Integrated Shield Plans (IPs) comprise 2 components – the MediShield Life component and the additional private insurance coverage. Those covered under IPs currently enjoy the combined benefits of MediShield Life, which is run by the Central Provident Fund Board, and the additional benefits of the additional private insurance coverage, which is run by private insurers. Show As MediShield Life is a component of your IP coverage, you need not worry that there is duplicate coverage between MediShield Life and your IP. MediShield Life will cover all pre-existing conditions, even if they are excluded by your private insurer from the additional private insurance coverage of your IP. Should you decide to drop your IP cover one day, you will remain covered by MediShield Life. 2. Will my Integrated Shield Plan premiums be affected by the increase in MediShield Life premiums?Integrated Shield Plans (IPs) are made up of two components: (i) the MediShield Life component which is sized for subsidised Class B2/C bills in public hospitals and (ii) an additional private insurance component offered by a private insurer targeted at covering higher ward classes or private hospitals. Correspondingly, IP premiums are made up of MediShield Life premiums and premiums for the additional private insurance component. Hence, the increase in overall IP premium will be the sum of the following: · With the increase in MediShield premiums, the premiums for the MediShield Life component of IPs will be increased accordingly. · Premiums for the additional private insurance component of IPs are set, reviewed and adjusted by private insurers based on commercial and actuarial considerations. Insurers may adjust their premiums upwards/downwards taking into account the impact of the MediShield Life benefit changes, their own claims experience, medical inflation and other factors. Insurers have an incentive to keep premiums competitive, to attract and retain policyholders. Singaporeans concerned with the affordability of IP premiums may wish to consider switching to more affordable insurance options, in line with their preferences for hospitalisation coverage. 3. What are Medisave-approved Integrated Shield Plans and should I consider getting one?MediShield Life is a basic scheme designed to cover Class B2/C bills. As the bills for Class B1/A wards and private hospitals are much higher, MediShield Life will cover a smaller portion of the bill. The Integrated Shield Plans (IP) provide additional coverage beyond MediShield Life. IPs consists of 2 components – the MediShield Life component and an additional private insurance coverage component. Those covered under IPs enjoy the combined benefits of (i) MediShield Life, run by the Central Provident Fund Board; and (ii) the additional private insurance coverage for Class A/B1 and private hospital stays, run by private insurers. There is no duplicate coverage between MediShield Life and IPs. The existing IPs in the market are: - AIA HealthShield Gold Max, - Singlife Shield, - AXA Shield, - Great Eastern SupremeHealth, - Income IncomeShield, - Prudential PruShield, and, - Raffles Health Insurance Raffles Shield. Please note that as IPs are private plans with additional coverage, premiums are much higher than MediShield Life premiums and will increase with age. You may also be subject to additional health checks possibly resulting in exclusions and/or risk-loading for the additional private insurance coverage component. We advise you to carefully consider your ward preferences and the affordability of premiums over the longer-term, when deciding whether to buy an IP. Please speak to your financial advisor who will be able to share more about your options. 4. With the introduction of MediShield Life, should I continue to stay on my Integrated Shield Plan?Integrated Shield Plans (IPs) are private plans comprising coverage of the basic MediShield Life component, plus the additional private insurance coverage from private insurers so that policyholders can be adequately covered for Class A/B1 or private hospital stays. IP Premiums are much higher than MediShield Life premiums because of their targeted coverage at Class A/B1 ward and private hospital stays. We advise you to buy a plan that meets your needs taking into consideration your preferred ward class and affordability of premiums over the long-term. 5. Will I receive subsidies even though I am insured under an Integrated Shield Plan? Do I have to downgrade my insurance plan to MediShield Life to receive subsidies?Yes, you will still be able to receive the applicable MediShield Life subsidies (i.e. Premium Subsidies for lower- to middle-income; Pioneer Generation Subsidies; Merdeka Generation Subsidies, COVID-19 subsidy) if you meet the eligibility criteria, even if you are insured under an Integrated Shield Plan (IP). You do not have to downgrade your plan to receive the subsidies. IPs are made up of 2 components: (i) MediShield Life and (ii) additional private insurance coverage providing additional benefits and/or coverage (in private hospitals or Class A/B1 ward classes in public hospitals). For holders of IPs who meet the eligibility criteria for the various subsidies, the subsidies will be applied on the MediShield Life component of their IPs. 6. With MediShield Life, will the Integrated Shield Plans cover pre-existing conditions? Can I now get coverage under Integrated Shield Plans for my pre-existing conditions?Integrated Shield Plans (IPs) are private plans comprising coverage of the basic MediShield Life component, plus additional private insurance coverage from private insurers so that policyholders can be adequately covered for Class A/B1 or private hospital stays. You can get coverage for pre-existing conditions, and be assured of lifelong coverage, under the MediShield Life component. This is even if the condition is excluded from the additional private insurance coverage by your IP insurer. Underwriting decisions on the additional private insurance component of IPs are separately determined by the private IP insurers. Private insurers assess, applications for the additional private insurance component of the IP based on their own risk assessment frameworks, as these are commercial decisions. You may wish to check with your private insurer or financial advisor on coverage for pre-existing conditions. 7. What does it mean if I have an exclusion on the Additional private insurance coverage component but not on the MediShield Life component? How do I find out what exclusion I have?Integrated Shield Plans (IPs) comprise 2 components – the MediShield Life component and the additional private insurance coverage. Those covered under IPs enjoy the combined benefits of MediShield Life, which is run by the Central Provident Fund Board, and the additional benefits of the additional private insurance coverage, which is run by private insurers. As MediShield Life covers all pre-existing conditions, all IP policyholders will also enjoy MediShield Life coverage for any pre-existing conditions, even if the private insurer has imposed an exclusion for the pre-existing conditions on the additional private insurance coverage component of your IP. If you are hospitalised for the excluded condition, you will not be able to claim for coverage under the additional private insurance component under your IP. You will be able to claim for coverage under MediShield Life. To find out more about your specific exclusion, please contact your financial advisor or private insurer. 8. If I downgrade to a lower coverage Integrated Shield Plan (IP) or to MediShield Life, or switch to an IP with another insurer, will I need to go through health assessment/ underwriting again?You can downgrade your plan to a lower coverage plan with the same insurer at any point in time, without additional underwriting involved. You can also drop your IP at any point in time, and continue with MediShield Life coverage. If you switch your plan from one insurer to another insurer, your original Integrated Shield Plan (IP) under your original insurer will be automatically terminated. You will also need to undergo underwriting again when you switch to the plan under the new insurer. You may lose coverage for existing medical conditions covered by your original plan, and may not be able to re-apply for your original coverage later. Regardless of any changes in your IP, you will remain continuously covered by MediShield Life without any exclusions. Please speak to your financial advisor to find out more about the implications of switching plans before making your decision. Please also highlight any medical conditions you have to your financial advisor. 9. Why have my Integrated Shield Plan premiums increased?Integrated Shield Plans (IPs) comprise 2 components – the MediShield Life and the additional private insurance coverage. Similarly, IP premiums have 2 components: a MediShield Life component, and an additional private insurance component. The Ministry of Health sets the premiums for the MediShield Life component, and provides subsidies to keep MediShield Life premiums affordable. With the increase in MediShield Life premiums, the premiums for the MediShield Life component of IPs will be increased accordingly. Premiums for the additional private insurance component of IPs are set, reviewed and adjusted by insurers based on commercial and actuarial considerations. Insurers may adjust premiums upwards or downwards taking into account the impact of the MediShield Life benefit changes, their own claims experience, medical inflation and other factors. Insurers have an incentive to keep premiums competitive, to attract and retain policyholders. Singaporeans concerned with the affordability of IP premiums may wish to consider switching to more affordable insurance options, in line with their preferences for hospitalisation coverage. 10. Can we use Medisave to pay for IPs and riders?Medisave can be used to pay for premiums of Integrated Shield Plans (IPs), subject to Additional Withdrawal Limits. All IPs are required to have co-payment features such as deductibles and co-insurance, similar to MediShield Life. The co-payment can be paid for using Medisave, up to the prevailing withdrawal limits which are set to be sufficient for subsidised care. Co-payment is an important feature in healthcare insurance to mitigate the risk of over-consumption and over-servicing which in turn could lead to escalation in healthcare costs and insurance premiums for all Singaporeans. Hence, riders that cover co-payments fully and allow policy holders to have zero co-payments are considered as separate products from IPs and their premiums cannot be paid using Medisave. Medisave savings are intended to be sufficient for basic healthcare needs. We need to be careful about expanding the use of Medisave, as Singaporeans need to ensure that they have sufficient savings for healthcare expenses over their lifetime, especially after retirement. Supporting more uses will mean higher contribution rates are required. What are the best health insurance plans for you and your family in India?Best Health Insurance Plans for Family in India 2023. What is a group plan?A “Group Health Plan” (GHP) is health insurance offered by an employer, union or association to its members while they are still working. GHP coverage is based on current employment.
What is a shield plan?An Integrated Shield Plan (IP) is an optional health coverage provided by private insurance companies. Consider the coverage you need based on the hospital ward and choice of hospitals you want to stay in, or you'll end up paying more premiums than necessary. If you are not sure you have an IP, check with CPF.
What is the meaning of self insurance?Being self-insured means that rather than paying an insurance company to pay medical, dental and vision claims, we pay the claims ourselves, using a third-party administrator to process the claims on our behalf.
|
