Asked on 03 Oct 2018
I am currently paying over 3k annually for my mum hospitalisation plan for private hospital renewal every year. My Insurance Agent is proposing that I can downgrade it to government hospital so the annual payment will be lower. Anyone has any idea what is a better option? Paying a higher premium for private hospital or downgrade it to Govt hospital for lower payment? My mum is 62 this year, active and healthy.
There is no right or wrong in insuring for your loved ones.
What is important is, is it affordable for you? If not, choose to downgrade (and at least they still have medical coverage)
If you can afford, best to keep it. The type of care you want is dependent on how luxurious you want the care to be (private), or more affordable yet not compromising too much (A ward).
If cost is still a concern, the minimum is the standard plan offered by all insurers.
Buy what you need. As long as you are employed and could afford the premium for your mum and yourself, you both may want to be covered for private hospital. However, if you are unemployed and could not afford the premium, it would be better to downgrade to public hospital. There is no right or wrong answers. It really depends on your needs and whether you could afford.
You pay for what you get.
But thankfully in Singapore, our public hospitals can be relied on well enough to provide quality care.
If budget is a concern, then a Govt A ward plan is more than good enough. Premiums will rise pretty quick from 65 onwards for your mom, so no problem downgrading to save a few thousands every year.