MediShield Premium increase

Recently, you may have received a letter from CPF Board about MediShield premium increase.
All Shield Plan's base is Medishield, so whenever there is an announcement about Medishield premium increase, it affects all Shield Plan across the board, whether it is IncomeSHield, MyShield, SupremeHealthshield, Prushield or HealthSHield.

CPF Board has given a one time top up according to the second page of the letter and premium will be deducted from 1st March, there is no action to take as premium will be deducted via the Shield Plan.

When insurers collect the Shield Plan premium, part of it is actually Medishield premium, so insurer will also be sending out information on this in March, so do not be alarmed.

I also like to advice.

1. Do not any how switch Shield Plan when one has existing condition, unless fully declared and accepted during the proposal stage, all material facts has to be in black and white on the new proposal form if you want to switch, and subject to underwriting, do not allow an agent to submit a form indicating no problem, if you have an exsiting condition that need medical attention.

2. Many agents will say that IncomeShield Plan does not pay 100% with a rider. This is partly true. NTUC INCOME has two types of riders, those holding old type of rider is call "PLUS RIDER", this rider combines to pay 100%. The current rider is call "Assist Rider" which requires 10% co-insurance, meaning if bill is $900 you pay $90 and rest is paid, but there is a cap to the 10% co-insurance.

Many have switched out because of such sales tactics of some agent saying IncomeShield does not pay 100%, so please check before you believe, if your rider is Plus Rider, it is full coverage.

There is always a cost to pay, plan that covers full is normally high in premium, and in longer term if the rider is not tailored to cover the plan but just another H&S plan, the cost can be high forward.

Premium wise and long term, the Shield Plan must have varied plans for upgrade or downgrade. When one is young ultimate plan is affordable, but when come to old age, one has to see if there is alternative plan to downgrade to. These are considerations for Shield Plans.

My principle remains, that whichever Shield Plan you have, as long as you have one plan, it is essential for life backup to old age. Go with an insurer you are comfortable with and do not compare until cow come home still not done.

MediShield and private medical insurance Shield plans are payable by medisave, and all plans have a DEDUCTIBLE and 10% co-insurance, which is standard for all private medical insurance Shield plans. Most insurer will introduce additional rider or coverage to cover the deductible and co-insurance at a premium, payable by cash.

Final reminder, please do not switch plans any how when one already has a medical condition, ethical agent will never switch you, once they know you have an existing condition, for example, hypertension, high chlorestrol, ETC, assuming before signing up current plan one is healthy and such existing condition set in , ONE SHOULD NOT SWITCH, as it is covered in existing plan, unless declared and the insurer noted the condition and willing to accept at standard.

Same old story, my mum is on kidney dialysis and IncomeShield has been such a great help to me to cover her thrice weekly dialysis bills. Total bill per month is about $2,700 and we claim for about $2300+. A very huge relief.

In life, Shield plan is an important essential plan.

Saddest thing is some time older folks terminate it because they have no enough medisave to pay for the plan, and when serious illness set in, it can be a financial burden. One can pay for their parent's Shield Plan with their Medisave.

My father in law had a brain haemorrhage 4 months, back, and it was another chapter of challenge but with peace of mind at least he has a Shield Plan,he is age 83. Do not intend to write about this as it will be another chapter.

Hope we do not need to claim upon Shield Plan and be healthy.
Wish you and family joy and health.