Yes, you did not read wrongly. While every insurer is increasing premiums due to ” a higher amount of claims”, I can help you save on your premium if you are currently on a plan that covers for Private Hospital.
As you know(or you may not), your hospitalisation coverage consists of 2 plans: An Integrated Plan with Medishield Life (IP) and a cash rider (so you don’t need to pay a cent if hospitalised). Before we continue from here, you must be familiarised with 2 terms: DEDUCTIBLE and CO-INSURANCE.
The concept of Singapore’s health care system is such that, you will never get fully subsidised for medical services. As such, when the government comes up with Medishield, the directive is that we have to pay a portion of it so that we do not misuse the privilege of healthcare subsidy or coverage. Hence, all our medical bills are subjected to deductible and co-insurance.
Deductible – The minimum amount you have to pay.
Co – Insurance – The 10% of the medical bill that you have to pay.
An example will be as such:
Now, you probably have taken up a Cash Rider that covers for the Deductible and Co-Insurance (hence, 100% hospitalisation cover). With the premium revision, all insurer’s cash rider are going to hit $500-$700 yearly. Instead of living with the revision (like our transport fares), the company have come out with an initiative for you to choose.
Enter the Total Health Platinum Select.
The Total Health Platinum Select covers for all hospitalisation in Restructured Hospital(Govt. hospitals) and Private Hospitals. For Restructured Hospitals, it covers both the deductible and co-insurance while for Private Hospital, it covers only the co-insurance (but not deductible of $3,500).
Erm, isn’t that a downgrade? Not if you use Health Connect.
(In case you do not know about Health Connect yet, please refer to my post about this revolutionary move here.)
Prior to hospitalisation or undergoing a surgery, if you had called Health Connect to pre-authorise your claims, GE will COVER THE DEDUCTIBLE of up to $3500. That makes it a full 100% hospitalisation cover for Private Hospital! All you have to do is to pre-authorise your claims before admission.
However, the drawback is, pre-authorisation takes 3 working days. Health Connect is only available during working hours. As such, my advice to clients is, if you take up Total Health Platinum Select, use Health Connect for non-emergency cases. For emergency cases, go to a Government Restructured Hospital. If you require hospitalisation or surgery, you can still be covered up till A ward (single bedded ward) and given $50 – $100 per day as a cash incentive.
As I promise at the beginning of the post, I can help you save 50%. The choice is yours to make. Get in touch with me to provide you with more information and scenarios!