Asked on 05 Aug 2019
We have been told that medishield life plan is sufficient to cover medical costs for 9 in 10 subsidised patients. However, my agent has warned me that I should at least take up the integrated shield plan as the medishield life plan claim limit is too little (claim limit per surgery is only $2000). She even mentioned that one of her clients has done several complicated surgeries at SGH and his bill came up to $1million! With medishield plan, it is not enough to cover the medical treatment alone.
Three questions to ask yourself:
Do you wish to stay in a government/restructured Class A/B1 ward or private hospitals?
Do you want to be able to choose your doctor?
Are you willing to pay a higher premium when you no longer have an income?
If you say yes to any of these 3 questions, then you should definitely consider buying an integrated shield plan.
It is also important to note that there is a post-hospitalisation period when you may be required to revisit for follow-ups etc. The cost of your medication is also tagged to your ward type during hospitalisation. (e.g. The same bag of medication may cost $100 when discharged from class A ward, but may cost $50 when discharged from a class B2 ward due to government subsidies) There are a number of insurers offering up to 1 year of post-hospitalisation coverage. However, it all comes at a cost.
Talk to an advisor and work out your budget and long term affordability before committing to an integrated shield plan. The last thing you want to do is to buy and find out you can't afford the increasing premiums as you approach your 60s and be forced to downgrade your plan or even possibly lapsing it totally.
Yes. It's almost a no brainer if you're currently healthy and have money in Medisave to pay your premiums.
Just raising your yearly limit from 100k (Medishield Life) to 500k or 1m (Shield Plan) plus having an "as charged" benefit to individual claimable items is good enough reason.
You should upgrade it definitely.
What to upgrade, is the question over here.
Govt or Private? Premiums to pay, cash riders? Those are to be further discussed if you want to have a comparison.
https://www.linkedin.com/pulse/almost-complete-guide-understanding-cpf-central-fund-6-loh-tat-tian/ I will be updating it if possible. (many changes as always).