Category: Insurance Posts

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.

NTUC Income Gro Capital Ease

Insurers have been launching various short-term endowment plans over the last 1 year.

Income (known as NTUC previously) has also recently launched a 3 years endowment plan that pays 3.55%p.a. But the reason why I am highlighting the product isn’t for the product itself, but for their marketing message “3 is better than 2”.

IMO, that’s great copywriting (probably written by someone with good financial knowledge too). So if you are wondering if Income Gro Capital Ease is a good saving plan /option, my short answer is yes.

Here’s why.
Back when saving interest rates were really low, it would have been better to do shorter tenure saving plans / plans with flexibility so that we could cash out and reinvest somewhere if interest rates rise. However, in the current environment where our short term savings rates are relatively high (for Singapore at least), it is actually better to opt for the longer tenure plans to lock in a higher rate.
The reverse is true for borrowing rates – which is why I had advise clients to go for the DBS 5 Years Fixed rate previously.

If you are interested to find out more about Income Gro Capital Ease, drop me a note or simply head over to their website to find out more: https://www.income.com.sg/savings-and-investments/gro-capital-ease.

But most importantly, do remember that before selecting the plan/vehicle, it is essential to assess your goals and priorities first.

cheers

Cancer among millennials. Young but not invincible

When we are young, it is easy to perceive ourselves as invincible, believing that health issues, including serious illnesses like cancer will only affect older folks. However, the statistics have spoken – youth does not grant immunity to health challenges.
 
Full article here: https://www.ft.com/content/90d5f2e3-d539-4149-a503-2114ac3ef355
 
In Summary 
Over the past 30 years, there has been a significant increase in the number of young people developing cancer. This rise in “early onset” cancer among those under 50 years old has been called an epidemic by experts. 
Data shows that cancer rates in people aged 25 to 29 have increased by 22% between 1990 and 2019 in developed countries. Rates for 20- to 34-year-olds in these countries are now at their highest level in 30 years. Among 15- to 39-year-olds, cases of colorectal cancer increased 70%.
 
Some Possible reasons:
(1) Changes in diet: The consumption of food high in saturated fat and sugar (for millennials in their early life) is believed to alter the composition of the microbiome in ways that can harm an individual’s health.
 
(2) Changes in lifestyle: sedentary behaviour, and excessive alcohol consumption, are prevalent among millennials. These lifestyle choices can contribute to obesity, which is linked to an increased risk of several cancers, including breast, colorectal, and pancreatic cancer. Alcohol also increases the risk for several cancers (mouth, pharynx, larynx and esophagus).
 
(3) Delayed Childbearing: The decision to delay childbearing has become more prevalent among millennials due to various reasons. Giving birth for the first time at a young age are factors known to confer protection against breast cance.
 
 
Spotting cancer early:
Early detection can greatly improve the chances of successful treatment. Some early signs to take note of are:
 
(1) Unexplained Weight Loss: If you’re experiencing unintended weight loss without any changes in diet or physical activity.
(2) Persistent Fatigue: Feeling constantly tired and lacking energy, despite getting enough rest.
(3) Unusual Changes in the Body. For example, the presence of new lumps or bumps, changes in the size, shape, or color of moles, persistent pain in specific areas, unexplained bleeding or bruising, or changes in bowel or bladder habits.
(and if you ever feel uncertain or in doubt, just consult a doctor!)
 
What you can do for yourself/loved ones:
(1) Stay in tune with your body and look out for red flags
(2) Make fitness, a healthy diet and health a priority. 
(3) Review your own insurance coverage
(4) Review your children coverage
(5) Spread the awareness

For a review of your coverage, you can contact me here

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