Need Help Regarding Insurance

Falsemove123 SG

Hello everybody, I'm not very sure if this is the correct category to post my topic. If no, I apologized.

As mentioned above, I need some help regarding buying Hospitalization (H&S) insurance... I contacted Great Eastern, Prudential but it seems like lotsa terms and conditions...

I'm 30 years old, Male, REAL SINGAPOREAN (Not Parallel Import or FT), non smoker, non drinker, no CPF contribution or whatsoever as most of the time, I'm staying overseas running my business there. Anyway, I'll be using cash to pay for my insurance every month.

I'm actually looking for a more layman's term explaination. ie: It can cover me all the cost if I ever admit into hospital (Touch many many wood)... that's all. Of course not that type of insurance, pay and pay every month then one fine day if kena anything, say this no cover that one cannot lah or that kind of thing only cover 10% all these bullshit...

Which insurance is the best that covers my needs? NTUC, Great Eastern, etc....

PS: Pls no insurance agents because I need feedbacks from the public...

ceciltan SG

I think there is no one here able to tell you which insurance is best for you but what we can do is to offer you some personal insight.

I believe what you are keen in is insurance against hospital stay, for such bill, you can either rely on the CPF basic shield plan to cover for your charge less the deductible and co-insurance portion. I believe there is way to get those charge covered as well. If your total bill work out to be less than the deductible, you wun be able to claim anything.

For premium payment, you would be able to make use of your CPF money to pay for the shield plan regardless if it is from CPF (MediShield) or private company, however for the plan that pay for your deductible and co-insurance, that need to be paid in cash but I see in your case, you be paying cash for both plans.

I not helping any company advertising here but take me for example, I got the aviva shield which take care of my big ticket bill and aviva ideal medical which take care of the deductible and co-insurance, which mean in the event I am admitted to hospital, high chance is I am able to make full claim against my bill.

But this is just the tip of the iceberg, there is still many other areas like what charges are covered, annual claim limit and lifetime claim limit, what ward class it covered, any situation that it does not covered.

You should go around asking more people and let wait for more people to reply here to offer you more insight. Yap you are right not to get opinion from agent and should only get opinion from people you can trust.

Hope I help a bit here

Darkness_hacker99 SG

21st century kids knows nothing about insurances and its protection. I'm also looking forward to constructive opinion regarding about this topic. hey cecitan, thanks for sharing!

Best Regards,
Chin Seng
Homework Forum Moderator

Falsemove123 SG

I think there is no one here able to tell you which insurance is best for you but what we can do is to offer you some personal insight.

Hope I help a bit here

Yes I do understand the (Rider aka Deductible & Co-Insurance). If one only has a basic plan and does not have the (Rider aka Deductible & Co-Insurance), 100% hospital bills, insurance pays ie: 70% and you pay ie: 30%. The 30% could cost a fricking bomb....

- How much does avia cost a month? (Basic as well as the Rider aka Deductible & Co-Insurance)

- Is there a limit to the claim? (Great Eastern offers unlimited... I dunno.. could be wrong)

Looking forward for more insights. Thanks.

angel7030 SG

since u stay overseas, why not buy a overseas insurance from any banks, the best is from the Overseas Chinese Banking Corporation

ceciltan SG

The cost depend on your age, the older you are, the more costly it would become, they renew yearly. I also cannot remember how much I am paying for them already, I just let it auto deduct from my CPF and Giro account

I think there cannot be so good unlimited claim, even there is, the premium would be very high and confirm got hidden clauses, my point of view is that Insurance company is like bank, will come offer u umbrella when it is not raining but the moment thunderstorm come, they take away your umbrella. That why it is very impt to keep all your document at one single location and also let someone know where to find them incase you go into coma, no one will know where is the document to make claim.

You really do need to be informed otherwise will get cheated in one way or another.

Falsemove123 SG

You really do need to be informed otherwise will get cheated in one way or another.

Couldn't agree more. The insurance company will start to shun you like a plague should anything happens. Anyway, I'll be renewing my H&S policy with Great Eastern again since the last one has expired about 2 years ago.

Yea you're right.. There are always a limit.. like S$500,000 per year... Well guess that should be enough. I'll be getting the H&S plan as well as the rider. It's about S$50 a month because they'll cover me the same way even I'm staying overseas.

Any comments about Great Eastern? Heard it's better than Prudential. The worst ever insurance company that approached me before was manulife.. The sum insured is like S$50,000 but you pay more than Great Eastern or Prudential....

Jorden sky SG

Hope i can help here,

Every Singaporean that have CPF contribution will have medisave, and once you have a medisave, unless you opt out, you are in for basic medishield.

Basic Medishield is provided by NTUC which only cover part of your hospitalisation expenses, your total bill might not be fully claimable as there is a limit for each categories expenses. So example of a total bill of say 8k maybe only 4k can claim? and this is still subject to deductible (which is the first amount we have to play) which is 3k follow by co-insurance (which is the fixed percentage we have to pay) in this example is 4k-3k=1k so 10% of 1k is 100, you can only claim 900 out of a 8k bill.

So private medi-shield come into play where all company offers as charged plan, which means all your expeneses are fully covered in each categories, which result in 8k bills you can claim 8k, BUT still subject to 3k and 10%..

Then riders came along which cover your 3k and 10% but you have to pay in cash.

All companies shield plan are almost the same as it is a plan that CPF intro out to insurance company, so most likely is the agent that you pay for the service to do a good job in helping your medical bills.

After i did a calculation from age 0 to age 80, i realise cheapest plan is AIA, most expensive plan is Aviva, and rest is 3k more expensive that AIA.

Hope it helps.. :)