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.
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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