Anonymous
Hospital Insurance Plan - to downgrade or not to downgrade
I am having the "best" hospital insurance plan (Elite Plan) but after the recent change in policy, I am considering downgrading to a normal one, i.e. just having ONLY the option of going 'A' and below wards in restructured hospital (Classic).
After comparing Elite vs the Classic Plan, I notice the maximum co-payment ($3K) is ONLY applicable if u choose restructured hospital or Private Hospital (that is within insurance company choice of hospitals).
If i choose a Private hospital (not within the panel of choice by insurance company), I may have to pay more than $3K.
Am I missing out something? Can anyone share their opinion on this? Thanks
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Kylie Ng Kai Li
16 Jun 2021
Senior Premier Consultant at AIA Insurance Pte Ltd
Hi,
Yes, that is correct.
Whether you want to downgrade or not is entirely up to your willingness and affordability to pay for the private plan premiums.
Private hospitals respond faster and can attend to you almost immediately most of the time while public hospitals have a really long waiting period. Sometimes to arrange for a surgery, it might take more than a few months.
And also the option to have second opinion on your conditions.
You can discuss with your financial consultant to see what he/she advise you and let her know about your concerns as well.
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Jun Xi
16 Jun 2021
Financial Advisor at Great Eastern Life
Hi,
I am assuming your current plan is the Elite-P plan which covers up to Private Hospital ward.
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My personal thoughts is you need to consider the following:
Am I able to pay the premium in the long run?
Do I really need to have Private Hospital plan? Can I make do with Public?
Is there any pre-existing medical conditions that may affect your downgrading?