With AIA premium increase by 100+ again, is it still worth it?

[Kevin10]

TS, my rider monthly is $76+, so I believe you are at the same age band as me ? haha.

Mine not AIA though.

 

[BBCWatcher]

The legacy "zero dollar" riders are probably in "death spirals," meaning the policyholders keeping them are increasingly the ones with high claim rates. It's not a carrier-specific phenomenon.

You basically have three choices:

1. "Suck it up." Keep paying the fast rising premiums.

2. Switch to AIA's Max VitalHealth A rider (without booster, I suggest), which still caps your unreimbursed costs for covered, panel provider services at $3,000 per year.

3. Switch the base plan to HealthShield Gold Max B or B Lite (one of AIA's "as charged" public hospital Integrated Shield plans), with corresponding Max VitalHealth rider.

 

[reddevil0728]

That's medishield life increase. My cash component increase as well.

Don’t mislead others, that’s on Medishield life and not isp

Yep. Not meant to mislead.

Just saying MSL premium increasing so likely they take the opportunity to increase premium for ISP also.

 

[decibel.]

If you have a rider, it would be capped at $3k annually so your max out of cost annually would be $3k for medical cost if there is any unfortunate event

3k leh. So chor

same la. i am on 100% with income. every damn yr up iirc.

Can like that every year up one meh? I see each increase is like +150

TS, my rider monthly is $76+, so I believe you are at the same age band as me ? haha.

Mine not AIA though.

Yours from where? 100%?

Sent from HUAWEI VOG-L29 using GAGT

 

[sanzhu]

Good ins

Sure up every years gao gao

 

[decibel.]

The legacy "zero dollar" riders are probably in "death spirals," meaning the policyholders keeping them are increasingly the ones with high claim rates. It's not a carrier-specific phenomenon.

You basically have three choices:

1. "Suck it up." Keep paying the fast rising premiums.

2. Switch to AIA's Max VitalHealth A rider (without booster, I suggest), which still caps your unreimbursed costs for covered, panel provider services at $3,000 per year.

3. Switch the base plan to HealthShield Gold Max B or B Lite (one of AIA's "as charged" public hospital Integrated Shield plans), with corresponding Max VitalHealth rider.

Wow didn't know you're well versed in insurance too. If you are the one met with this, what will be your choice? The reason I went for A is primarily because of the option for private hospital. B lite doesn't offer it and B has limit not as charged for private. Furthermore I suppose if I change to B now I will need to co pay deductible?

Sent from HUAWEI VOG-L29 using GAGT

 

[OCamal]

Wow didn't know you're well versed in insurance too. If you are the one met with this, what will be your choice? The reason I went for A is primarily because of the option for private hospital. B lite doesn't offer it and B has limit not as charged for private. Furthermore I suppose if I change to B now I will need to co pay deductible?

Sent from HUAWEI VOG-L29 using GAGT

If downgrading to B from A where you already have the 100% rider, you can still keep the 100% rider in plan B.

 

[twinklingstars]

I heard that there is another option where we can opt for panel doctors, the premium are cheaper

 

[BBCWatcher]

If you are the one met with this, what will be your choice?

Personally, I wouldn’t be on a private hospital plan at all. The private medical/insurance segment in Singapore has issues, and I’m just not interested in riding along. Also, the “zero dollar” riders never made sense since the overwhelming policyholder incentive is to go get at least frequent day surgeries you don’t really need — they’re “free,” after all. The insurance company eventually has to cover its costs and a little more, so all you’re doing with the legacy rider is prepaying for your own day surgeries, with a markup. Or subsidizing other rider holders who are doing exactly that. I’m oversimplifying a bit, but that’s the basic idea.

Imagine you could buy an “insurance” policy that allowed you to consume as much “free” restaurant food in Singapore as you personally can consume, subject only to a $2 million annual limit. What would you do? Of course you’d go to the most expensive restaurants you can find, with the best sushi or whatever. The insurer that offers this policy would then have to jack up premiums to cover their ever-escalating costs as the most aggressive users of this policy keep finding great restaurants. Those that only go to Kopitiam once a week aren’t going to like this.

The reason I went for A is primarily because of the option for private hospital.

Sure, and private hospitals are a lot more expensive than public hospitals. The insurance premiums have to reflect that (widening) cost difference. If you want private hospital care, you have to pay for it either way. There’s no free ride here.

And it’s about to get even worse. Starting in 2021 (probably) MediShield Life is reducing its proration factor for private hospital care even while MSL premiums are increasing. That means MSL will pay less to private hospitals and patients (with and without insurance) will have to pay a greater share. So the private hospital plan holders are going to get whacked with higher private medical inflation, age-based premium escalation, “death spiral” zero dollar riders (if they have them), lower MSL coverage, and carriers that are mostly still losing money and trying to fix that. In other words, the pressures to keep aggressively increasing premiums are enormous. (This’ll be “fun.”)

Your move.

I heard that there is another option where we can opt for panel doctors, the premium are cheaper

All the Integrated Shield carriers have provider panels now, but they’re generally not yet offering premium discounts associated with panel provider use. Instead, they’re simply cutting coverage if you stray outside their panels. There are a couple exceptions I know of:

1. Raffles Shield offers an optional “Raffles Hospital Option” that you can add to their Raffles Shield A plan. This combination is substantially less expensive than a multi-private hospital plan. However, because of the annual limit, if you stay in Raffles Hospital I suggest picking their lowest cost ward (4 beds per room). That way you can reduce the risk of blowing through your annual limit.

2. The more expensive riders that Prudential offers with their private hospital plan have “claims-based premiums.” These rider premium adjustments may depend on whether you’ve obtained care from a panel or non-panel provider.

 

[Kevin10]

Yours from where? 100%?

Sent from HUAWEI VOG-L29 using GAGT

Mine from Pru.. 100% yes.

 

[dgeralds]

Exactly....

Thanks to the 61% who doesn't know much about all these or don't care..

Had you said thanks to Gov?

 

[andyhtc]

My 100% private hospitalisation under Aviva also increased a lot last year.

I switched to 100% public hospitalisation plan.

In general, those 100% private hospitalisation plan is not sustainable unless one already foresees a high chance of using it quite soon.

 

[twinklingstars]

Personally, I wouldn’t be on a private hospital plan at all. The private medical/insurance segment in Singapore has issues, and I’m just not interested in riding along. Also, the “zero dollar” riders never made sense since the overwhelming policyholder incentive is to go get at least frequent day surgeries you don’t really need — they’re “free,” after all. The insurance company eventually has to cover its costs and a little more, so all you’re doing with the legacy rider is prepaying for your own day surgeries, with a markup. Or subsidizing other rider holders who are doing exactly that. I’m oversimplifying a bit, but that’s the basic idea.

Imagine you could buy an “insurance” policy that allowed you to consume as much “free” restaurant food in Singapore as you personally can consume, subject only to a $2 million annual limit. What would you do? Of course you’d go to the most expensive restaurants you can find, with the best sushi or whatever. The insurer that offers this policy would then have to jack up premiums to cover their ever-escalating costs as the most aggressive users of this policy keep finding great restaurants. Those that only go to Kopitiam once a week aren’t going to like this.


Sure, and private hospitals are a lot more expensive than public hospitals. The insurance premiums have to reflect that (widening) cost difference. If you want private hospital care, you have to pay for it either way. There’s no free ride here.

And it’s about to get even worse. Starting in 2021 (probably) MediShield Life is reducing its proration factor for private hospital care even while MSL premiums are increasing. That means MSL will pay less to private hospitals and patients (with and without insurance) will have to pay a greater share. So the private hospital plan holders are going to get whacked with higher private medical inflation, age-based premium escalation, “death spiral” zero dollar riders (if they have them), lower MSL coverage, and carriers that are mostly still losing money and trying to fix that. In other words, the pressures to keep aggressively increasing premiums are enormous. (This’ll be “fun.”)

Your move.


All the Integrated Shield carriers have provider panels now, but they’re generally not yet offering premium discounts associated with panel provider use. Instead, they’re simply cutting coverage if you stray outside their panels. There are a couple exceptions I know of:

1. Raffles Shield offers an optional “Raffles Hospital Option” that you can add to their Raffles Shield A plan. This combination is substantially less expensive than a multi-private hospital plan. However, because of the annual limit, if you stay in Raffles Hospital I suggest picking their lowest cost ward (4 beds per room). That way you can reduce the risk of blowing through your annual limit.

2. The more expensive riders that Prudential offers with their private hospital plan have “claims-based premiums.” These rider premium adjustments may depend on whether you’ve obtained care from a panel or non-panel provider.

Hi, thanks for the reply. I'm under the AIA gold max plan, my plan covers private hospitals and rider. For my age band, I have to fork out almost $1000 starting this year. My agent told me that if I downgrade to panel doctors, the premium is cheaper by a few hundred dollars.

He did not share with me with the coverage though. I don't mind going to panel doctor as currently the private specialist doctor I'm seeing is applying to be on board AIA panel. As long as coverage wise stays the same, I'm okay with that.

 

[Caifan]

Is B lite good? Thinking of buying this

 

[BBCWatcher]

I assume you're referring to AIA's HealthShield Gold Max B Lite Integrated Shield plan (perhaps with optional Max VitalHealth B Lite rider). If you already have an AIA HealthShield Gold Max plan and want to "downgrade" (or upgrade from AIA's Standard Plan) — and avoid a pre-existing condition/congenital abnormalities "reset" — then sure, it's fine as long as you want a plan designed for that level of coverage.

However, if you're asking whether that's the best in segment ("as charged" public hospital B1 ward) Integrated Shield plan, in my view (and it shouldn't be controversial) no, it's not. My two current favorite plans in that market segment are (in no particular order) Great Eastern's SupremeHealth B Plus (Singaporean citizens only) and Singlife Plan 3 (Singaporean citizens and PRs). In both cases if you get the optional rider (important for Great Eastern, a little more debatable but useful with Singlife) then the lowest cost rider is best, in my view.

 

[elvintay07]

Health policy is the most important in my opinion and could probably cripple your finance if anything happen. Alternative you aim for c class wards and don’t have any expectations. Even up $100 every year have to suck it up and pay.

 

[iceblendedchoc]

medishield life is good enough unless you aspire to take tik tok in a class A ward while in hospital !

 

[Caifan]

What is the best health insurance for me?

current medisave is 40k nia. Age 40. Currently jobless

 

[BBCWatcher]

What is the best health insurance for me?

What do you currently have? Base MediShield Life (only)?

 

[Caifan]

What do you currently have? Base MediShield Life (only)?

Ya just medishield life