Everyone should be insured with a Shield plan but how much do you know about the one you are holding onto? The CPF provided us with Medishield and the private insurers that has Shield plans will include; Prudential Pru Shield, AIA Healthshied, Great Eastern Supreme Shield, Aviva Shield and NTUC Income Shield.
Each individual can only own one Shield plan. Therefore, if you already have one and you purchase another one, the old one will be taken over by the new one automatically.
It is important to note the differences among the many types of shield plans available in the market. Never make the decision on which one to buy by only comparing prices.
Questions to ask your Financial Adviser before purchasing a Shield plan:
- How much is my deductibles and co-insurance
- How much is my per life-time coverage
- How much is my per-year coverage
- Are my claims as per charge or is there going to be a cap
- What are the exclusions
And lastly the most important thing that one should look out for is the fine prints. I was doing a comparison some time ago and was shocked to find this clause in one of the fine prints that I had read.
" Insured has to inform the company 4 days prior to hospitalization"!!!! Shocking???? How can one has such a clause and I repeat its in the fine prints. This is a BIG unknown risk to the insured. Isn't ridiculous to have such a clause? How can one know when are they going to be hospitalised? Especially if its due to an accident?
Therefore, read your fine prints and be aware of what you are buying. Hmm... if you are curious to know who this insurer is.... ask your Financial Adviser :)
(Logo abstracted from MOH website)