Should I cancel IP Shield Plan for my dad?

[gimme5bucks]

My retiree dad has an existing Plan A with Incomeshield that covers stays up to A wards. The renewal letter just came yesterday, and we saw the premiums for his age jumped quite high ($1000+), hence need to top up with some cash.

The premiums got higher because of Medishield Life obviously, and also his age (66). Based on the amount he has in his Medisave right now, he can only afford the premiums for a couple more years, and he wants to stretch it as long as he can. He uses it to pay the polyclinic bills as well.

He's quite set in cancelling the private insurance portion, but I'm just wondering if this is the right move? In his past hospitalisation stays, we've only ever used B2 wards to keep things affordable, and also to pay the subsided outpatient rates for his appointments.

I'm just hesitating because he had major surgeries (bypass) and has some chronic diseases. So far, our experience with B2 wards are quite okay, and he's fine with not staying in more expensive wards.

(I myself have a similar plan, and am not terminating because still can afford the premiums due to my young age).

Advice greatly appreciated.

 

[Uno_Hu]

Rather than terminating the plan, downgrade it to Incomeshield Plan B.

Is the new plan by CPF good enough to cancel the Income Sheild, myShield etc?

 

[Soul77]

Rather than terminating the plan, downgrade it to Incomeshield Plan B.

This I'm also interested to know..
If downgrade, how about those pre-existing? (ie: illness that was covered when still under the higher plan)

 

[furnaces1984]

I suggest you go read up on medishield life. The coverage itself is actually not alot. Especially surgery portion.

 

[SpinFire]

Do note that if he cancels the private plan, due to his pre-existing illnesses, he'll not get coverage for many conditions if he wants to sign up again.

Eg My mom has high blood pressure, and she got excluded from all cardio-related illnesses (a sweeping exclusion) when she wanted to upgrade her plan.

Personally I'm not sure about the service levels for Class B wards. But perhaps you could consider downgrading one level instead of terminating the plan entirely

 

[SpinFire]

This I'm also interested to know..
If downgrade, how about those pre-existing? (ie: illness that was covered when still under the higher plan)

If the illness was covered under the higher level plan, it'll be covered by the lower level plan if you downgrade. If you upgrade the plan, the illness will be covered under the terms of the lower level plan.

 

[peacefulday]

Rather than terminating the plan, downgrade it to Incomeshield Plan B.

currently my whole family are in with the integrated incomeshield Plan A too. Noticed that the insured premium amount increased at much on the later age, if one is ok with the hospitalized stay at B1 and was wondered should we downgraded it from plan A to B.

Enhanced Preferred would be better but of course that's totally out of our budget if every members opt for that.

the different between incomeshield Enhanced Advantage aka Plan A and Enhanced Basic aka Plan B, seemed not much except the ward class A or B1 stay and some gap for limit in each policy year of $500k and $250k respectively.

ntucagent or anyone can advise on my decision to downgrade or not and don't worry I won't hold you responsible on that. It would be more helpful if u can spell out the advantage on Plan A over Plan B.

Cheers and thanks!

 

[highsulphur]

Say you have the highest plan of an IP with a rider.

If you wish to downgrade due to cost, would you :

1) stick with the highest plan but ditch the rider

2) downgrade to the next highest plan with its rider

 

[gimme5bucks]

Hi all,

Thanks all for the advice. Have received the premium costings to downgrade to Plan B and Plan C. I'd still prefer Plan B, but in the long run Plan C is more affordable and still offers slightly more coverage than Medishield Life.

Will speak to my dad, to see if he's okay with downgrading instead of total termination. Would love to keep Plan A but we have look at the long term and gauge from the $$ left in his Medisave.

 

[DealuxTravel]

Hi all,

Thanks all for the advice. Have received the premium costings to downgrade to Plan B and Plan C. I'd still prefer Plan B, but in the long run Plan C is more affordable and still offers slightly more coverage than Medishield Life.

Will speak to my dad, to see if he's okay with downgrading instead of total termination. Would love to keep Plan A but we have look at the long term and gauge from the $$ left in his Medisave.

You can also opt to be the payer (using your medisave ) for your dad's IP shield plan ( and top up excess in cash ).

He can just keep his medisave for his outpatient chronic illness bills.

 

[Soul77]

Is your dad under the old A plan (not the as charged)?
Is it possible to "downgrade" to the new enhanced C which offer as charged coverage?

 

[gimme5bucks]

Thats a gd idea using my Medisave to pay for my dad as when I was growing up, he paid for my Plan A. Now its time to repay the favour..but when I brought this up he refuses to hear of it and says I must think long term and conserve my Medisave for myself too.

Soul77, yes its the old plan C unfortunately which is not that great. He's agreed to downgrade to this rather than just depend on Medishield life. It has slightly better coverage than Medishield Life and quite affordable in the long term too. The downgrade form doesnt have the option to change to the new enhanced C.

I am still hoping to change his mind and up it to Plan B haha.

 

[R2R_AIA]

I think you should put into perspective that if anything were to happen, you will be the one likely paying for the medical bills given that he is 66 alrdy. I assume you should have a fair amount inside your medisave so that the interest alone will be able to offset some of the premium, while the medisave amount will increase further as you continue working.

Getting Plan B can become more beneficial for the family if something were to happen.

Thats a gd idea using my Medisave to pay for my dad as when I was growing up, he paid for my Plan A. Now its time to repay the favour..but when I brought this up he refuses to hear of it and says I must think long term and conserve my Medisave for myself too.

Soul77, yes its the old plan C unfortunately which is not that great. He's agreed to downgrade to this rather than just depend on Medishield life. It has slightly better coverage than Medishield Life and quite affordable in the long term too. The downgrade form doesnt have the option to change to the new enhanced C.

I am still hoping to change his mind and up it to Plan B haha.

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[gimme5bucks]

I think you should put into perspective that if anything were to happen, you will be the one likely paying for the medical bills given that he is 66 alrdy. I assume you should have a fair amount inside your medisave so that the interest alone will be able to offset some of the premium, while the medisave amount will increase further as you continue working.

Getting Plan B can become more beneficial for the family if something were to happen.

Posted with HardwareZone Forums app

Yup I do have Medisave, but my dad prefers to use his own to pay the premiums. And he's very stubborn about changing the payee to me. More so than downgrading the plan.

Agreed on Plan B too - am working on him to change his mind on this. At least this should cover B1 ward if we ever need to go private specialist. Think Plan B is the best compromise for now.

 

[Soul77]

Yup I do have Medisave, but my dad prefers to use his own to pay the premiums. And he's very stubborn about changing the payee to me. More so than downgrading the plan.

Agreed on Plan B too - am working on him to change his mind on this. At least this should cover B1 ward if we ever need to go private specialist. Think Plan B is the best compromise for now.

Ask also if they allow you to change to the new standard plan without any additional underwriting. I think the standard plan is slightly better (and slightly more expensive of course).

 

[qhong61]

My retiree dad has an existing Plan A with Incomeshield that covers stays up to A wards. The renewal letter just came yesterday, and we saw the premiums for his age jumped quite high ($1000+), hence need to top up with some cash.

The premiums got higher because of Medishield Life obviously, and also his age (66). Based on the amount he has in his Medisave right now, he can only afford the premiums for a couple more years, and he wants to stretch it as long as he can. He uses it to pay the polyclinic bills as well.

He's quite set in cancelling the private insurance portion, but I'm just wondering if this is the right move? In his past hospitalisation stays, we've only ever used B2 wards to keep things affordable, and also to pay the subsided outpatient rates for his appointments.

I'm just hesitating because he had major surgeries (bypass) and has some chronic diseases. So far, our experience with B2 wards are quite okay, and he's fine with not staying in more expensive wards.

(I myself have a similar plan, and am not terminating because still can afford the premiums due to my young age).

Advice greatly appreciated.

Downgrade to Plan B.

 

[qhong61]

Hi all,

Thanks all for the advice. Have received the premium costings to downgrade to Plan B and Plan C. I'd still prefer Plan B, but in the long run Plan C is more affordable and still offers slightly more coverage than Medishield Life.

Will speak to my dad, to see if he's okay with downgrading instead of total termination. Would love to keep Plan A but we have look at the long term and gauge from the $$ left in his Medisave.

Plan B better as he can at least stay in B1 ward with aircon.

 

[Layers]

Rather than terminating the plan, downgrade it to Incomeshield Plan B.

Note B plan do not cover pre and post hospitalization medical cost

My mum queue for C ward. I myself queue for B2.

Any future visit cfm go for B1 at least

Sent from investing make feel like a stupid human using GAGT

 

[Layers]

I suggest you go read up on medishield life. The coverage itself is actually not alot. Especially surgery portion.

Until now there, at least when i last checked. Still dunno how much is subsidize by govt. Unlike private which display every claim limitnin detail. Heard from my agent they also haven't finalize that whu no info is disclose.

Sent from investing make feel like a stupid human using GAGT

 

[Layers]

If the illness was covered under the higher level plan, it'll be covered by the lower level plan if you downgrade. If you upgrade the plan, the illness will be covered under the terms of the lower level plan.

Plus upgrade portion may have new exclusion terms if new illness is reported

Sent from investing make feel like a stupid human using GAGT