Disclosure: I am covered under Aviva
Its amazing that i get more info from the blog world and more timely at that about changes to my own insurance. Martin over at Den of the Lion Investor blog about the new changes to Aviva’s MyShield and its Plus plans. [Article here >>]
On the onset what caught my attention was:
Maximum cap of S$25,500 per policy year on the co-insurance borne by insured
In my opinion, this will probably affect you if your total hospital cost comes up to >= 255,000 in that calendar year. Only then this will be useful. Needless to say this is a move to protect against serious catastrophic bills.
MyShield Plus B that covers deductable
I am not sure but i believe the move should mean that my current existing Myshield Plus is classified as MyShield Plus A which covers the co-insurance portion.
MyShield Plus B should cover the deductable portion. While not reading into all details, it would mean that with Plus A and B you can cover all your hospital bills.
It will be interesting to see your total premiums for Hospital and Surgical in this case.
I realise my premiums will rise as i approach the age of 31 where the premiums will rise from SGD158 to SGD241! An 83 dollar increase!
On top of that my Shield plus sets me back SGD50 per year. Looks like i’m paying SGD300 for my next 10 years shield plan.
Will paying SGD400 per year cover ALL my hospital bills?