Hospital Insurance
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linden2000:
The last time I checked on this, the agent said the free coverage for kids is on Plan 2, so for pte hospital have to co-pay 35% and can't top up the $ difference to Plan 1. We preferred coverage that is not confined to govt/restructured hospitals so we decided to take up something else. But for those who do not mind, this may be a good deal.
Yes, agree with you that it's a good deal for those who do not mind the condition of the kids being confined to government/restructured hospitals. For us, we didn't like that idea, so we bought the full plan for our boys. -
The biggest problem of the free coverage is that when it is over, your child may not get an insurance plan due to existing illness, touch wood. I chose not to take this risk.
Many shield plans in the market are very similar, be it from NTUC, Aviva, AIA, GE, etc. Whichever you choose, remember to buy the rider to cover deductible and/or co-insurance. Personally, I think deductible is more important. Typical hospital bill for A ward in Gov hospital is about 2,000. Without a rider to cover deductible, you may not be able to a single cent. -
30plus:
30plus, you made a very valid point there! :celebrate:The biggest problem of the free coverage is that when it is over, your child may not get an insurance plan due to existing illness, touch wood. I chose not to take this risk.
Many shield plans in the market are very similar, be it from NTUC, Aviva, AIA, GE, etc. Whichever you choose, remember to buy the rider to cover deductible and/or co-insurance. Personally, I think deductible is more important. Typical hospital bill for A ward in Gov hospital is about 2,000. Without a rider to cover deductible, you may not be able to a single cent. -
Thank you all for the suggestions and information.
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30plus:
Hi 30+, sorry but I'll need to correct your understanding. When the free coverage is over at 20, aviva will still continue the plan 2 coverage for your children, its just a matter of the premiums no longer being free for your child. Aviva will start deducting the premiums from the parent's medisave.The biggest problem of the free coverage is that when it is over, your child may not get an insurance plan due to existing illness, touch wood. I chose not to take this risk....
There is no 2nd round of underwriting at age 20 for your child.
I hope your agent didn't confuse you! :? -
thanks for your correction. i did not want plan 2 anyway. so i might have not listen clearly. :celebrate:
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Buy NTUC IncomeShield to protect your child from the time your baby can qualify at 6 months. Also buy the rider to cover 100% of the hospital bills. With kids one never know. I bought this for my boy as soon as he qualified and at about 1, 1/2 years old, he had croup and had to be hospitalized for 3 days. The bill is 100% deducted from the insurance. He stayed in a private hospital and claim is via the hospital itself hence no problems at all!
:celebrate: -
Note that most of the medical insurance has a deductible portion which means the policyholder has to fork out some $$ first before the insurance coverage kicks in.
This is to prevent excessive claiming. We must remember that insurance companies are not charitable org; they are running a business and have many mouths to feed too. -
DesertWind:
Sorry to burst your bubble, but Incomeshield assist rider does not cover all 100% of the bill. Have to pay 10% of the bill now, subject to max amt of $1500 to $3000 now.Buy NTUC IncomeShield to protect your child from the time your baby can qualify at 6 months. Also buy the rider to cover 100% of the hospital bills. With kids one never know. I bought this for my boy as soon as he qualified and at about 1, 1/2 years old, he had croup and had to be hospitalized for 3 days. The bill is 100% deducted from the insurance. He stayed in a private hospital and claim is via the hospital itself hence no problems at all!
:celebrate:
They withdrew the plus rider in 2007. -
financial_guru:
Sorry to burst your bubble, but Incomeshield assist rider does not cover all 100% of the bill. Have to pay 10% of the bill now, subject to max amt of $1500 to $3000 now. They withdrew the plus rider in 2007.
Oh izzit? Thanks for letting me know. Now come to think off it, I think my insurance agent then did tell me something like this, asked me to sign up for the 100% coverage quick before they withdraw. That was in 2007....
:celebrate:
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