Question: My mum is insured with NTUC Incomeshield Plan B. The annual premium (incl GST) is $1,854.00, some portion paid from my CPF, balance paid by cash.
With the MediShield Life recently kicked in, I am wondering should I continue to renew the policy with NTUC Income when the policy is due to renew.
I just want to make sure we are not overpaying for something which is already covered under the MediShield Life plan. Furthermore, I heard Pioneer Generation will receive premiums subsidies by way of annual Medisave top-up.
I am trying to read up whatever information I can reach via newspapers and internet, but there are so much information there to digest. At the end, I still cannot decide what to do.
I am looking for some resources which provide simplified key-point or checklist where users can go to for considerations and decision-making to ensure important points/benefits are not left out.
Answer:
The premium for NTUC Income Plan B of $1855 consists of two parts: $725 (charged by Income) plus $1130 (Medishield Life charged by CPF). So you will not be paying $1855 + $1130. You just pay $1855.
You have to consider the extra benefits offered by Income and see whether the extra premium is worth it.
You can refer to page 7-9 of this table: http://income.com.sg/forms/others/incomeshield-upgrade-or-adding-riders.aspx?ext=.pdf
If you look at the table, it says Medishield Life offers $700 per day as the maximum claim allowed for Room and board. For NTUC Income Plan B, it is $1000 per day. So for the Plan B , Income offers 1000-700 = $300 per day of extra benefits.
You can do this same exercise for other benefits such as ICU, Surgical implants, etc. Some benefits offered by Plan B is not offered by Medishield LIfe. For example, Medishield Life does not offer pre and post hospitalization benefit but Plan B does.
As for subsidies, your mother will receive the Pioneer Generation Medshield subsidies and the annual Medisave top-ups even she is on Plan B. You do not need to terminate her Plan B to enjoy these subsidies.
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Wait for the standardised B1-class Medishield Life “Plus” which will be out next year, before you guys decide to terminate your existing private shield plans.
Medishield Life is meant for C and B2 class — if you stay in B1 or A (jialat!) or private hospital (lagi jialat!) you will find that Medishield Life can only cover at most 20% or less of the total cost.
May I ask when the details of MediShield LIFE Plus will be available, pls?
Thank you.
Target Q2 2016.
Both my husband and I are insured under NTUC MHS since we retired in 1998. This plan covers us only till 80 years. The premiums will be $4000 per annum by 2017 and we unable to pay and we will not be covered. MHS premium cannot use our Medisave or my son’s. When will B1 Medishield Life Plus be available.
Mdm Ong,
The Standard B1 plan is available from all shield providers – including NTUC Income – with effect from 1 May 2016. If you would to sign up such an IP plan, you are subjected to underwriting.
Anyway, if you are a Singaporean or Singapore PR, you are already insured with Medishield Life which is meant for B2 and C Class restructured ward. Medishield Life provides life long coverage and you can use your Medisave for payment.
Hope to get some solution.