May I know if there are any benefits to having both a company integrated shield plan (ISP) and your own private ISP?

Hi anon,

There are definitely benefits to having both company coverage and a private ISP.

Firstly, many company plans do not have very high claim limits. Usually they will be lesser than 6 figures. A private ISP can give you peace of mind with a higher claim limit and better pre/post hospitalization benefits

Secondly, most company ISPs are not portable. If you change your job, there is no guarantee that the next job will have a plan that is as comprehensive as the previous one. Also, if you become involuntarily jobless, you will be left without coverage. I know of someone many years ago who had a stroke on the Sunday right before he started at a new job, meaning that he was not covered by his old company (since he left), nor his new company (since he had yet to commence work). The C class ward bill was 6 figures. And he didn't have an ISP.

Lastly, by getting your own private ISP now, when you are in the pink of health, means that your coverage will be comprehensive as long as you do not change your ISP. If you were to wait till just prior retirement to get an ISP, it is likely that you will have health issues and this can lead to exclusions and the like. If your ISP was in force since young, the insurer will have to cover you regardless of any health issues, as long as you pay your premiums. If premiums are too high, you can downgrade the ward (level of cover) without any underwriting.

Hi Anon,

Consider on the Raffles shield plan with high deductible of $10,000. it means the first $10,000 cannot be claimed which actually is ok because your company group health plan can pick it up. Premiums are signifcantly cheaper.

In future if you leave your company, they have this option where you can revert from “High Deductible Option” to “Without High Deductible Option” without underwriting.

However, that may require a switch of plan which you must be comfortable with.

Speak to a qualified fianncial planner to understand the pros and cons.
More details in this post: https://www.theastuteparent.com/2018/07/raffles...