MediShield Life full report

Medishield Life details were published in the newspaper in bits and pieces for the past six months. Most people still has no clue as to what Medishield Life is all about because of the information overload. If you are one of those who ‘turned-off’ to all those newspaper articles related to Medishield Life, it is time you "turn on". The government has decided to accept the recommendation of the Medishield Life Review Committee just a few days ago.

In the nutshell, the following is the summary of the proposed Medishield Life:

• Remove the lifetime claim limit of $300,000
• Increase the policy year claim limit by 40% from $70,000 to $100,000
• Increase the daily claim limits for normal wards and Intensive Care Unit wards by up to 55%
• Increase the claim limits for surgical procedures by between 25% and 93%
• Increase the daily claim limit for Community Hospitals by 40% from $250 to $350
• Substantially increase the claim limits for outpatient chemotherapy and radiotherapy treatments, to better cover the cost of subsidised cancer treatment
• Reduce co-insurance rates from the current 10 – 20% to 3 – 10%
• Start premium rebates earlier from age 66, instead of age 71

The following is the table comparing existing Medishield and Medishield Life:

"Catch-up" on all the discussion on Medishield Life

However, there are remain many other issues you may have. If you want to ‘catch-up’ with all the discussion for the past six months, you should download the Full Report on Medishield Life. You will miss nothing after reading the report. You will also find out the following which was not as widely discussed:

• Will Medishield Life provide universal coverage for those who engages in dangerous activities (e.g. HIV resulting from unprotected sex, participation in crime, etc) and as a result increases premiums for everybody? (Pg 105)
• Issues with Medisave-approved Integrated Shield Plan (e.g. Prudential PRUshield A Premier, NTUC Enhanced Incomeshield Preferred, etc) (Pg 81):
  • How financial advisers missell the Integrated Shield Plans?
  • How insurance companies mislead policyholders?
  • How insurance companies unilaterally change terms and conditions to confuse policyholders?
• What are the congential conditions that will never be covered by Medishield Life? (Pg 105)

Of course, there are other questions that will be answered such as:

• Why the deductible remains unchanged? (Pg 51)
• Why younger CPF members will have greater increases in premiums (195% increase for 31-40 years old) compared to those who are older despite younger individuals being more healthy? ( Pg 54)`
• Since the younger individuals’ premiums will be going up much more than the older individuals, does that mean the young is subsidising the old and is it fair? (Pg 73)
• What are Premiums Rebates and are you eligible? (Pg 55)
• Why No Claim Discount for those who stay healthy was rejected? (Pg 56)
• Why can’t the government treat those with pre-existing conditions as separate category instead of mixing it up with existing Medishield pool? (Pg 61).
• Bringing in those with pre-existing illnesses is going to cost $1.1 billion for the first five years. How much will you be sharing for this extra cost? (Pg 62)
• Subsidies for Medishield Life premiums are available (Pg 106). These depends on:
  • Annual Value of your house;
  • Household per capita income level;
  • Whether Singapore citizen or Permanent Resident;
  • For those age 66 and above, whether is a Pioneer Generation or otherwise; and
  • Transitional subsidies.
• As Medishield Life is compulsory, will there be penalties if you refuse to pay for the Medishield Life premiums? (Pg 72)
• Will the government publish more details of the Medishield Life Fund? (Pg 72)
• It was observed that many Singaporeans exhibit poor financial literacy. This has resulted in terrible consequences such as those pointed out on Pg 90.

In conclusion, download the Full Report on Medishield Life now! This report is available to existing subscribers.

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