-25 years

 

[Ap3s]

thanks for the replies.

seems like NTUC Enhanced IncomeShield Plan is indeed the more recommended shield plan.
as of preferred or advantage, it seems like the only benefit is the pro-ration factor if staying in private hospital. but at the age 0f 61-65, it will cost more than $1000 which means have to use cash topup on top of medisave. though the cash needed is not alot, is it worthwhile to get? correct me if i'm wrong.

is it necessary to get assist rider? i know it cost lesser than other shield plans riders.

is it really not recommended to switch shield plan? PruShield premium increase by quite a bit as one ages. i intend to switch to NTUC when i hit 30. any complications if change?

 

[Rommie2k6]

thanks for the replies.

seems like NTUC Enhanced IncomeShield Plan is indeed the more recommended shield plan.
as of preferred or advantage, it seems like the only benefit is the pro-ration factor if staying in private hospital. but at the age 0f 61-65, it will cost more than $1000 which means have to use cash topup on top of medisave. though the cash needed is not alot, is it worthwhile to get? correct me if i'm wrong.

is it necessary to get assist rider? i know it cost lesser than other shield plans riders.

is it really not recommended to switch shield plan? PruShield premium increase by quite a bit as one ages. i intend to switch to NTUC when i hit 30. any complications if change?

There is one compelling argument to go for Preferred (Private) over Advantage (Ward A). A certain specialist may only practice in private hospitals and that specialist is the only person in Singapore than can perform an operation that you need to survive with a reasonable chance of success. But ultimately it depends on your socio-economic status on what you can afford.

Changing shield plan is only ok if you have not developed any medical condition. Only you can answer that question.

 

[RoLanTo]

Restructured Hospital means a hospital in Singapore that is run as a private company wholly owned by the Singapore government and subject to broad policy guidance by the Singapore government through MOH, and that receives an annual government subsidy for the provision of subsidized medical services to its patients.

Just go the higher plan first. If you really cannot "tahan" the premiums at the later stage, just downgrade accordingly.

Hope that helps!

Thanks for replying.. i did some calculation for my parents. i think i gonna stick with advantage.. with this plan, their medisave will need about 15k each and 15k cash till their age of 75..

their medisave dun have alot money.. so its about there liao

 

[SrYgonic]

just want to check, if get all those medishield plan for parents, can use the child's(my) medisave cpf to pay for my parents right?

 

[HayaBusa_jY]

hmm, why spend money to get a shield plan and yet still unable to be reimbursed the full amount for hospitalisation fee?

 

[jack81]

hmm, why spend money to get a shield plan and yet still unable to be reimbursed the full amount for hospitalisation fee?

Aviva Myshield together with Myshield Plus plan A and B which covers 100% of co-insurance and deductible, will fully reimburse the full amount of hospitalisation bill.

 

[HayaBusa_jY]

Aviva Myshield together with Myshield Plus plan A and B which covers 100% of co-insurance and deductible, will fully reimburse the full amount of hospitalisation bill.

agreed, dont spend $ to get a shield plan from Ntuc and yet have still have to pay 10% of the hospitalisation fee.

but aviva shield plan, the pre existing coverage seems doubtful as aviva definition of pre existing illness is different from other insurance companies.

 

[Kheetat]

agreed, dont spend $ to get a shield plan from Ntuc and yet have still have to pay 10% of the hospitalisation fee.

but aviva shield plan, the pre existing coverage seems doubtful as aviva definition of pre existing illness is different from other insurance companies.

First thing to consider is, if the applicant is healthy. If applicant is healthy, then he/she may go for the full health underwriting. This would ensure that the applicant will have a full scope of cover.

moratorium options will only be considered if applicant have some pre-exisiting illness, which is not so serious but will be excluded if declared. If there are no medication or treatment required for more than 5 years, then you can go for the option.

 

[Cashcow]

hmm, why spend money to get a shield plan and yet still unable to be reimbursed the full amount for hospitalisation fee?

A lot of these shield plan comes with riders to cover your co-insurance and deductible. It just costs you more.

Btw, do you know why there is deductible and co-insurance? What is their purpose?

 

[Asure7]

Shield Plan is to cover you for unforeseen circumstances in which you are hit by catastrophic illnesses that comes with an incredibly large bill that you may not afford.
If it covers 100% of the bill, every tom dick and harry will try their best to get hospitalized for every small illnesses, the plan itself will becomes unsustainable, resulting in even higher basic premiums.

To me, previous riders are probably adequate since they cover either co-insurance, or deductible, and mostly capped to a limit of $2000-3000 per year, depending on which plan you take. If you can't even afford that for hospitalization costs, something is seriously wrong.

Don't fall into the trap of over-insuring yourself. There are still many other areas to cover e.g. life insurance.

 

[HayaBusa_jY]

First thing to consider is, if the applicant is healthy. If applicant is healthy, then he/she may go for the full health underwriting. This would ensure that the applicant will have a full scope of cover.

moratorium options will only be considered if applicant have some pre-exisiting illness, which is not so serious but will be excluded if declared. If there are no medication or treatment required for more than 5 years, then you can go for the option.

5 years? why not do a proper underwriting upfront and not have to worry for the next 5 yrs?

 

[HayaBusa_jY]

A lot of these shield plan comes with riders to cover your co-insurance and deductible. It just costs you more.

Btw, do you know why there is deductible and co-insurance? What is their purpose?

the riders dont really cost alot, mine costs only $20 over a month and thats till the age of 40. even a macdonald meal costs almost $8 nowadays.

the same reason why govt dont allow citizens to use their medisave to cover all the hospital bills. they wan the ppl to be self responsible and not over relying on the govt to do everything.

 

[Kheetat]

5 years? why not do a proper underwriting upfront and not have to worry for the next 5 yrs?

Thats the reason why I emphasize that if the applicant is healthy, it is encouraged to go for full medical underwriting.

 

[Cashcow]

the riders dont really cost alot, mine costs only $20 over a month and thats till the age of 40. even a macdonald meal costs almost $8 nowadays.

the same reason why govt dont allow citizens to use their medisave to cover all the hospital bills. they wan the ppl to be self responsible and not over relying on the govt to do everything.

Deductible is there to prevent ppl from anyhow claim. Your medical plan is mainly used for serious case. If no deductible and co-insurance, I think most ppl will claim even those few hundreds hospital bills. It will cause the claim to exceed the premium collected and insurers will eventually have to charge higher premium.

That is what is happening with car insurance. Too many fraud cases of over claim. Now the premium is going to increase for everyone.

 

[HayaBusa_jY]

Deductible is there to prevent ppl from anyhow claim. Your medical plan is mainly used for serious case. If no deductible and co-insurance, I think most ppl will claim even those few hundreds hospital bills. It will cause the claim to exceed the premium collected and insurers will eventually have to charge higher premium.

That is what is happening with car insurance. Too many fraud cases of over claim. Now the premium is going to increase for everyone.

but now for $20 plus a month, you can dont worry about the deductible and co-insurance. and get a full claim amt when u r hospitalised. why not?

 

[Cashcow]

but now for $20 plus a month, you can dont worry about the deductible and co-insurance. and get a full claim amt when u r hospitalised. why not?

Well, it's a personal choice. As long as you think it is within what you can afford and serve your objectives den go ahead. I believe the financial consultant serving you oso won't say no to more commission.