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Did You Know That Your Medical Insurance Cost Just Increased?

Last updated on July 22nd, 2018 at 11:26 pm

 

ALL insurers have raised premiums in the last 2years! 5-30% each round

The info-summary above says it all.

AIA – 3x

AVIVA  – 3x

AXA – 2x

GE – 1x (surprisingly)

Prudential – 4x

NTUC – 4x

Note that all medical insurance premiums are NON-GUARANTEED. 

 

WHY are rates ever increasing? : Overconsumption is prevalent!

I had a close buddy K who recently did a knee ligament reconstruction at a private hospital. During conversations, I realized that K had the option to do downgrade and to do the operation at a government hospital. He would have been entitled to up to $250/day as compensation. Surprisingly, he felt downgrading hospitals was not worth it and with the bill fully reimbursed by AIA, there wasn’t any pinch on his wallet. The ligament reconstruction bill ran up to a staggering $22,000!

Key points:

When it’s FREE, everyone surely prefers a private hospital.

When it’s FREE, everyone wouldn’t care less at looking at the bill.

EVEN a $250/day hospital cash to opt for a downgrade (to government hospitals) does not seem enough an incentive.

pmi

Check our shield plan calculator below. You may get ideas on how to save cost!

Different riders that can you consider to save cost?

If you are insured under AVIVA Myhealthplus Plan 1 Option C, explore their Myhealthplus option A. If a bill hits, this option A rider requires payment up to deductible (up to $3,500) only and the rest is covered. Premiums for age31-40 can be reduced from $541 to $129.

 

If you are insured under Pruextra Premier, explore the Pruextra premier lite rider option. If a bill hits, this rider requires a co-sharing of 50% on the deductible (up to $1,750) from yourself and the rest is covered. Premiums are cheaper at $619-$698 vs $278-$348 at the 31-40 age band.

*Please note that prushield premier has a savings/standard/higher premium method. There is also a Pruextra premier saver rider option.

 

If you are insured under AIA Max Essential A, you may consider AIA Max essential A saver. If a bill hits, this AIA Max essential A saver rider covers 100% for government hospitals and private hospitals within their panel only. If it is private hospitals outside of panel, deductible of up to $3,500 will apply. At age31-40, its $602 vs $299.

*Please note that the AIA Max Essential A allows you to join the AIA vitality, it does not have discounts on this rider.

 

You may weigh the benefits of suggested forms of downgrade. Contact us if you have questions

Josh Tan Jian Liang (CHFC) Principal Author

REVIEWS: https://theastuteparent.com/josh-tan Practising financial planner with Promiseland Independent Pte Ltd. EXPERIENCE: More than 13years. Josh Tan is a young parent, speaker, author and founder of TheAstuteParent.

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