All About Health Insurance

[mummyjoyce]

Hi , I am 42 this year wth 2 children. Can someone let me know which insurance to buy that will cover hospital stay using Medisave for me?


Thanks

[jedamum]

schellen:

For affordable medical checkup, go to SATA.

Thank you.

[cmm]

jedamum:

1. it is stated that \"You and/or your dependant(s) may be required to submit a medical report or undergo a medical examination.\"
Can anyone advice me where can i go for affordable medical checkup to fulfil the requirements? Do we do that only upon request?

Yes, you only submit medical report or undergo medical exam (at your own expense) upon insurer's request. Insurance company usually do not call for this if the life to be assured has a clean health history.

jedamum:

2. it was stated that \"CPF members and their dependants (Singaporeans or Permanent Residents), who are below 75 years of age and in good health, may apply for coverage under the MediShield Scheme. \" - if have history of high blood but is currently in good health, is it consider has 'in good health'?

What is the current blood pressure reading of this person? Does he/she has any medical condition that requires regular medical attention? What's the current age of the person and the age at onset/diagnosis of high blood pressure?

[cmm]

mummyjoyce:

Hi , I am 42 this year wth 2 children. Can someone let me know which insurance to buy that will cover hospital stay using Medisave for me?


Thanks

The only medical plans that allows the use of Medisave funds for premium payment are Shield plans.

As these plans have Deductible and Co-insurance, you should take up riders or additional coverage to include these as well. The premiums for riders are payable through cash only.

[hokkienmee]

mummyjoyce:

Hi , I am 42 this year wth 2 children. Can someone let me know which insurance to buy that will cover hospital stay using Medisave for me?


Thanks

I am attaching the link to the shield plan comparison by MOH. You can look at different private shield plan provided by different insurers.

http://www.moh.gov.sg/mohcorp/hcfinancing.aspx?id=11222

[yixuan]

Anybody have any idea?

[ZacK]

[Editor's note: Topic selected for http://www.kiasuparents.com/kiasu/content/buying-health-insurance.]

yixuan:

Anybody have any idea?

Before you can arrive at your answer on what would the \"best\" policy, there are a lot of considerations >>

1. Who is it for?
2. What is the purpose/objective of the policy?
3. How long do you intend to fund it?
4. How will this blend into your overall financial planning?
5. Do you intend to purchase the policy from an insurance broker or insurance agent?
6. etc...

There are really a lot of considerations before you will be able to arrive at what would be a suitable policy to meet the needs that you are trying to address.

If you would like to do some basic research, you may visit the Life Insurance Association's (LIA) website for more information.
- http://www.lia.org.sg/lia-TypeA.asp?id=284 (Check out Your Guide to Buying Life Insurance)
- http://www.lia.org.sg/lia-TypeA.asp?id=280

My suggestion would be for you to speak with Insurance Agents and also Insurance Brokers to have a feel of what they can offer in terms of products and services... For me, I would adopt the following:

1. Look for an agent/broker who I am comfortable with i.e. this mean meeting with more than one potential insurance adviser if need be.
2. You should also take note that the person should be suitably qualified to do a Financial Needs Analysis for you. Some certifications that you can look out for are Chartered Financial Consultant or Certified Financial Planner designation etc
3. Once I have identified the person whom I am comfortable with and trust that he/she is suitable qualified to help me with my financial planning, I will then complete a Financial Needs Analysis with the adviser.

Buying insurance is a long term commitment, many a times, I find that people purchase insurance on a piece meal basis which may create an obstacle in piecing together your financial planning \"jig saw puzzle\" and thus creating redundancies.

I was previously in the industry and have since moved on... And from my experience, the BEST wholelife/endowment/investment link etc policy does not exist. What is suitable for one person may not be suitable for another...

Hopefully I have not created a headache for you instead but just hoping to draw your attention to some issues that you should look at... Finding a good planner who is able to place your needs and have your best interest at heart is more important than finding the \"best\" policy.

:celebrate:

[jedamum]

i am currently under Plan A of certain insurance coy coverage for hospitalization. i would like to find out that if say in 20yrs time i intend to downgrade to Plan B, is it subject to a re-underwriting?

[jedamum]

hokkienmee:

mummyjoyce:

Hi , I am 42 this year wth 2 children. Can someone let me know which insurance to buy that will cover hospital stay using Medisave for me?


Thanks

I am attaching the link to the shield plan comparison by MOH. You can look at different private shield plan provided by different insurers.

http://www.moh.gov.sg/mohcorp/hcfinancing.aspx?id=11222

mummyjoyce,
in addition to looking at the extend of coverage, like what Zack mentioned earlier, you have to decide how long you intend to cover yourself. you will have to look at yearly premiums payable for during your age of retirement up til you expected lifespan if you intend to cover yourself 'til the end'. the premium is very hefty - i myself is reviewing my own coverage. how to sustain a $3-5k per yr premium (for own and spouse) when one is already retired?

[ZacK]

jedamum:

i am currently under Plan A of certain insurance coy coverage for hospitalization. i would like to find out that if say in 20yrs time i intend to downgrade to Plan B, is it subject to a re-underwriting?

Source: http://www.moneysense.gov.sg/resource/publications/quick_tips/YGTHI_final.pdf
http://img204.imageshack.us/img204/2977/picture8nbz.png\">

Logically speaking, if your HS policy has a guaranteed renewability clause, then downgrading to a lower coverage plan should not be subject to re-underwriting. Do confirm with your insurer though whether the guaranteed renewability clause is also subject to the original terms at the point of application i.e. even if you have this clause, some insurers may render this clause not applicable if you are applying to change the terms of the contract i.e change of plan coverage is considered changing the terms of the contract... So they may insist on re-underwriting.

If your HS policy does not have a guaranteed renewability clause, your insurer reserves the right to vary or change the terms... Including rejecting your renewal... At every anniversary. HS plans w/o the guaranteed renewability clause are deemed to be \"re-underwritten\" before the insurer decides if they should renew your policy at original terms, increase premium or impose conditions etc. So if your HS plan falls into this category, whether you upgrade or downgrade your plan in future... There will be some form of underwriting.

I stand corrected on the above... So best would be to check with your insurer and ask them to point out to you the section of the terms and conditions in your contract to support what they tell you.