Choosing a shield plan for your newborn is VERY important.
Let’s discuss in detail about Integrated Shield Plans (ISP or shield plan) for your newborn baby.
Just to be clear, Shield plans are add-ons to Medishield Life, so there is no duplicates or double payment.
In this article, when shield plan is mentioned, it is referring to Private Insurer’s Shield Plans.
What is Deductibles and Co-Insurance?
With recent changes announced by Ministry of Health (MOH), all shield plans and their riders are to include some form of co-payment from yourselves.Deductible is the first dollars out that is borne by yourself.Co-insurance is to pay the next 5-10% of the total bill by yourself.Good news however, there is a cap on the co-payment.
Each insurer offers co-payment differently, riders will reduce the co-payment.We will include that as a factor of consideration between each insurer’s offering.There is no shield plan you can apply now that covers 100% for your baby.We need a shift in this mentality that 100% coverage is the best.Co-payment is not necessarily a bad thing as it curbs over-consumption of medical benefits.And at the same time we many insurers are upping premium rates of their “100% covered” plans.Some rider premiums have gone up by 50%!Even for yourself, it may be more worthwhile to switch over to shield plans with co-payment schemes if health conditions allow.
We need coverage against hospitalisation but there is no need to pay premiums as if we need the hospital every year. Shield Plans Comparison!
As this article is Best Shield Plan For Newborn Baby, we will go through various plans offered by each insurer.And at the same time, we will mainly be comparing features critical for parents in making this decision easier.Here are the shield plan’s for private hospital coverage offered by each company:
AIA HealthShield Gold MaxAviva MyShieldAXA ShieldGreat Eastern SupremeHealthNTUC Enhanced IncomeShieldPrudential PruShieldRaffles ShieldI’ll include the rider’s name in the individual headings so that you know which to look out for as the plan names has changed with the new rulings.We will be comparing the following features that is most applicable to parents and newborn babies:
Congenital Waiting PeriodCo-paymentFamily member accommodationCoverage for HFMD/DengueOutpatient benefits*Premiums for newborn babies: (Main Plan then Rider premiums)*Outpatient benefits refers to non-hospitalisation events. For instance, visiting a GP for a cold.
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