KiasuParents - Parenting in Singapore

MediShield Life Review: Better coverage for all, enhanced benefits, lower co-payments -
http://www.straitstimes.com/news/singap ... ower-co-pa

Questions to ask about MediShield Life:
http://news.asiaone.com/news/singapore/ ... hield-life

I feel that private insurers should not increase their premium again (just increased last year!!)

Medishield life (increased premium) gives higher payout which means private insurers actually pay less as a percentage of the total bill.
By that logic, private insurers should in fact reduce their premium, since their exposure is reduced.

So total premium (private insurer premium should reduce + medishield life premium increase) should remain roughly the same instead of inflating and passing on the entire increase in premium from medishield life

I will be very surprised if private insurers do not take the opportunity to hike the premiums.
Each year, some $$ is deducted from my pathetic medisave a/c to pay for the IP and I have no clue if I am paying the right amount. I want to stop this non-sense...

Need to pay steep premium for additional coverage by private insurers.

No matter how much medisheld life premium increase, confirmed way way cheaper than what private insurers will be charging.

If that additional coverage (gap) by private insurers is narrowed with medishield life
and private insurers attempt to increase premium once again,
then the additional high cost of insuring with private insurers seems unjustifiable
especially if medishield life gives reasonable coverage.

In that scenario, it will be less attractive to continue insuring with private insurers. Private insurers will have to brace themselves for outflow of business after the implmentation of medishield life, especially if they persist in increasing premium

On the paper, MediShield Life seems to provide a reasonable coverage and has addressed the concerns on life-time coverage and annual limits which private insurers have been harping on as some of their selling points.

OT, I have both Incomeshield n Medishield plans. Is it necessary to have 2 plans? What is the difference between 2? How do I know which plan to use come to any illness?

Hope anyone can help to explain.

Its so confusing.

All I know is that I PAY N PAY.

zbear wrote:OT, I have both Incomeshield n Medishield plans. Is it necessary to have 2 plans? What is the difference between 2? How do I know which plan to use come to any illness?

Hope anyone can help to explain.

Its so confusing.

All I know is that I PAY N PAY.

Well, I am in a similar situation except mine is Aviva MyShield. I hope you are aware that each year, we pay premium which comprises MediShield and IP (integrated shield plan offered by private insurer).
With better benefits (higher coverage, life-time coverage, lesser out of pocket etc) from MediShield, I wonder what else the IP can offer except "as charged, expenses to stay in wards A, B1 of private hospitals etc".
Before we act to cancel our IP, we have to think VERY carefully because once cancel, it is challenging to hop back as insurers will charge us more especially we get older and may have some illness hidden...
Let us first wait for more laymen's view, government's suggestion etc.

zbear wrote:OT, I have both Incomeshield n Medishield plans. Is it necessary to have 2 plans? What is the difference between 2? How do I know which plan to use come to any illness?

Hope anyone can help to explain.

Its so confusing.

All I know is that I PAY N PAY.

zbear

You have both plans? We only have Incomeshield. Many yrs ago we have "upgraded" to Incomeshield, wh is one of the 5 pte integrated shield plans in the mkt. They are supposed to cover those who want higher coverage - pte hosp, better class wards etc. The annual premiums are paid thru Medisave.

Am still following changes re: Medishield. If I'm not wrong, the committee will be updating/giving feedback re: people on the pte integrated plans.


Comparison of Medishield & Private Integrated Plans
https://www.moh.gov.sg/content/moh_web/ ... Plans.html


http://the-truth-about-insurance.blogspot.sg/

Hi Integer
Perhaps you check again because IncomeShield is "built" upon MediShield. The latter is the basic or fundamental block which most would have. The government will be making it available for all including newborns.
The private Shield is a supplement.
Thus you are likely to have two Shields, so to speak.
PS: I am not a financial adviser and do not work in industries related to finance.