NTUC Income IncomeShield Integrated Shield Plan - Seedly
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NTUC Income IncomeShield Integrated Shield Plan

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Is it worth keeping the NTUC Private ISP and Full Rider (old scheme) for a 29 year old male?
Hi there, It Helps to understand how hospital riders work. Hospital riders covers different costs such as the deductibles (ward associated costs) and co-insurance (a kind of cost that payee makes which is 10% of their total bill less deductibles). As the rider covers these costs, it means it also covers the entire hospital bill since the ISP alone covers the surgical/hospitalisation costs. The different riders, of course, covers different extent of the different costs. If you feel that financially its a stretch, you can think of downgrading it. Do note that after downgrading it, you will have to make a mandatory 5% co-payment (different from co-insurance) For your hospital bills. Regarding the costs to pay for insurance, the total costs of insurance really Should not take up more than 10% of your annual income (including health, life/CI insurance etc). Health plans are typically a flat out rate given so there is little control over that, unless you downgrade your ISP to public hospital coverage or the rider itself. So it boils down to what is your financial Status, comfort level and preference. Ultimately do seek out the advice of a financial advisor to explore your options. Financial planning is an integral part of life. You can reach me here to find out more. .

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Should I switch my integrated shield plan from NTUC Income to Great Eastern?
You need to ask yourself why would you be switching? 1) Price? Prices fluctuate based on the volume of the claims. So if GE is cheaper now, that might not be the case indefinitely as premiums are reviewed periodically. 2) Existing medical conditions. When you switch to the GE policy, your existing medical conditions might not be covered or covered with exclusions. Also, you might be loaded with additional premiums if you're previously a non-smoker under the Ntuc and you picked up smoking. 3) If you previously had the NTUC plan which was bought quite some time ago (with the riders attached- coinsurance and deductibles), you might be covered 100%. But when you switch to ANY new plan, even with buying all the additional riders, you'll only be covered 95% of the hospital bills! This is because of the new government legislation. You will still need to come out with 5% of the co-insurance as a means to take responsibility on your own health! Soure: https://www.channelnewsasia.com/news/singapore/5-per-cent-co-payment-new-integrated-shield-riders-10021398

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In regards to the Ntuc Enhanced Incomeshield, what is the difference in benefits for the Deluxe and Classic care rider?
Hi Anon, The main difference is the co-insurance that has to be paid by the insured. Deluxe Care is at 5% with a 3k cap, and Classic Care is at 10% with a $3k cap. Both riders also encourages you to seek a panel doctor, if you don't you'll have no caps on your co-insurance. In addition, seeking a non panel doctor under Classic Care also imposes a $2,000 extra payment. The brochure here explains this well. https://www.income.com.sg/kcassets/7a9a622c-41cf-4a98-bdd3-1d2c5b3e8532/EIS%20A4%20leaflet%20(Eng)%20Final.pdf Pages 14 and 15.

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Hi, I am 30 and worried about my parents as they have 0 insurance coverage. What should I get with a very limited budget? Hospitalization, Critical Illness or Term Life Insurance for them?
Hey there! For starters, hospitalization will be the most basic form of insurance since it covers for hefty medical costs. Hospitalization plan is payable by CPF Medisave. Whether to get CI or term life insurance will depend on your objectives. Term life plans are often used as a form of leaving behind a love gift in the unfortunate event of passing, especially for people in their late 50s or 60s. CI plans are often used to cover the income in the event of a CI diagnosis. It is likely that there will be an exclusion, a loading or the application will be rejected. You might want to consult a financial advisor to submit a preliminary underwriting to see what are the findings. Do reach out if in need. Take care and all the best! Financial planning is an integral part of life. You can reach me here to find out more.

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Hi. I am looking for ISP for my parents who are in their late 50s. I am looking at B1 ward coverage. What's the recommendation?
What is your main concern of not getting your parents at least an A ward coverage? The premiums difference between an A plan and a B plan is a mere $362 per person annually at age 70 (based of Raffles Shield premiums) inclusive of a rider to reduce co-payments to 5%, further capped at $3,000/yr for treatment sought within panel. You may want to see how the premiums differ below: ! There are currently only 5 insurers including Raffles that provides "As Charged" coverage catered for up to B1 wards. In this comparison, I'll just compare 4 of them. If budget isn't a huge concern to you and is still within your means, please consider getting them at least an A ward coverage for higher healthcare flexibility. Main issue for Govt. Hospital is generally the long waiting time. The lower the ward, chances are the longer the waiting time to be scheduled for treatment, unless critical situations. You wouldn't want your parents to experience delayed treatments just because their condition isn't "severe enough". It might cost unecessary emotional or physical discomfort during the "waiting period". Nevertheless, below is how 4 of the insurers compare based on B1 ward coverage: ! Note : B1 wards are considered Non-subsidized wards. For Govt Hosp treatment, I personally find the Pre- and Post-hospitalisation benefit extremely important due the long scheduling as mentioned earlier. Ideally I'd want the standard 180 days pre and 365 days post which is what Insurer V offers. Then looking at the premiums, Raffles Shield plan A would make even better sense to you. Do note that the "Standard plans" does not offer As Charged coverage. If just offers a slightly higher limit as compared to our Medishield Life. Hope it helps.
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Which is the most cost efficient (annually) health insurance under private hospitalization category?
Hey there! Basically for now, clients will have to make a 5% co-payment for their hospitalization bills, capped to $3,000 regardless of what kind of plan or insurer they opt for. Of course, the caveat to the cap is that it has to be through an insurer's panel doctors. I'm with AIA so feel free to let me know if you're looking for an alternative :) Financial planning is an integral part of life. You can reach me here to find out more.

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What’s the most value added shield plan for 70 y/o? Is NTUC income good?
Hi there. For a 70 yr old the best option will be to take a government/restructured hospital shield plan as opposed to a private hospital plan. This is because the premiums for 70 yrs old will be very expensive in the latter case. The insurers known to have the most value for money government/restructured hospital shield plan for those above 50 are NTUC, Aviva and AXA. The differences in coverage between these insurers I'll say is minimal. If you want to find out more do hit me up here for a casual chat. There are ongoing limited time promotions for all 3 insurers at the moment.

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Should I get Prudential Prushield Premier, NTUC Enhanced Income Shield Preferred, or AIA Healthshield Gold Max A? What are the pros and cons you have experienced/heard of?
Hey there! There are providers who will charge a higher premium on Hospitalization plans upon subsequent hospital admission, while there are others that don't so you might have to check on that. When you're looking for a hospitalization plan, you will want to see what sort of hospital or ward type you're looking for. Of course, plans that cover up to private hospitals "as charged" are more expensive than plans that cover up to, say restructured hospitals A ward. So you will have to evaluate to see what is a comfortable budget for you. Your hospitalization plan is payable for Medisave. However, your Hospital Rider, which cover deductibles and co-insurance, will be payable by cash. Deductibles are basically ward-associated costs and co-insurance is a cost that is 10% of the total hospital cost minus the deductibles. Take care! Financial planning is an integral part of life. You can reach me here to find out more.

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Currently with ntuc income enhancedshield with assist rider. Thinking of changing to another IP plan, potentially aia healthshield gold with max vitalhealth. Should i change out?
Aaron Leow

Aaron Leow

Level 8. Wizard

Answered on 04 May 2020

Check your underwriting terms and conditions before switching. Note on the waiting period as well. Switching just for the price savings is generally not recommended for hospitalization plans due to the frequency of premium re-pricing.

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To All IFAs: in terms of having more days of pre/post-hospitalisation coverage for shield plans, is it definitely best to get it for elderly parents?
Hi Anon, That is definitely something to look at, because after hospitalisation, it's the post hospitalisation bills that will pile up. So it would be a good thing to look at a plan that has a longer post hospitalisation coverage period. Just wondering in regards to healthcare, what are you looking at? Private or Public? If premiums are a concern, you could consider taking a public healthcare shield plan that allows your parents to be warded in a class A ward. However do note that you might want to also consider looking at a term policy for them as it would be good to have a payout to help with the bills of your elderly parents due to unforeseen circumstances. But this is not as crucial as looking into a shield plan first. Do reach out if you have further queries, in regards to public healthcare, I believe Prushield Plus + Pruextra Plus Co-pay is very affordable for those in their latter years.

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