My parents bought Prushield, a premier policy for me, which covers private hospitals. But they said that if I ever get hospitalised, they'll put me in a public one. Should I downgrade the policy?

Advantages is you get cashback if you stay in A ward. Overpaying depends on the treatment you need ba. Also, it's easier to Downgrade, than to upgrade. I would rather get the best now (since my working years is so important), and downgrade once I do not need that super fast response for medical attention.

Buy what you need. As long as you are employed and could afford the premium, you may want to be covered for private hospital. However, if you are unemployed and could not afford the premium, it would be better to downgrade to public hospital. There is no right or wrong answers. It really depends on your needs and whether you could afford.