Will the premiums for your integrated shield plan increase?

flying_money

Client: Hi Mr Kim Heng..This is XYZ. My hospitalization and surgrical plan is currently under AIA..I was paying $232 last yr..Just want to check if the amount that I have to pay has gone up?If it has gone up..How much is it? thank you

My reply:

Hi XYZ,

All insurers have agreed not to increase the premiums for the shield plans.
(http://www.lia.org.sg/files/news/2015/06/LIA_Media_Release_on_Integrated_Shield_Plans_26June2015.pdf)

However, there will be a premium increase due to the change of Medishield to Medishield Life under CPF. This premium increase in Medishield Life will see your total premiums for your AIA Healthshield Gold Max increased to $361.

Good news is the Government will be subsidising this increase over a period of 4 yrs.
(https://www.moh.gov.sg/content/moh_web/medishield-life/premiums—subsidies/types-of-premium-subsidies.html)
You are likely to qualify for the transitional subsidy and you are entitled to a subsidy of 90%, 70%, 40% & 20% over the next 4 yrs. What this means to you is after your subsidies, your overall premium is likely to be in the range of $185.50 and that works out lower than the current amount of $232.

Please note this is an estimation only because CPF will work out the actual subsidy you will get.

The premium payable by cash for the riders to cover the deductibles and Co-insurance will remain the same.

Let me know if you need further clarification.

 

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