Our Integrated Shield Plan (ISP) affects you greatly. It affects whether you have a good medical coverage now. It affects whether you can have affordable healthcare in future. More importantly, it affects if you need to continue working to sustaining your premiums in future.
This is not an April Fool’s Joke. It is real. My readers would already have known about this since last year. If you are lost or do not have a financial consultant to update you on your ISP, the bold statement is a summary of the change in the ISP structure.
Existing ISP supplementary plans will have a co-payment structure.
This means that there won’t be a 100% coverage/reimbursement anymore. Customers will have to pay a XX% co-payment (depending on the terms and conditions of your policy). You can read about co-payment and how to plan for it here.
But First: Medishield Life Premiums Increase
Following the announcement of 21st Dec 2020 new release from the MOH, claim limits will increase. At the same time, there will be premium adjustments to support the rising number of claims and payouts as well as the benefit changes. You will see this reflected in your renewal because Medishield Life is a component of your ISP.
Integrated Shield Plan Changes (All Insurer Edition)
In Singapore, there are seven health insurance providers. Each of them have adjusted their premiums and benefits accordingly. You should be more interested in what your existing rider has changed to. Here is a summary for the 7 health insurer in no particular order. These are all public available information and I will be putting a link of each insurer here.
- Premium increase for HealthShield Gold Max A
- Premium increase for Max VitalHealth A rider
- Max Essential riders to be converted to riders with co-payment
– Essential A convert to Max VitalCare
– Essential A Saver convert to VitalHealth A with EOCB Booster
– Essential B convert to VitalHealth B
– Essential B Lite convert to Vital Health B Lite
– Essential C (no conversion but there will be premium reduction)
View the changes in AIA Singapore Shield Support here.
- Increase in Premiums for AXA Shield Plan A and Enhanced Care Plan A rider
- Existing Basic Care, General Care and Home Care riders will no longer be available. All of them will be switched to Enhanced Care Rider.
View the the Enhanced Care Rider.
- Premium reduction for MyHealthPlus rider (Option B-II and Option C-II) attached to Plan 1
- Premium reduction for MyHealthPlus rider (Option A, B and C) attached to Plan 1, 2 & 3.
View the MyHealthPlus here.
Great Eastern Singapore
- Premium changes for SupremeHealth P Plus, A Plus and B Plus
- Premium/Benefit changes for TotalCare riders
- Premium increase for TotalCare Plus riders
- Premium reduction for Enhanced IncomeShield on Preferred, Advantage, Basic and Enhanced C plans.
- Premium reduction for Plus & Assist Riders on Preferred, Advantage and Basic plans.
View NTUC changes here.
Raffles shield was launched on 1st Aug 2018. Ministry of Health (MOH) directed insurers in March 2018 to stop offering 100% coverage plans so I believe their riders are already on a co-payment basis already.
Final Thoughts By Wealthdojo
I believe this will not be the first or the last change when it comes to medical cost. It is therefore, important to have a trusted advisor who communicates the changes in a timely manner and navigate your retirement accordingly. As a financial consultant, I believe that this communication is vital because we never know such treatment and the affordability will arise.
Wishing you the best in your day ahead.
Chengkok is a licensed Financial Services Consultant since 2012. He is an Investment and Critical Illness Specialist. Wealthdojo was created in 2019 to educate and debunk “free financial advice” that was given without context.
Feel Free To Reach Out To Share Your Thoughts.
The views and opinions expressed in this publication are those of the author and do not reflect the official policy or position of any other agency, organisation, employer or company. Assumptions made in the analysis are not reflective of the position of any entity other than the author.