Skip to Content

MyShield Premiums Jump 50%!

I am currently covered under Aviva’s hospital and surgical insurance plan MyShield Plan 1 and MyShield Plus Option A.

The premiums are paid for by CPF and Cash respectively, and at last years age (32 years old) is still manageable.

This week I got the new renewal of policy and premium payment notice and got a shock of my life.

The premiums for MyShield was raised from $241.27 to $383.17. MyShield Plus was raised from $79 to $115.

That is a total of 58.9% and 45.5% rise in premium respectively.

So what am I paying more for?

MyShield:

  • Maximum coverage age is lifetime
  • Finally accident and emergency before warding to hospital covered.
    Additional benefits for Inpatient  congenital anomalies within 24 months and inpatient psychiatric treatment within 10 months  continuous treatment.
  • Lowering of private hospital and medical institutions pro ration factor for lower plans. (seems health care getting more expensive)
  • Deductible all 500 higher across the board.

MyShield Plus

  • Free child cover covers 30 critical illness instead of 5 and if one  parent pass away the coverage does not stop only until the child next 20th birthday
  • TCM treatment are now worded as only covers the hospital where the patient is an inpatient treatment instead of any restructured hospital
  • TCM treatment shall include the cost of consultation, acupuncture, scrapping,  cupping and tui na but not the cost of medication
  • TCM practitioner means a registered and issued with a license to practice TCM by the TCM practitioner board.

Honestly, if my health premiums which are non guaranteed is going to jump so much every year, it will hit the $800 yearly limit that we can use to pay for our Medisave approved shield plan!

This is currently only half of it already!

And to make matters worse, deductable limit is increased while premiums are increased!

Some strange in that we know the length of insurance will increase when it is not capped at a upper bound and that more permutation becomes worded to be claimable.

This essentially becomes a “looser” policy. A private profit driven insurer can’t easily say no or stop you from claiming.

It all seem to indicate that perhaps staying with government shield plans make much more sense as what Mr Tan Kin Lian says. The medishield premium for a person of the same age stays at almost 4 times less at $105.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

James

Saturday 5th of October 2013

Yeah, I think the govt is having a tough time managing the MediShield scheme, especially when medical costs are rising very fast. Consumers are disadvantaged as the premiums are not fixed, and seem to be increasing every year. Perhaps one word to describe it - unsustainable.

Anyway, I'm just wondering what insurance plans you have. Do you have any whole life insurance, or do you buy-term-invest-the-rest?

James

Saturday 5th of October 2013

Yeah, I think the govt is having a tough time managing the MediShield scheme, especially when medical costs are rising very fast. Consumers are disadvantaged as the premiums are not fixed, and seem to be increasing every year. Perhaps one word to describe it - unsustainable.

Anyway, I'm just wondering what insurance plans you have. Do you have any whole life insurance, or do you buy-term-invest-the-rest?

Kyith

Sunday 6th of October 2013

Hi James. The majority are term plans with one 50k limited whole life for 20 years.

Is this normal haha

mengmeng

Saturday 5th of October 2013

But there is no way to return to medishield once we opt for a private shield plan?

mengmeng

Saturday 5th of October 2013

But there is no way to return to medishield once we opt for a private shield plan?

Martin Lee

Monday 7th of October 2013

There is some misconception here. Whenever you take up Myshield (or some other integrated shield plan), you are still insured under Medishield. Myshield takes part of the premiums that they collect and pay it to Medishield. The increase in deductible is caused by the increase in deductible of Medishield. The premiums of Medishield was also increased in March this year. Most of the private insurers had to pass this increase to their policyholders in the form of higher premiums.

Kyith

Saturday 5th of October 2013

think if you have any pre-existing condition its difficult for you to switch

This site uses Akismet to reduce spam. Learn how your comment data is processed.