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Anonymous

04 Oct 2020

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How to choose a Hospitalisation Insurance Plan?

I'm currently on AIA HSG Max A and AIA Max Essential A (ISP + Full Rider), bought b4 2018. Premiums have been rising and I'm wondering if I should switch my hospitalisation plan now.

I am 31, female, have never made any claims and no pre-existing condition.

Some concerns are whether switching a new plan now means I would lose my full rider benefits? Do i continue to enjoy full rider as long as I continue my current plan?

Feel free to suggest other hospitalisation plan from other insurance co.

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Pang Zhe Liang

04 Oct 2020

Lead of Research & Solutions at Havend Pte Ltd

Obviously, anyone who has never made a claim for their integrated shield plan will feel that the plan is expensive. Certainly, the rising premium poses a concern to that end. Nevertheless, this is still a blessing as health is so precious that money cannot buy.

In your situation, you may wish to speak to your agent to evaluate your current plan and options available. For instance, you may consider downgrading your plan within the same insurer. Accordingly, you may be able to retain the 100% coverage (subject to policy's terms and conditions).

On the other hand, if you choose to switch to another insurer, then you will definitely pay a 5% co-payment for each claim. This is in exchange for a lower premium. In this situation, you may wish to evaluate whether it is worth the savings.

Overall, insurability interest is priceless. Therefore, speak to your agent to make a responsible evaluation.

I share quality content on estate planning and financial planning here.

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