Question on Hospitalization Plans?

Hi there, hope to be able to answer your 3 questions simply.

1. What are some of the good (comprehensive and cheap) hospitalization plans around?

• Speaking from an agent point of view, I do understand that it can come forth as a biased opinion. But I do think GreatEastern's Integrated Shield Plan is very competitive.

2. Will premiums for hospitalization plans become more expensive when I choose to buy one at an older age?

• Yes, all hospitalization plan premiums have a table where the premium increase is transparently laid out.

• They usually go by age bands for eg. 25-30, 31-35 etc.

• However the premiums are usually affordable, being less than $500 in cash.

• A reason to buy high hospitalization coverage at a young age, is to "Lock in your health". We should try to avoid the situation where a medical condition prevents us from being accepted by insurance companies. (Even if it is not life threatening, the process will be ardous)

3. Does it have an overseas coverage? (I may be overseas for studies for 4-5 years)

• Yes, GE's plan has an optional rider to extend the coverage to overseas.

*disclaimer, these are my opinions and not views held by the Great Eastern Group.

1. Many hospital plans have similar stuff like "As charged" but can differ in things like pre or post-hospitalisation coverage and annual limit. Naturally, the premiums differ. I reached my decision by reading comparison reviews. I'm covered by Great Eastern but my friends opt for NTUC Income.

2. It's by age. It'd be best to get yourself covered early because these insurance policies need medical underwriting. If you become unhealthy before getting covered, the hospital plan may exclude certain coverages in consideration of your health. I'm currently 24 and I'm covered. Since I'm already working, I have been topping up my Medisave so that my Medisave account can eventually pay my insurance via interests alone.

3. Overseas coverage is tricky. I have not gone to check but I'm somewhat certain it's a Nope. Please check with the providers. As mentioned by PZL, it is possible.