I just visited my brother in hospital.
He was involved in a motor accident with a taxi.
A taxi came from a minor road and collided onto my brother's scooter.
It has been a year and he suffer permanent collar bone dislocation which government hospital told him cannot be operated on.
He sought the doctor at Gleneages and is due to be operated on today as the private orthopaedic surgeon examined him and is confident to correct his injury that will cost $20,000 to operate on. His bill will be cushion off by Enhanced Incomeshield and claim against the taxi's insurer.
The taxi driver in his report, reported that my brother sped and hit his taxi.
I cannot imagine there are such people who injured some one and dare report otherwise. Of course the police investigator is not stupid to believe him and he was found guilty.
I have engaged a lawyer to help him to claim against the taxi driver.
I cannot imagine such fellow human who almost killed a motorcyclist dare make such a report.
So you can imagine, there are such human being exist who has no concern to be honest when an accident happens.
As a trained person, I have guided and handed the matter to the lawyer to settle.
Such case takes more than a year to settle,which is still in the process of settlement.
It is important to find lawyer who specialise in such claim. I was refered a lawyer in NTUC INCOME's panel and find this lawyer very good in handling this claim so far.
Saturday, April 21, 2007
Friday, April 20, 2007
Plan with family in mind - a claim story
(I wrote this on April 2005)
One of my client is dying of 4th stage nasal cancer. I am not capitalising on this episode to tell you what to do.
In year 2000, I was refered to him because he has a daughter and wish to buy an Education Policy. My concern for such family will always be to check on the parents' coverage first. I asked him how well is he covered and he told me very well. I pressed him for an answer and he told me $30,000.
I advised him that he should look into his family needs and roughly told him that should anything happen and if his family depend on him for $20,000 a year, he has to be prepared for next 20 years for a cover of $400,000.
Refused to talk to him on Education Policy and find ways to up his coverage with his CPF and his budget from intended Education Policy.
He took my advice, and his coverage was improved to almost $200,000 with policies using his CPF as well.
One and half year later 2001, with another daughter borned, called me for education policy again.
His dread disease cover was low and my advice was to look at this cover first. Gave him another Living Policy with term rider.
2003, Feb, received a call from him that he contracted 3rd stage nasal cancer. Well, I have done my part with peace of mind. Back in my mind then was if he wanted another Education Policy? But I was shell shocked to hear the bad news.I submitted the claim for him and Income paid out the Living Policy, and the Term rider has a waiver for dread disease, thus no premium need to be paid further for the Term rider.
Paid him the two Living Policy, $50,000 term rider continue with waiver of premiums and other policies remain inforce.
Yesterday, the wife rang me to say he is critical in hospital. Two weeks ago when I visited him, I saw his condition to be very bad and do not expect him to past beyond this year. I just message that I want to vist and his wife repled "I've brgt him bk 2 die @home.he wanted 2 come home."
It is sad but that is the reality of life.
We plan what we can appropriately, so that our family will not go through financial hardship though emotionally, it is painful.
End of the day, we all wish we live to complete our family obligation without having to depend on insurance payout, but when things happened, what we plan for, will at least cushion off some financial worries.
Look into our NEEDS and not our WANTS, as I have been saying this since 1988 when I stepped into this industry.
It is painful for my client's wife, but it is comforting what I have recommended and advised have been taken up and now they understand why I do not sell them what they want, Education Policy, but what they need.
He left behind his wife, and two young children age 3 & 5.
Sad story, but comfort is in that the family can move on without being caught in financial setback.
I took comfort in that the deceased client agreed with me in my recommendation because I am also a family man with a wife and three children. I appreciated him for his open mind to accept that family takes priority in insurance planning.
One of my client is dying of 4th stage nasal cancer. I am not capitalising on this episode to tell you what to do.
In year 2000, I was refered to him because he has a daughter and wish to buy an Education Policy. My concern for such family will always be to check on the parents' coverage first. I asked him how well is he covered and he told me very well. I pressed him for an answer and he told me $30,000.
I advised him that he should look into his family needs and roughly told him that should anything happen and if his family depend on him for $20,000 a year, he has to be prepared for next 20 years for a cover of $400,000.
Refused to talk to him on Education Policy and find ways to up his coverage with his CPF and his budget from intended Education Policy.
He took my advice, and his coverage was improved to almost $200,000 with policies using his CPF as well.
One and half year later 2001, with another daughter borned, called me for education policy again.
His dread disease cover was low and my advice was to look at this cover first. Gave him another Living Policy with term rider.
2003, Feb, received a call from him that he contracted 3rd stage nasal cancer. Well, I have done my part with peace of mind. Back in my mind then was if he wanted another Education Policy? But I was shell shocked to hear the bad news.I submitted the claim for him and Income paid out the Living Policy, and the Term rider has a waiver for dread disease, thus no premium need to be paid further for the Term rider.
Paid him the two Living Policy, $50,000 term rider continue with waiver of premiums and other policies remain inforce.
Yesterday, the wife rang me to say he is critical in hospital. Two weeks ago when I visited him, I saw his condition to be very bad and do not expect him to past beyond this year. I just message that I want to vist and his wife repled "I've brgt him bk 2 die @home.he wanted 2 come home."
It is sad but that is the reality of life.
We plan what we can appropriately, so that our family will not go through financial hardship though emotionally, it is painful.
End of the day, we all wish we live to complete our family obligation without having to depend on insurance payout, but when things happened, what we plan for, will at least cushion off some financial worries.
Look into our NEEDS and not our WANTS, as I have been saying this since 1988 when I stepped into this industry.
It is painful for my client's wife, but it is comforting what I have recommended and advised have been taken up and now they understand why I do not sell them what they want, Education Policy, but what they need.
He left behind his wife, and two young children age 3 & 5.
Sad story, but comfort is in that the family can move on without being caught in financial setback.
I took comfort in that the deceased client agreed with me in my recommendation because I am also a family man with a wife and three children. I appreciated him for his open mind to accept that family takes priority in insurance planning.
Stay with your existing servicing agent
Some of you came to my blog via Mr Tan Kin Lian's blog.
Thank you very much for reading my blog.
I stay committed to provide my clients the advice and service needed.
If you ask me for advice, I will give you a reply,but if you have an existing servicing agent, I would normally encourage you to stay with your agent.
I have received some email enquiry and I have given the answer, those I notice have an existing agent, I normally will refer them to their own agent, please do not be offended.
There is no regulation that one cannot seek other agent within same company, unless you have not been served well,I would normally prefer you stay with existing agent.
But for some reason, you wish to seek me, I would be happy to attend to you.
Thank you very much for reading my blog.
I stay committed to provide my clients the advice and service needed.
If you ask me for advice, I will give you a reply,but if you have an existing servicing agent, I would normally encourage you to stay with your agent.
I have received some email enquiry and I have given the answer, those I notice have an existing agent, I normally will refer them to their own agent, please do not be offended.
There is no regulation that one cannot seek other agent within same company, unless you have not been served well,I would normally prefer you stay with existing agent.
But for some reason, you wish to seek me, I would be happy to attend to you.
Thursday, April 19, 2007
Why pay more? Pay only 20 years for a wholelife Living Policy
Ntuc Income has just soft launched a NEW limited payment premium Living Policy on Jan 2007.
One can choose to pay premium for 20 years or up to age 64 and policy will continue to cover wholelife without further premiums to be paid.
Many realise the reality of covering the 30 critical illness when one reach latter years. Some realise the importance of such policy after a family member or friend contracted the disease, eg, heart attack, cancer, stroke, etc.
You can read the term and condition of cover for the Limited Payment Living Policy by clicking the link to LPLP.
For young children
This LPLP policy is good for the young child. Why? Let me explain.
Many parents today like to start insurance coverage early for their children to hand over the policy to them when they reached their adulthood and thinking that premium is low when taken up at young age, yes true.
This 20 years Limited Premium Living Policy, when the baby reached adulthood, premium is FULLY paid, and policy will continue to cover the child wholelife without having to pay premiums after 20 years.
This is as good as letting the insurer carry the baby.
The child will also be thankful that the parent did not hand over a burden for him to continue to pay insurance premium after 20 years. This grown up child will enjoy wholelife coverage thanking the parents for having started it for them.
Young working adults may also want to consider this plan as it is limited payment covering wholelife. Refer to the link to Limited Premium Living Policy
In event of an Accident - Do not confront
Read the ST report of an incident between a taxi driver and a motorist today, ending with motorist having serious injury.
I ride a motorcycle and drives, and I am aware of how some arrogant people drives on the road.
As a matured person, we do not challenge them, younger person challenge them and ended up dead. I suspect some young motorcyclist challenged such motorist and ended dead, I have been young once (err...still not too old now ), and cocky young rider before. Thank God I survived to tell the story. Even as an older or rather matured person now, everyday I meet with arrogant driver. One that nearly knock me off the road last year.
In event of an accident, CAR REGISTRATION NUMBER is sufficient for reporting, so if the other party fail to co-operate, it is fine, take down car number and report, Insurer will trace them.
Let the insurer do the dirty job of fighting such accident dispute.
Do not confront, keep COOL !
I ride a motorcycle and drives, and I am aware of how some arrogant people drives on the road.
As a matured person, we do not challenge them, younger person challenge them and ended up dead. I suspect some young motorcyclist challenged such motorist and ended dead, I have been young once (err...still not too old now ), and cocky young rider before. Thank God I survived to tell the story. Even as an older or rather matured person now, everyday I meet with arrogant driver. One that nearly knock me off the road last year.
In event of an accident, CAR REGISTRATION NUMBER is sufficient for reporting, so if the other party fail to co-operate, it is fine, take down car number and report, Insurer will trace them.
Let the insurer do the dirty job of fighting such accident dispute.
Do not confront, keep COOL !
Review your old policy RIDERS.
Review the Riders that is in your old policies.
Do you have riders known as ADB/RCC or Hospital & Surgical Riders?
Many of us have riders in our old policy that cost quite a hefty premium because it was taken when we were younger and from then premiums are not changed or rather along the way new products are introduced with better coverage and lower premiums?
Look especially at Accident Death Benefit rider, if you have one and compare a Personal Accident plan that covers other than accidental death, also partial disablement and medical expenses. You will be surprised.
A few types of riders you may want to take note of.
1. 5YRT - this is basically a 5 year convertible term that will have premiums changed every 5 years, at a point in time, the premiums will be high because of age, and many are not aware. Will a level Term premium be better and more cost effective for you? There are many new Term Plan that has low premium today, example, i-Term.
i-Term
2. ADB - Accidental Death Benefit, Personal Accident Plans today have wider scope of cover and much lower premium today.( one company issued the PA long ago, and premium is not cheap, though it may be monthly $15 or so for $30,000 Personal Accident and still inforce, but yearly $35 premium can get one a $50,000 PA policy with $1000 medical today with a few other insurers)
PA - Personal Accident Insurance
PAID - Personal Accident + Infectious Disease Plan
3. H&S - Hospital and Surgical Benefit - Shield Plans are much cheaper today and again scope of cover wider. And premium paid via Medisave.
New - Enhanced Incomeshield Plan
Ask yourself what are the riders for and do you need them? Many have bought policies much earlier in the 90's and file the document away have not really bothered about the riders.
I have personally reviewed with a few of my friends and there are some savings that one can derive from adjusting the riders.
But a few will not need adjustment, so very much depend on what riders you have.
Take a look and talk to your trusted agent or seek second opinion.
I think it is good to look into the few things mentioned above. I can only say I have reviewed with a few of my policyholders their other policies and this is what I can tell you, review the riders.
Do you have riders known as ADB/RCC or Hospital & Surgical Riders?
Many of us have riders in our old policy that cost quite a hefty premium because it was taken when we were younger and from then premiums are not changed or rather along the way new products are introduced with better coverage and lower premiums?
Look especially at Accident Death Benefit rider, if you have one and compare a Personal Accident plan that covers other than accidental death, also partial disablement and medical expenses. You will be surprised.
A few types of riders you may want to take note of.
1. 5YRT - this is basically a 5 year convertible term that will have premiums changed every 5 years, at a point in time, the premiums will be high because of age, and many are not aware. Will a level Term premium be better and more cost effective for you? There are many new Term Plan that has low premium today, example, i-Term.
i-Term
2. ADB - Accidental Death Benefit, Personal Accident Plans today have wider scope of cover and much lower premium today.( one company issued the PA long ago, and premium is not cheap, though it may be monthly $15 or so for $30,000 Personal Accident and still inforce, but yearly $35 premium can get one a $50,000 PA policy with $1000 medical today with a few other insurers)
PA - Personal Accident Insurance
PAID - Personal Accident + Infectious Disease Plan
3. H&S - Hospital and Surgical Benefit - Shield Plans are much cheaper today and again scope of cover wider. And premium paid via Medisave.
New - Enhanced Incomeshield Plan
Ask yourself what are the riders for and do you need them? Many have bought policies much earlier in the 90's and file the document away have not really bothered about the riders.
I have personally reviewed with a few of my friends and there are some savings that one can derive from adjusting the riders.
But a few will not need adjustment, so very much depend on what riders you have.
Take a look and talk to your trusted agent or seek second opinion.
I think it is good to look into the few things mentioned above. I can only say I have reviewed with a few of my policyholders their other policies and this is what I can tell you, review the riders.
Tuesday, April 17, 2007
Time Line Planning - Leap frog forward
Have you ever plot your assets and insurance maturity along a time line to give yourself a picture of your financial standing forward? If you click on the above image, you will see the time line chart in better detail.
I have refined, the excel spreadsheet to include this couple's children's education needs. You will find that this couple has three teen children and one is now in University. If the other two children can survive the education, the projected year ahead will be the year the other two children enters university and their graduation years.
It is good to plan ahead to have insurance savings plans to leap frog ahead towards retirement. Ntuc Income has single premium endowment plan, Growth Policy, that gives good yield over the years. This couple also has investment linked funds and other insurance coverage as well, not shown in this time line.
You may want to click on this line for Growth Policy
Monday, April 16, 2007
Sunday, April 15, 2007
Cactus Flower Full Bloom
The cactus flower blooms over midnight and is very beautiful. Share the joy.
Saturday, April 14, 2007
Cactus Flower
The cactus flower has finally bloom from an ugly bud, and it is almost mid-night.
It is interesting to see how a small little bud, grow with ugly hairy stem.
Now it is blooming. Hope to catch it at its full bloom.
Thursday, April 12, 2007
In event of an Accident - Do not confront
Read the ST report of an incident between a taxi driver and a motorist today, ending with motorist having serious injury.
I ride a motorcycle and drives, and I am aware of how some arrogant people drives on the road.
As a matured person, we do not challenge them, younger person challenge them and ended up dead. I suspect some young motorcyclist challenged such motorist and ended dead, I have been young once (err...still not too old now ), and cocky young rider before. Thank God I survived to tell the story. Even as an older or rather matured person now, everyday I meet with arrogant driver. One that nearly knock me off the road last year.
Whenever I switch lane, I will lead forward, whether in my car or riding my bike, to clear my blind spot. I am sure not many do this, except for the more careful and experienced drivers.
In event of an accident, CAR REGISTRATION NUMBER is sufficient for reporting, so if the other party fail to co-operate, it is fine, take down car number and report, Insurer will trace them.
Let the insurer do the dirty job of fighting such accident dispute.
Some time end of the day, the other party is so skillful in reporting, you still lost the case, it is okie. Just too bad, the crooks wins. This is why some people thought insurer pays for fun, it is actually skill of the other party's lies.
(For my client)
But for me, if you tell me the truth, I will handle for you with my claims officer. I am always here to resolve as much as I can for you, but I only ask you for one thing, report with integrity. I have assisted in cases where the insured is not very truthful in his reporting.
For the truthful once, I will go all out for you.
So in event of an accident, one must remain COOL, though it can be stressful.
Even if you lost the case, I will try to fight back the NCD for you with my office.
There is no need to confront the other party if that party do not co-operate, REMEMBER there is such thing known as MOTOR INSURANCE and ME !
I have written about what one should do in event of an accident, and I am copying it below this email again.
In event of an accident, some motorist will not want to admit fault, even
if they are at fault, as many do not want to lost their NCD. This is very
selfish and irresponsible.
My advice to my clients that in event of an accident, just take down the
vehicle number and report to IDAC and Ntuc Income will take over the
matter. If that party is willing to co-operate is good.
There is no need to wrestle with the other party if the other party do not
wish to co-operate to give their particulars, just take down car
registration number is enough to make a report at IDAC.
Who say IDAC is not good? This is GOOD.
Leave the liability contest to the insurer, especially when one meet with
unreasonable third party. Do not waste your breath over such people.
They can report the accident from BLACK to WHITE and WHITE to BLACK, this
is immaterial, Ntuc Income will stand by their policyholder to handle the
claim. If our insured is not at fault, Income will defend.
But I always tell my client to report accordingly and I will handle the
matter with my claims officer.
There is no necessity to risk one's life with a road rage.
Subject: Claim Procedure ( What I have written before )
Thank you for insuring with Ntuc Income.
Just to keep you updated if I happen to be not able to respond promptly.
In case of any accident, first, stay COOL. Send car to the Independent
Accessment Center ( IDAC ).
If you are able to have the third party to sign a note of liability, by all means do it, if third party is at fault.
But if yourself is at fault, unless u are 100% sure and asked to do the
same, use your WISDOM.
Especially when case is 50-50, and third party is unreasonable, leave the
matter to Income and ask them to initiate claim action.
Following are few situations you may want to take note. Though in all
situations, we prefer that you leave the claim to NTUC Income to handle.
If it is third party at fault, we can refer our panel of workshop to assist you to claim against third party. Just send car to IDAC .
If you are at fault, proceed to IDAC by calling 67886616.
Summary
1. If it is your fault.
Your job is just to send the car IDAC for accident reporting and Income will refer a workshop to repair for you.Leave the claim to Income.Call our hotline 67886616 for assistance
2. If it is third party fault.
Again send car to IDAC and we will refer our panel workshop to assist in claim or you can find a workshop of your choice to file a third party claim for you.
3. Unsure of liability, meaning do not know who's fault it is.
Contact our hotline 67886616 and proceed to IDAC and leave the matter to Income to handle.
4. Met with unreasonable driver.
Sometime you may think that the matter is low in cost to settle and if it is your fault and wish to compensate third party.
IMPORTANT - PRIVATE SETTLEMENT, ask third party to sign the private settlement note provided to void you of liability and fax me a copy to be filed with Income,after both agree on private settlement. This is to prevent third party to bite back unscrupulously again later. With the agreement signed, Income will not entertain the claim.
For unreasonable, high demanding client, leave him to claim your insurance and inform Income of possible fraudulent claim, this you can send me an email and I will liaise with my claims officer and we will await third party claim. And if claim is inflated, we may need your assistance to dispute the claim by showing your photos of damage claims submitted.
Any other complication, please do not hesitate to contact me.
This is just some information as many were quite worried in such situation.In every situation, there is always a solution, so stay COOL and remember ME.
5. For third party claim against YOU, sometime a WRIT OF SUMMON is hand
delivered to your home as if third party is sueing you in court, DO NOT
PANIC, this is to be submitted to Income General Insurance Claims
Department, and we will engage our lawyer to handle if it is not your fault.Send such writ of summons to us and stay COOL.
Happy Driving.
I ride a motorcycle and drives, and I am aware of how some arrogant people drives on the road.
As a matured person, we do not challenge them, younger person challenge them and ended up dead. I suspect some young motorcyclist challenged such motorist and ended dead, I have been young once (err...still not too old now ), and cocky young rider before. Thank God I survived to tell the story. Even as an older or rather matured person now, everyday I meet with arrogant driver. One that nearly knock me off the road last year.
Whenever I switch lane, I will lead forward, whether in my car or riding my bike, to clear my blind spot. I am sure not many do this, except for the more careful and experienced drivers.
In event of an accident, CAR REGISTRATION NUMBER is sufficient for reporting, so if the other party fail to co-operate, it is fine, take down car number and report, Insurer will trace them.
Let the insurer do the dirty job of fighting such accident dispute.
Some time end of the day, the other party is so skillful in reporting, you still lost the case, it is okie. Just too bad, the crooks wins. This is why some people thought insurer pays for fun, it is actually skill of the other party's lies.
(For my client)
But for me, if you tell me the truth, I will handle for you with my claims officer. I am always here to resolve as much as I can for you, but I only ask you for one thing, report with integrity. I have assisted in cases where the insured is not very truthful in his reporting.
For the truthful once, I will go all out for you.
So in event of an accident, one must remain COOL, though it can be stressful.
Even if you lost the case, I will try to fight back the NCD for you with my office.
There is no need to confront the other party if that party do not co-operate, REMEMBER there is such thing known as MOTOR INSURANCE and ME !
I have written about what one should do in event of an accident, and I am copying it below this email again.
In event of an accident, some motorist will not want to admit fault, even
if they are at fault, as many do not want to lost their NCD. This is very
selfish and irresponsible.
My advice to my clients that in event of an accident, just take down the
vehicle number and report to IDAC and Ntuc Income will take over the
matter. If that party is willing to co-operate is good.
There is no need to wrestle with the other party if the other party do not
wish to co-operate to give their particulars, just take down car
registration number is enough to make a report at IDAC.
Who say IDAC is not good? This is GOOD.
Leave the liability contest to the insurer, especially when one meet with
unreasonable third party. Do not waste your breath over such people.
They can report the accident from BLACK to WHITE and WHITE to BLACK, this
is immaterial, Ntuc Income will stand by their policyholder to handle the
claim. If our insured is not at fault, Income will defend.
But I always tell my client to report accordingly and I will handle the
matter with my claims officer.
There is no necessity to risk one's life with a road rage.
Subject: Claim Procedure ( What I have written before )
Thank you for insuring with Ntuc Income.
Just to keep you updated if I happen to be not able to respond promptly.
In case of any accident, first, stay COOL. Send car to the Independent
Accessment Center ( IDAC ).
If you are able to have the third party to sign a note of liability, by all means do it, if third party is at fault.
But if yourself is at fault, unless u are 100% sure and asked to do the
same, use your WISDOM.
Especially when case is 50-50, and third party is unreasonable, leave the
matter to Income and ask them to initiate claim action.
Following are few situations you may want to take note. Though in all
situations, we prefer that you leave the claim to NTUC Income to handle.
If it is third party at fault, we can refer our panel of workshop to assist you to claim against third party. Just send car to IDAC .
If you are at fault, proceed to IDAC by calling 67886616.
Summary
1. If it is your fault.
Your job is just to send the car IDAC for accident reporting and Income will refer a workshop to repair for you.Leave the claim to Income.Call our hotline 67886616 for assistance
2. If it is third party fault.
Again send car to IDAC and we will refer our panel workshop to assist in claim or you can find a workshop of your choice to file a third party claim for you.
3. Unsure of liability, meaning do not know who's fault it is.
Contact our hotline 67886616 and proceed to IDAC and leave the matter to Income to handle.
4. Met with unreasonable driver.
Sometime you may think that the matter is low in cost to settle and if it is your fault and wish to compensate third party.
IMPORTANT - PRIVATE SETTLEMENT, ask third party to sign the private settlement note provided to void you of liability and fax me a copy to be filed with Income,after both agree on private settlement. This is to prevent third party to bite back unscrupulously again later. With the agreement signed, Income will not entertain the claim.
For unreasonable, high demanding client, leave him to claim your insurance and inform Income of possible fraudulent claim, this you can send me an email and I will liaise with my claims officer and we will await third party claim. And if claim is inflated, we may need your assistance to dispute the claim by showing your photos of damage claims submitted.
Any other complication, please do not hesitate to contact me.
This is just some information as many were quite worried in such situation.In every situation, there is always a solution, so stay COOL and remember ME.
5. For third party claim against YOU, sometime a WRIT OF SUMMON is hand
delivered to your home as if third party is sueing you in court, DO NOT
PANIC, this is to be submitted to Income General Insurance Claims
Department, and we will engage our lawyer to handle if it is not your fault.Send such writ of summons to us and stay COOL.
Happy Driving.
Wednesday, April 11, 2007
Cactus bud - interesting progress
Like I mentioned before, many of us see little small flowers on cactus being sold, those small flowers are big bluff. One of my cactus is budding and the flower will bloom during the night and fade off the next day.
I hope to catch it to share it with you. The bud stem is growing longer now and should bloom in a week's time. Hopefully I do not fall asleep waiting.
Saturday, April 7, 2007
Appropriate Shield Plan ( PMI ) for appropriate medical care
Many have Basic Medishield (click this link to have a better understanding), Incomeshield, or other insurer's PMI ( Private Medical Insurance, hospital & surgical plan paid with medisave )
Many also confuse themselves between Medisave and Medishield. Click the respective link to have a better understanding.
Whatever one has, the basic need is still any of the H&S plan paid by medisave account.
One can use their medisave to pay for the premium of such plan for their immediate family including the parents.
Problem arises normally when one has no clear understanding of the features or term and condition of the plan.
1. What is the Plan Type
Example, is the plan covering B1, A ward care of restructured hospital or Private Hospital care.
This has been misunderstood by some one who wrote to ST forum about his mother having a Basic Medshield and when hospitalised in a Private Hospital with a bill of $50,000 the shield plan covers only $1,500.
A clear understanding of the plan type, DEDUCTIBLE AND CO-INSURANCE is beneficial to the understanding in event of claim.
2. Deductible and Co-insurance
**Co-insurance and deductible payments are mandated by the Ministry of Health
Example Plan Basic has a Deductible of $2000 and 10% co-insurance.
If one is hospitalised, the first $2000 of the bill will have to be paid by insured, and any bill beyond $2000, has a further co-pay of 10%.
Ntuc Income's Enhanced Incomeshield maintain a 24 hour hotline 63321133 to advise policyholder on claims matter, policyholder is encouraged to call the hotline prior to any hospitalisation.
Many also confuse themselves between Medisave and Medishield. Click the respective link to have a better understanding.
Whatever one has, the basic need is still any of the H&S plan paid by medisave account.
One can use their medisave to pay for the premium of such plan for their immediate family including the parents.
Problem arises normally when one has no clear understanding of the features or term and condition of the plan.
1. What is the Plan Type
Example, is the plan covering B1, A ward care of restructured hospital or Private Hospital care.
This has been misunderstood by some one who wrote to ST forum about his mother having a Basic Medshield and when hospitalised in a Private Hospital with a bill of $50,000 the shield plan covers only $1,500.
A clear understanding of the plan type, DEDUCTIBLE AND CO-INSURANCE is beneficial to the understanding in event of claim.
2. Deductible and Co-insurance
**Co-insurance and deductible payments are mandated by the Ministry of Health
Example Plan Basic has a Deductible of $2000 and 10% co-insurance.
If one is hospitalised, the first $2000 of the bill will have to be paid by insured, and any bill beyond $2000, has a further co-pay of 10%.
Ntuc Income's Enhanced Incomeshield maintain a 24 hour hotline 63321133 to advise policyholder on claims matter, policyholder is encouraged to call the hotline prior to any hospitalisation.
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