Anonymous
Do I still have to co-pay for ISP after April 1 2021?
My parents bought the GREAT SupremeHealth sometime back (before the co-payment feature). Even though this health insurance was bought before the co-payment feature was implemented by the government, do I still have to co-pay 5% when April 1 2021 comes? Thanks in advance!
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Pang Zhe Liang
07 Jun 2020
Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)
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Before April 2018
If your parents have bought the rider before the announcement of the mandatory co-payment (sometime in April 2018), then your parents may be able to retain their existing insurance coverage. In other words, there won't be any co-payment.
However, this is subject to the relevant policy's terms and conditions. Moreover, insurers are monitoring the current situation and may impose co-payment related features in the future. This measure could also be forced upon by government intervention.
After April 2018, before Rider with Co-Payment was introduced
On the other hand, if your parents bought the integrated shield plan rider after the Government's announcement, then they will need to transit to the new rider with co-payment some time in April 2021.
Meanwhile, they will enjoy full coverage from the rider, subject to the policy's terms and conditions.
In any case, check with your agent for the most accurate and up-to-date information.
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