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?
- 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.
- 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.