{"id":4123,"date":"2024-07-03T18:04:56","date_gmt":"2024-07-03T10:04:56","guid":{"rendered":"https:\/\/www.pacificprime.sg\/blog\/?p=4123"},"modified":"2024-07-04T09:58:34","modified_gmt":"2024-07-04T01:58:34","slug":"wide-variation-in-integrated-shield-plan-lifetimepremiums","status":"publish","type":"post","link":"https:\/\/www.pacificprime.sg\/blog\/wide-variation-in-integrated-shield-plan-lifetimepremiums\/","title":{"rendered":"Wide Variation in Integrated Shield Plan Lifetime Premiums Revealed by MOH Comparison"},"content":{"rendered":"

Singapore’s Ministry of Health (MOH)<\/a> has released data showing significant variations in lifetime premiums for Integrated Shield Plans (IPs) offered by different insurers, where two individuals of the same age could end up paying more than SGD $85,000 difference in premiums over their lifetimes<\/strong>.<\/p>\n

Moreover, the premiums can vary considerably even for plans within the same ward class. In this Pacific Prime CXA<\/a> article, we\u2019ll look at the MOH\u2019s major findings. We\u2019ll also discuss how you should choose and what you can do to minimize your premiums.<\/p>\n

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Major Findings of the Ministry of Health<\/h2>\n

A recent comparison<\/a> by the MOH revealed significant disparities in the lifetime premiums of Integrated Shield Plans<\/a> offered by different insurers. Integrated Shield Plans\u00a0are optional health coverage plans provided by private insurance companies, primarily designed to cover stays in A or B1-type wards in public or private hospitals.<\/p>\n

The MOH data, published for the first time, demonstrated that the premiums for IPs can vary considerably, even among plans classified under the same ward class. Both coverage and price are determined by the respective insurers.<\/p>\n

A comprehensive breakdown of the premiums individuals would have to pay for Integrated Shield Plans from birth until the age of 100 is provided, based on rates effective from April 1, 2024. For private hospital IPs, the most expensive plan can cost up to SGD $323,900, with a significant portion requiring cash payment.<\/p>\n

By contrast, the three most affordable plans range between SGD $234,400 and SGD $238,400. The following is a summary of the plans and the lifetime premiums:<\/p>\n\n\n\n\n\n\n\n\n\n\n
Integrated Shield Plan<\/td>\nLifetime Cash Premiums (SGD $)<\/td>\nLifetime MediSave Outlays for Premiums (SGD $)<\/td>\nTotal Lifetime Premiums (SGD $)<\/td>\n<\/tr>\n
AIA HealthShield Gold Max<\/a> A<\/td>\n267,980<\/td>\n55,865<\/td>\n323,845<\/td>\n<\/tr>\n
Enhanced IncomeShield<\/a> Preferred<\/td>\n184,677<\/td>\n53,677<\/td>\n238,354<\/td>\n<\/tr>\n
GREAT SupremeHealth<\/a> P PLUS<\/td>\n212,975<\/td>\n54,117<\/td>\n267,092<\/td>\n<\/tr>\n
HSBC Life Shield<\/a> Plan A<\/td>\n183,158<\/td>\n53,654<\/td>\n236,812<\/td>\n<\/tr>\n
PRUShield<\/a> Premier<\/td>\n234,938<\/td>\n54,558<\/td>\n289,496<\/td>\n<\/tr>\n
Raffles Shield<\/a> Private<\/td>\n180,381<\/td>\n53,924<\/td>\n234,305<\/td>\n<\/tr>\n
Singlife Shield<\/a> Plan 1<\/td>\n210,749<\/td>\n54,275<\/td>\n265,024<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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With public hospital IPs, the difference between the most expensive and the most affordable plans exceeds SGD $50,000 for Class A coverage, and is around SGD $35,000 for Class B1 coverage, both of which correspond to private wards.<\/p>\n

The MOH’s data also revealed variations in coverage for specific medical services. For instance, coverage for kidney dialysis in Class B1 plans can range from SGD $24,000 per year to “as charged”.<\/p>\n

Similarly, coverage for community hospital care varies across plans, with some capped at 45 days per admission, others at 90 days, and different daily coverage amounts. Moreover, coverage for critical illness, psychiatric treatment, and other services may differ among insurers.<\/p>\n

How to Choose the Right Integrated Shield Plan<\/h2>\n

While you may be tempted to switch to an IP with lower premiums right away, you should also consider the coverage provided by different insurers. Insurers may offer varying benefits for the same medical conditions, such as kidney dialysis or psychiatric treatment.<\/p>\n

Other factors to consider when choosing an IP include:<\/p>\n