Medishield Life & Medishield Differences

So much talk and advertisement has been going on about Medishield Life. What exactly is it and do you need it since you have Medishield and probably an Integrated Shield Plan already?

All the specifics can be taken from MOH website, but we will just list some things you can take away from it.:

  • Medishield Life covers all Singaporeans & Permanent Residents
  • There is no opt out (ie. it is compulsory)
  • Targeted for B2/C wards (6 bedded & 8 bedded)-no air conditioning
  • Same deductible as Medishield
  • Lower co-insurance than Medishield
  • Higher Annual Claim Limit
  • Though Medishield Life covers pre-existing condition, if you have “serious” conditions, you might have to pay an extra 30% more but only for 10 years.
  • Premiums for Medishield Life is higher than Medishield as it has higher coverage.
  • The increase in premiums are lower for the more matured clients. (ie premiums difference for people below 40’s are much higher when they compare it with the previous Medishield plan, while the above 40s will find the increase not too much)
  • Types of subsidies: Premium Subsidy, Transition Subsidy, Pioneer Generation Subsidy & Needy Subsidy
  • If you do not allow the Government to access your financial
    information, then your entire household will not be entitled to the
    premium subsidy
    .
  • Premium Subsidy is an ongoing subsidy, while Transition Subsidy is only for Singaporean Citizens and only for 4 years on NET Premiums increase (ie Difference in premium between Medishield Life & Medishield premium)
  • Pioneer Generations are not eligible for Premium Subsidy, but they may be eligible for transitional subsidy if they have pre-existing condition and because of the condition, result in having a NET Premium increase.
  • We do not know what constitutes as “needy” to get the needy subsidy; this is probably on a “case by case” basis from the Government.

So the most important question lies; do you still need the Medishield Integrated policies or Integrated Shield Plans? Then you need to ask yourself the following questions:

  1. Can you live without AirCon (to some people, luxuries have become expectations), as B2 & C wards are only equipped with fans.
  2. Are you OK with sharing a room and toilet with 5 other strangers?
  3. Though Medishield Life has higher limits than Medishield, it is not “As Charged” like Integrated Shield Plans. Will you complain if you have to fork out cash upon discharge?
  4. Do you need Letter Of Guarantee which some Integrated Shield Plans provide ? (eg. Aviva & NTUC)
  5. Do you need to claim the pre & post hospitalisation charges; something which Medishield Life does not provide?

There are criterias to meet in order to qualify for the subsidies for Medishield Life, that was the reason you had to provide your household information in June 2015, but to help you calculate your estimated premiums for Medishield Life, you can use this Premium Calculator link.

If you want to get an Integrated Shield Plan to complement what u have, feel free to contact us here. Contact us also if you want us to share more about Medishield Life with your staff.