What are the benefits of buying an IP rider? In a few years time, IP Rider will not cover me for 100% of bill due to the 5% Co-pay stipulated by MOH, so is there any real benefits to continue with my existing Rider? - Seedly
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Anonymous

Asked on 08 Mar 2019

What are the benefits of buying an IP rider? In a few years time, IP Rider will not cover me for 100% of bill due to the 5% Co-pay stipulated by MOH, so is there any real benefits to continue with my existing Rider?

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Brandan Chen
Brandan Chen, Financial Planner at Manulife Singapore
Level 7. Grand Master
Answered on 08 Mar 2019

I assume that you had bought your ISP Rider after the news was announced.

As for your question, this is highly dependent on which Insurer your ISP is with. For some Insurers, the rider actually increases the duration of the pre and post hospitalisation.

On top of which, if you are referring to private hospitals, a serious illness such as Stroke can easily bring up the bill to 100k or 200k for just 3 - 4 weeks stay in the hospital. In such scenarios, riders typically have an annual cap of S$3k, meaning your maximum outlay is S$3k per year instead of paying S$10k for a $200k bill.

For specific advice regarding the rider, I would suggest that you have a discussion with your financial planner. Alternatively, you may always reach out to me via my website: https://brandanchen.manulife.sg/

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