Category: CPF/Govt Schemes

Do you need a shield plan covering private hospital?

A recent ST article stated that More than half who buy Integrated Shield Plans (ISP) covering private healthcare opt for subsidised wards when hospitalised. I am unsurprised as I have also started to see this trend with claims in the recent years.
 
So the big question is – Is it really necessary to have an Integrated Shield Plan Covering Private Hospitals in Singapore?
 
Here are the pros and cons, so you can make an informed decision.
 
Waiting times
If you’re looking for the quickest possible treatment, then a private hospital is the way to go. Waiting times for non-emergency procedures are typically much shorter in private hospitals than in public hospitals. Also, in times of need (especially in the diagnostic stage), waiting can be daunting.
Advisor’s Take: I highly recommend a private coverage for young kids because there are more instances of non-emergency treatment required (think HFMD). Based on experience, private hospitals are more willing to admit young kids even at earlier onset of symptoms.
 
 
Doctors
Private hospitals are able to attract top talent with higher salaries and better working conditions. So there is a perception that you can find better doctors in the private space. However, whether this still holds true is a tough question to answer.
 
Facilities
Private hospitals typically have newer and more luxurious facilities than public hospitals. This includes private rooms, better food, and more amenities. The quieter/calmer environment can also make a positive difference during times of sickness – not just for the sick, but also for caregivers. 
 
Bills
All the pros of a Private Hospital translate to a higher bill size than public hospital bills. When co-payment is involved or when long term medication is needed, we would need to think twice about the choice of treatment.
Advisor’s Take: Co-payment is not too much of a concern if you also have employee benefits covering for private hospital. The insurers should be able to work hand in hand to cover the bill (including copayment) in full.
 
Premiums
And obviously, for insurers to cover the larger bills, they would have to charge a (much) higher premium.
 

In summary, whether or not it’s worth getting an IP covering private hospitals in Singapore depends on your individual circumstances & preferences. And it’s just like all other choices we make in life: Private vs Public Housing. Affordable Japanese cars vs the pricier continental cars. Mass public transportation vs Taking a taxi. Eating at the Hawker vs Fine dining. 
So my personal take is that having an integrated shield plan is a necessity, but having a shield that also covers Private Hospitals is a choice.
 
If you have the money and you’re willing to pay for the convenience and peace of mind, then a private hospital may be the right choice for you.
But if you’re on a tight budget or you’re happy with the care that you’re getting at a public hospital, then you may be able to get by without an ISP covering private hospitals.
 

Personally, I have a private ISP coverage. Simply because healthcare is something that I am willing to pay for (though hopefully never). Of course, I do keep my options open to downgrade it in my elderly years, if the need arises.

If you have any questions regarding your ISP, feel free to drop me a WhatsApp/ fill up the contact form here. Cheers.

GST Voucher 2023 – and how you can fight inflation if you are not eligible to receive the payout

1.5 million Singaporeans to receive $1.2 billion in GST Voucher!
If you are wondering if you are ELIGIBLE, you can easily check out the following link (log in via singpass): https://www.gstvoucher.gov.sg
 
If you are wondering WHEN you will receive the GST Voucher, it depends on whether you are NRIC-Paynow registered.

  • For PayNow:  1 August 2023
  • For Bank crediting: 11 August 2023
  • For GovCash: 21 August 2023 
    (Citizens on GovCash may withdraw their GSTV – Cash at OCBC ATMs island wide by entering their 1) Payment Reference Number (PRN) that will be sent to them from 21 August, their 2) NRIC, and after passing the 3) facial verification.)

$700 may not be much but it can still offset the increase in GST for $70,000 worth of purchase/spending. This will be helpful for the lower to middle-income and senior Singaporeans, who are eligible for the payout.

And for those who are not receiving any payouts (if we view it optimistically, it’s a happy problem), here are some investment ideas on how you can fight inflation by making better financial choices:

  1. Invest in Stocks: Stocks have a track record of being a good hedge against inflation. During periods of high inflation, companies can increase prices for their products and services, leading to higher revenues and potentially higher stock prices. It’s important to choose resilient companies with a history of performing well in inflationary environments, or to choose companies who have strong pricing power (think luxury!)
  2. Invest in Real Estate: Real estate is a tangible asset that can help safeguard against inflation. As inflation rises, the value of real estate tends to increase. As we have seen in recent months, rental income also goes up int imes of inflation. Of course, not everyone can invest in a second/third property given the high prices and stamp duties. In this case, REITS may be good options to consider.
  3. Invest in commodities: Certain commodities, such as gold, silver, and oil, have historically served as good hedges against inflation. Precious metals are often considered stores of value during times of uncertainty and inflation. You can invest in these commodities via various investment vehicles, such as ETFs, contracts, or physically holding the commodities themselves. You can also consider investing in stock of related companies (point 1).

The above are just some examples of what you can do to hedge against rising inflation/ GST. Please speak to your financial advisor (or contact me) and conduct a proper review before making any financial decisions 😉

Cancer Drug List – What your IP Covers (Singlife Aviva)

TLDR version

Singlife MyShield Plan Coverage (with or without the existing copayment riders): 5X MediShield Life Limit

Across all 7 insurers, Singlife has the lowest cover as there are no extra benefit/coverage from having a rider (HealthPlus etc).

However, Singlife is also the only insurer (as of the date of this post) who has launched a cancer medical reimbursement plan that will cover the charges for outpatient cancer drug treatments (including drugs not on the cancer drug list) at a much higher limit. It also covers selected cancer treatments such as Inpatient and Outpatient Cell, Tissue and Gene Therapy and Proton Beam Therapy.

Coverage is as charged and the plan will cover, in excess of deductible, up to S$1.5million per policy year.

More FAQ on Singlife and the CDL Coverage

Conclusion: If you are Singlife Policyholder and if health allows, it is important to get this cancer cover plan as the coverage offered by just MyShield alone (5x MSL) will be insufficient.

Do drop me a WhatsApp if you would like to find out more.

info correct as of 31st march

Cancer Drug List – What your IP Covers (AIA)

the TLDR you need.

Integrated shield plan will no longer offer ‘As-Charged’ coverage for cancer from 1st April. This is in line with the MOH policy and MediShield Life (MSL) changes.

For AIA Healthshield Gold Max A policyholders, do note the below coverage for drugs ON the cancer drug list:

AIA Cancer Coverage with the Cancer Care Booster: 21x MediShield Life Limit
AIA Cancer Coverage without the Cancer Care Booster: 5x MediShield Life Limit

This AIA Cancer Care Booster Rider will be launched from 1st April. It is automatically added if you have the Vitalhealth/VitalCare Rider, on policy renewal.

If you do not have the rider, please note that we will have to apply for it separately. There is a window period for application without underwriting.

More FAQ on AIA and the CDL Coverage

Conclusion: Beyond just covering for copayment, the rider is now a necessity if you want to be covered at a more relevant level. Even then, it may be prudent to consider an extra, standalone cancer rider. Do drop me a WhatsApp if you would like to find out more.

info updated as of 29th march – AIA increased the benefits of cancer booster

Cancer Drug List – What your IP Covers (NTUC Income)

the TLDR you need:

Integrated shield plan will no longer offer ‘As-Charged’ coverage for cancer from 1st April. This is in line with the MOH policy and MediShield Life (MSL) changes

For Income Enhanced Incomeshield Plan, do note that coverage will be based on the below for drugs on the cancer drug list.

If you have the main plan and rider (Deluxe Care Rider / Plus Rider / Classic Care Rider / Assist Rider)

(Private Hospital) Preferred Plan + Rider: 15x MSL Limit
(Govt A Ward) Advantage Plan + Rider: 12x MSL limit
(Govt B1 Ward) Basic Plan + Rider: 9x MSL Limit

If you have the Main IP plan only

(Private Hospital) Preferred Plan: 5x MSL Limit
(Govt A Ward) Advantage Plan: 4x MSL limit
(Govt B1 Ward) Basic Plan: 3x MSL Limit

Conclusion: Beyond just covering for copayment, the rider is now a necessity if you want to be covered at a more relevant level.

And while Incomeshield is still one of the most consistent and premium/coverage competitive plans available in the market. it may be prudent to consider a standalone cancer rider that can cover you more comprehensively. Whatsapp me at to find out more/

Important FAQ for Incomeshield & CDL: https://www.income.com.sg/kcassets/0c89df93-3c49-4ea8-b730-26a9449c6d5d/1%20April%202023%20cancer%20drug%20changes%20FAQs.pdf

I will summarise on the other insurers in the subsequent posts.