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Anonymous
Great Eastern just announced their new TotalCare P Signature, the rider for ISP that offers the most coverage by GE.
One of the changes is a decrease in cancer coverage, namely the drug cancer treatment from 18x MSHL to 15x MSHL, while drug cancer services from as charged to 15x MSHL, and non-CDL treatment from $250,000 to $200,000.
Despite this, the premium still increased drastically. Assuming 30 ANB, the annual premium increased ~37.6%, from $837.15 to $1,151.96.
Is this rate of increase expected? Are other insurer expected to quote similar rate of increase?
I compared with the riders by several other insurers and looked at the premiums for their respective best rider offered. For example, the best coverage by AIA has premium $868.56 ($769.52 for Max VitalHealth A, $35.90 for Max A Cancer Care Booster, $63.14 for Emergency and Outpatient Booster). Not sure if this is because they have yet to announce the increment this year though.
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Wait for April, most insurers will be updating their prices by then.
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My guess is that most insurers will follow the trend to decrease cancer coverage since many people in SG are getting cancer at old age. So I guess the insurers also realised that and are adopting cost cutting measures.