What are the chances MOH will make the 5% co-payment rule apply to everyone for health insurance?

I am contemplating to change to an insurer however, I am still enjoy the 100% coverage with my existing plan. My concern is that if MOH dictates that the 5% copayment applies to all, I might not be healthy enough to change an insurer then (unforeseen circumstances). Is the 5% worth to keep paying a higher premium for?

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Tan Li Xing

19 Feb 2020

Financial Consultant at Prudential Assurance Company (Singapore)

Hi Anon,

I think in regards to what you are concerned about. The wiser decision is to stay with what you have even though the premiums might be higher. Cause comparing between being able to be reimbursed 100% as compared to 95%, I think the prior would be better. And to be honest I do think it is a better policy, as it's to your benefit as the insured.

As advisers, we really have to tread carefully when recommending hopsitalisation products, especially if clients are like you who have the old policy, we do need to make sure the client knows what it implies, so just my thought on the matter

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Al

19 Feb 2020

No one can answer that. The hospitalization policies are constantly changing, so are the acturial numbers which dictate the premiums.

As such, the best way would be to stick with the coverage which gives you the best terms at the moment.

If you fear that premiums would be higher, I would say that hospitalization plans here are very heavily regulated, and that the premium prices would not differ by much when you factor in several sub benefits that each provider gives.

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