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Reader says...
I would like to ask you regarding H&S insurance. I have spoken to a few agents to understand more about the H&S products that they are offering.
They would frequently mention “Do you want to stay in private for the best healthcare?” “With riders, you don’t have to worry about co-insurances or deductibles..”
Sounds enticing but I got a shock when I looked at the premiums I have to paid in the long term run and also, I am wondering how am I be able to pay for the premiums once I stopped working in the future. Premiums are highly likely to increase in the future.
So, I asked myself do I really need the ‘best’ healthcare? I am quite contended with decent healthcare that has government subsidies.
As such, I thinking of getting a H&S + rider that has coverage for B1 and below.
The reasons being:
• The premiums paid in the long run is still within my range
• I don’t want to be slapped with a huge bill that cannot be claimed and end up worrying about it
• I hope to have affordable out-patient treatments as a subsidised patient. As some illness need permanent follow ups and not everything can be claimed.
For Ward B2 and below, one will be considered as subsidised patient. The rest will be considered as private
Can I ask for an unbiased third party view? I am ok with staying in B1 and below + decent healthcare from the public hospital.
Do think the coverage is sufficient for my requirements? Or am I missing something? Thanks for talking to yourself again.
AK says...
If you are OK with staying in B2 or C ward, then, you only need Medishield Life.
If you wish to stay in B1 or better ward, then, you need a private shield plan.
I am inclined to believe that a higher class ward will provide a more comfortable stay which could help promote recovery.
However, whichever class we are warded in, I believe that we would have access to the same quality of healthcare. :)
Related post:
Is my insurance agent scaring me?
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