Based on the 2hr consultation yesterday with 2x Age 70+, 1x Age 65+ and 1x Age ~45, these are my findings:
Q#1. Since MediShield Life (MSL) is in place, should I stop my Integrated Shield Plan (IP)?
A#1. MSL covers medical expenses incurred under subsidized B2/C Ward in a Restructured Hospital. The question you should ask yourself is, in e event of seeking medical treatment, would you want to go for higher Wards or consider Private Hospitals? And can you afford the future premiums in the long run?
Q#2. What is the impact of MSL, since I already have an IP?
A#2. Actually, IP even when before MSL kicks in already consist of MediShield. So the enhancement of MediShield to MSL is still within the coverage that your IP covers you for. Ie the impact of implementation of MSL on your medical coverage is transparent to the end consumer.
Q#3. How can I cover myself 100% without paying for Deductibles and the Co-Insurance?
A#3. Optional riders are only applicable to IP. Ie AIA HealthShield Gold Max Essential, Aviva MyHealth Plus, GE TotalShield, NTUC Assist/Plus Rider and Pru PruShield Extra. There will be co-payment under MSL, which would be lesser than previously under MediShield. However, there is no option to cover 100% under MSL. Also, a point to note is, not many people know that, NTUC has recently re-introduced their 100% Plus Rider since it was dis-continued in 2006. Only Assist Rider could be taken up with a Co-Insurance of 10% capped at $3,500. Check with your NTUC Income agent.
Q#4. I have a private global healthcare plan, and now I have MSL. How does it work?
A#4. Unfortunately in this case, there is a duplication coverage. However, MSL covers B2/C Ward in Restructured Hospital whereas, your private medical insurance may have a higher coverage. But when it comes to claims, you would only be able to claim from either one party, depends on the selection of Ward and claims limit. Consideration on whether to keep your private medical insurance or not, are similar to Q#1.
Good luck!
© Wee Khai
Wee Khai is an avid soccer player, who is also a finisher of 12 half-marathons and 3 full marathons.
Wee Khai 