My hospital plan is currently with AIA healthmax gold. I am considering if I should switch to GE Supremehealth Total care Elite. What are the factors to consider when choosing hospital plan?

Co-Payment

If you are insured before March 2018, then you are likely to enjoy 100% coverage from your existing plan. Consequently, a switch to another plan will mean that you will need to pay at least 5% co-payment for any medical bill.

Tangible Benefits

Next, I will suggest for you to understand the benefits that each plan provides - Ministry of Health Singapore has a comparison table on its website.

Intangible Benefits

In addition to the above, understand the additional benefits that each insurer provide. For instance, you get exclusive access to Medix, a professional case management service. Above all, this service is available to you at no additional cost.

What's more, insurers have shift their focus towards seeking treatment with their panel doctors in the recent years. Therefore, it will be good to understand what each insurer provides. This will become helpful to manage medical cost to that end.

Cost of Premium

Without a doubt, cost is one of the factors for consideration. Assuming that you are on the older plan, the switch (and thereby savings) comes at a risk of 5% for your medical bill for every situation.

While you are healthy and strong now, medical treatment (and therefore medical insurance) won't really have a meaning. But when a situation arise and you need medical treatment, will you prefer to focus on your health or your wealth?

Finally, if you have the rider for your AIA HealthShield Gold Max, you may integrate it with AIA Vitality for future premium discount when you increase your AIA Vitaity status. With up to 15% discount in the long run, it certainly help to manage some cost.

Overall, I will suggest for you to conduct an evaluation on your own or to speak with your agent for responsible financial advicce. After all, a decision today will impact your long-term future.

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Hey there!

Budget will of course play a role. There will also be nuances eg. what is the maximum limit that is reimbursable per year etc.

Across the board, there is a 5% co-payment that has to be made regardless of insurer. Of course, typically the caveat here is that if you are looking for hospitalization at private hospitals, you will have to approach a panel of doctors approved by the insurer.

I'll advise you to chat through with a trusted financial advisor to evaluate your options.
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