1. The premium.
It is obvious that better products come with higher premium. The first difference is that the premium Singaporeans pay would be higher. How much higher you ask? It depends on your age group, but it is roughly twice of what you are paying now.
It is obvious that better products come with higher premium. The first difference is that the premium Singaporeans pay would be higher. How much higher you ask? It depends on your age group, but it is roughly twice of what you are paying now.
(Image from Channel News Asia)
My friends, there is no free lunch in the world. Even with subsidy, you are likely paying more than the previous Medishield from your Medisave. It is also uncertain how long will the subsidy last, 1-5 years maybe. The older generation, the pioneer generation, would not be affected too greatly as the government would be topping up their Medisave account to pay for this increase in insurance premium.
However, I believe that the plan in general is beneficial to most Singaporeans and especially those with pre-existing conditions that are unable to purchase their own insurance.
However, I believe that the plan in general is beneficial to most Singaporeans and especially those with pre-existing conditions that are unable to purchase their own insurance.
2. The Coverage.
Firstly, MediShield Life as its name suggests is for life, you are under the scheme for as long as you continue to pay premium and stay alive.
- See more at: http://www.moh.gov.sg/content/moh_web/medishield-life/benefits.html#sthash.n64b588N.dpuf
I think the table is pretty straight forward, in a nutshell, you will pay less for Hospital Bills.
The biggest change would be that the life time limit is removed, good news for those with illnesses requiring long term treatment.
The Co-Insurance also decreased by a decent percentage, resulting in a lower medical bill for big illnesses.
I would say that the changes are reasonable given that we have to pay almost twice as much for the additional coverage. Although it remains to be seen how private integrated shield plans from private insurers would be affected. Does this mean you should wait until Medishield Life is out before you make any decision to purchase integrated shield? I don't think so. If you want to do that, pray hard nothing happens to you within the year. Anyways, integrated shield can be renewed once every year and can be canceled if you feel you don't need it.
Firstly, MediShield Life as its name suggests is for life, you are under the scheme for as long as you continue to pay premium and stay alive.
| Benefit Parameter | MediShield | MediShield Life |
|---|---|---|
| Daily Limits | $450 / $900 (Normal / ICU Ward) | $700 / $1200 (Normal / ICU Ward) |
| Surgical Limits | $150 - $1,100 | $200 - $2,000 |
| Community Hospital Limit | $250 per day | $350 per day |
| Outpatient Cancer Treament Claim Limits | Chemo: $1,240 per 21/28 day cycle Radio: $80 - $160 per session | Chemo: $3,000 per month Radio: $140 - $500 per session |
| Deductibles ( B2 / C ) | 80 and below: $2,000 / $1,500 Above 80: $3,000 / $2,000 | No change |
| Co-Insurance | Inpatient: 10 - 20% Outpatient: 20% | Inpatient: 3* - 10% Outpatient: 10% |
| Annual Limit | $70,000 | $100,000 |
| Lifetime Limit | $300,000 | Removed |
I think the table is pretty straight forward, in a nutshell, you will pay less for Hospital Bills.
The biggest change would be that the life time limit is removed, good news for those with illnesses requiring long term treatment.
The Co-Insurance also decreased by a decent percentage, resulting in a lower medical bill for big illnesses.
I would say that the changes are reasonable given that we have to pay almost twice as much for the additional coverage. Although it remains to be seen how private integrated shield plans from private insurers would be affected. Does this mean you should wait until Medishield Life is out before you make any decision to purchase integrated shield? I don't think so. If you want to do that, pray hard nothing happens to you within the year. Anyways, integrated shield can be renewed once every year and can be canceled if you feel you don't need it.
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