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Asked on 08 Jan 2021

Should I downgrade my insurance plan due to rising rider costs?

I am currently insured under AIA HSG MAX A and AIA MAX ESSENTIAL A SAVER. I notice that the rider cost has been rising annually - about $100 every year. Was wondering if I should downgrade for cheaper premiums since private hospital coverage is not a must for myself (don’t mind sharing ward with others)? Was thinking of downgrading since switching to one tier lower seems more affordable cus I just started working (have been insured for 3 years now). Any advice?


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Level 6. Master

Answered on 08 Jan 2021

Before you downgrade, i'll just share some stuff w you.

Like other countries, the problem of an ageing population will only get bigger and bigger as standard of living gets better. When people live longer, it will only mean the healthcare budget has to increase to cope with it. Unlike normal inflation of 2%, medical inflation is around 10% which results in the increase in premium every year. If one expects the gov to subsidise more, where do you think the money will have to come from?

For me, if the increasing costs becomes an issue, i'll just have to find other ways to supplement it through eg extra hours, invesments... I'm okay with sharing ward with others but i dont want to delay treatment just because there isnt enough beds/equipment available in the public hospitals. Just remember upgrading back is more complicated than downgrading. At the end of the day, its up to you to decide, give some time and consider. :)


Thank You!
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