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Ryan Chong

24 Nov 2021

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Insurance

GREAT SUPREMEHEALTH P PLUS and GREAT TOTALCARE (ELITE-P)

Hi, currently I have owned these 2 policies and I'm in the mid of 40's. I pay the premium annually, each of them cost about $1100.

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My question is to what extend I should downgrade or maintain the premium?

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Thank you.

Discussion (6)

What are your thoughts?

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Hello Ryan.

I'm not a FA. All these are based on my understanding of reading policies.

Great Supreme Health is the main Integrated Shield Plan (ISP) provided by GE. P Plus means that you're covered, for private hospital.

Great Total Care is the rider to the ISP. This caps your co-payment to 5%, capped at 3k, if you end up in the hospital. If you do not get this rider, your co-payment is 10% with no cap at all. I highly recommend you do not cancel this. With one major claim, all your rider premiums should b recovered back.

So no, SupremeHealth and Total Care are not overlapping. TotalCare complements Supremehealth.

For example, since you have a Private Hospital insurance, you would go to a private hospital which is more expensive. So imagine a 200k hospital bill, with the rider, you pay 3k, without u pay 20k.

Now, the Great Total Care has 2 versions. Classic & Elite. You are paying more because you are on the Elite-P. There is a Classic-P. The difference is that the Elite version doesn't require a Pre-Authorisation, while the Classic requires one. Do a Google to see what this means and see if you're willing to pay arnd an extra $500 more per year.

If private hospital premium is too much you may consider downgrading to a Govt Hospital insurance.

I personally am not on private as if there's an emergency, the ambulance would take me straight to a govt hospital. The only reason I would need a private is when the govt hospital doctors cannot fix me and I need to seek a second opinion via private. Or if my case is not urgent, I am kept on hold for months at a govt hospital wait list and I want a quick fix now and I turn to private.

I insure myself to protect me when shit hits the fan. But I wouldn't want to be over insured because I don't want shit to hit the fan.

I suggest you speak to your FA to keep the Elite or downgrade to Classic. I think you can decide by yourself to keep private or downgrade to public. Do note that once u downgrade, you may not b able to upgrade it back.

Just my 2cents worth. You do you.

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And thanks to provide the comments so far :)

Actually want to know if these 2 policies are overlapped and one can be terminated?...

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