Thursday, March 12, 2015

H&S (Hospitalization & Surgical) Insurance - Integrated Shield Plan (Revision 02)

Revision 02 (last paragraph): Updated on May 23, 2021

There are total five private insurers offering Integrated Shield plan which provide you with additional benefits and coverage when you opt for public hospitals or private hospitalisation.

They are AIA, AVIVA, Great Eastern, NTUC Income and Prudential.

Their plan are more or less the same benefits and same premium, not exactly the same amount but close enough. Therefore, I will only pick one for studies which is Prudential because I bought the Prudential plan instead. :)
The basic one is called PRUshield. It will cover certain cost of your hospital bill on item (1) and (2) below:
(1) A S$3,500 of Less Deductible (Private Hospital)
(2) Less Co-insurance 10% of the Balance After Deductible (of item 1)

The enhanced one is called PRUshield extra. It will pay whatever balance after PRUshield had paid. Basically, customer pays S$0 for the hospital bill.

Two examples below shall be able to help you to understand the two differences easily.

PRUshield example:

PRUshield extra example:
There is an easy way to find out if you are having the complete H&S (Hospitalization & Surgical) Insurance.

Most of the people had bought the basic one , e.g. PRUshield because this can be paid by CPF MA account. However, the enhanced PRUshield extra plan MUST be paid by cash. You are not able to pay this plan by using CPF MA. This is the same for all the five private insurers.

Assuming the H&S Insurance cost never change for the following years (which is impossible as they just increase the premium last 2 years) and if you diligently pay the H&S insurance every single year, say from age 1 to age 90, you would have just paid S$239,931 !!! (We pay full H&S insurance for our baby boy since age 1 too but I started the full H&S insurance only 2 years ago).

S$140,873 can be paid by CPF MA (it is still your money)
S$99,058 must be paid by CASH.

A more comprehensive table is tabulated below.

I highlighted in GREEN are the majority group, paying from age 30-80, total would be S$125,780.

Of course, if you want to continue to pay from age 81 to 90, that will be another S$98,611.

Also, if you want to drag until age 100, the above grey up area is for your reference. That would be a further S$116,398 to maintain life from age 91 to 100.

I don't think we will surpass the age 90 easily. Pick the plan that you are comfortable with.

Last but not least, take good care of your own body, sleep early, eat healthy, have adequate exercise, less complaint on the PAP government, have a constant good expectation of future, etc.

Always remember, fitness comes from your self efforts (exercise, going to gym) but TRUE health comes from our Almighty God.

I wish everyone have a pink of health and enjoy the life to the fullest until you satisfy. God blessed.

Revision 02 : Updated on May 23, 2021
Many H&S policies had been changed since year 2015.
The cost of H&S insurance had gone through the roof.
The FREE hospital fee is no longer available except for the EXISTING Prudential H&S customers.
From now until age 80, our household of 3 will need to pay S$780,000 just on H&S insurance based on the price today, not to mention the H&S cost will go up every year. Luckily there is still a 20% discount (PRUWELL Reward).

In year 2021, a household of 3, we had paid S$5,229 for the complete H&S insurance.
Age 42: S$2,168.60
Age 41: S$2,155.80
Age 9  : S$904.60

It is good to take note that from age 1 to 80, the H&S cost is S$294,181.
From age 1 to 90, the H&S cost is S$472,879.
However, from age 50 to 90, the H&S cost will be S$409,231.
For the past 9 years, we have paid S$25,179.90 on Prudential H&S insurance and have not used the H&S insurance. We count that as blessing.
The Sunday Times @ May 23, 2021
It is true that we need S$300,000 or more for private hospital care from ages 50 to 90.
The reported figure of S$415,000 from Prudential Singapore is very close to my calculated figures of S$409,231.

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