[richmond_1688]

SINGAPOREANS should not await the full details of means testing before buying the right medical insurance plan to defray the cost of hospitalisation, said Mr Eddy Cheong, who heads financial advisory firm Providend's family office services. He noted that people tend to procrastinate when it comes to reviewing their medical insurance.

'Maybe the thinking is that hospitalisation won't happen to them or that they could easily go for the cheapest ward, that is, Class C, to reduce cost.

'With means testing, not everyone is eligible for the full subsidy of the ward and hence they have to pay more either in cash or from Medisave,' he said.

Said Mr Stanley Jeremiah, the managing director of Convergys Employee Care, Asia Pacific: 'There is more reason now for the man in the street to ensure that he has a lifetime medical insurance plan and that he puts aside enough money for insurance premiums post-retirement.'

Currently, private Shield plans can be funded from one's Medisave account, subject to an annual cap of $800.

However, as the premiums rise with one's age, it is important to ensure that one has sufficient monies to fund future premiums to prevent policies from lapsing.

Another reason to buy health plans early is insurability. Insurers shy away from covering conditions such as high blood pressure so it is best to purchase a health plan while one is still young and healthy.

In fact, some experts advise going for the highest health cover that one can afford.

This is because insurers allow you to switch to lower-priced plans without underwriting, or assessing your health condition, but the reverse is not permitted.

People typically delay buying personal health plans because they are already covered by their employer's insurance programme.

However, most of these programmes are not portable and the cover ceases when the person leaves the job. By that time, he may no longer be considered insurable if he has been diagnosed with certain medical conditions.

It is a fact that health-care cost will continue to rise as patients demand better medicines and procedures.

All over the world, medical inflation typically exceeds general inflation.

A lucky few might have ample savings to dig into for their health-care expenses, but the majority are better off transferring some of the risk and cost of health care to insurers in return for a premium that can be paid out of Medisave.

[savager]

*psychic-reading in progress*

YOUR name is Jerald right? lol!!

a FA that don't even wanna admit his status as one, reg new account somemore. sigh.

[zhiz22]

Originally Posted by savager

*psychic-reading in progress*

YOUR name is Jerald right? lol!!

a FA that don't even wanna admit his status as one, reg new account somemore. sigh.

he registered in 4-5 other forums as well. AIA agent

Dunno why he say AIA shield plan is better.

After showing comparison, none of my client pick AIA plan. I dun even sell AIA plan even when i can. Most go for Income or Aviva.

[savager]

hmm, what's wrong with aia plans? o.O

[zhiz22]

Originally Posted by savager

hmm, what's wrong with aia plans? o.O

what do you look for when you buy something?

[kyouta]

Originally Posted by zhiz22

what do you look for when you buy something?

for insurance of course reliability ba~~ if cheap cheap but when need to claim always chut stunt is no no

[zhiz22]

Originally Posted by kyouta

for insurance of course reliability ba~~ if cheap cheap but when need to claim always chut stunt is no no

good answer.

my question is then... is the product in question reliable?


Secondly what if i tell you the most expensive product has the slowest claim rate. The cheaper one is faster.

[kyouta]

Originally Posted by zhiz22

good answer.

my question is then... is the product in question reliable?


Secondly what if i tell you the most expensive product has the slowest claim rate. The cheaper one is faster.

i not really into all this stuff~ all i know is i heard alotta complains trying to claim from N***

[zhiz22]

Originally Posted by kyouta

i not really into all this stuff~ all i know is i heard alotta complains trying to claim from N***

Some agents spread such rumours in order to make their product looks better. Unfortuntaely, statistics from MOH tells a whole different story.

For the past 9 months, AIA has been slowest, followed by Prudential.

If you want i can show MOH link.

I think MOH statistic would be more factual than grapevine and bad sales tactics?

[kyouta]

Originally Posted by zhiz22

Some agents spread such rumours in order to make their product looks better. Unfortuntaely, statistics from MOH tells a whole different story.

For the past 9 months, AIA has been slowest, followed by Prudential.

If you want i can show MOH link.

I think MOH statistic would be more factual than grapevine and bad sales tactics?

ironically, i trust figures posted by other nations on our country more than our own media haha

[savager]

Originally Posted by zhiz22

Some agents spread such rumours in order to make their product looks better. Unfortuntaely, statistics from MOH tells a whole different story.

For the past 9 months, AIA has been slowest, followed by Prudential.

If you want i can show MOH link.

I think MOH statistic would be more factual than grapevine and bad sales tactics?

hmm..fastest is just one factor, and imo it's not the most important.

'claim-ability' is still the most important.

if you wanna talk about reliability, it has most policies in force and is the largest in sg.

in any case, AIA won the no.1 award in insurance line this yr again..

[zhiz22]

Originally Posted by savager

hmm..fastest is just one factor, and imo it's not the most important.

'claim-ability' is still the most important.

if you wanna talk about reliability, it has most policies in force and is the largest in sg.

in any case, AIA won the no.1 award in insurance line this yr again..

If we are talking about shield plans, is AIA number 1? Definately not.


Another mis information by aia agents is that AIA is number 1 in insurance. Cleverly sidestepping the fact that it won an award for most preferred by HR Vendor, meaning its actually for employee health benefits.

http://www.aia.com.sg/pdf/PressRelea...r-Year2008.pdf


Quite different from personal insurance plans.


Claimability has no statistic but claim rate yes. Largest insurer would surely be income with most shield plans in the market.