Last Updated on 16, January 2017
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.
If you are on my subscriber, you just need to key in your name and address and you will be directed to the link. If you are not my mailing list subscriber, do the following:
- Enter your particulars below.
- An email will be sent to you to confirm your subscription to my mailing list. Once you are on my mailing list, you will receive useful regular financial planning articles from me. (You can always unsubscribe anytime.)
- We will email you the link as soon as possible.
Hi, I’m an existing subscriber to your mailing list. When I key in my name and email, it throws an error, appended below. How else can I download the full report?
Warning!
Different Address Needed
You cannot subscribe to this list with the email address you entered.
Please correct any mistakes in the address and try to subscribe again.
If you see this message again, please use a different email address to subscribe.
Its because you have been blocked as you are a financial adviser. I do not wish to dish out free information to people who should be able to get these information by themselves. Besides, you are my competitor.
This website is primarily for the public who are not in the finance industry and the intention is to market my financial services to them. Thank you for your understanding.