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Sunday, September 2, 2018

ENHANCED INCOMESHIELD PREMIUMS AND RIDER CHARGES: STEEP INCREASES


ENHANCED INCOMESHIELD, INTEGRATED MEDISHIELD, NTUC INCOMESHIELD, MEDISAVE, MEDISHIELD LIFE
My family and I are under the Enhanced Incomeshield plan which is part of the Integrated Incomeshield that consists of both the Government’s Medishield plan and an additional private insurance component (by the insurance company). Recently, I received the annual statement of renewal of our annual Enhanced Incomeshield plans which also listed down the annual premiums and charges for the Assist Rider for both myself and children to be paid in the next insurance coverage year. While expecting higher medical premiums and riders to be paid (since the Government has in part broadly announced that private medical costs would be expectedly to go north in time to come), I am surprised at the quantum of the increase.
Through using % rise comparison (since the statements only listed down the new charges when it comes to figures), between the new rates and existing rates for the Enhanced Incomeshield premiums and Assist Rider charges, I came to the following findings:

1) Enhanced Incomeshield premiums (for both the Government’s Medishield and the Private insurance components) for myself and kids have increased approximately 20% year-to-year.

2) Assist Rider premiums for my kids have risen by 38.8% which is approximately to 40%!

The quantum of increases are significant if we compare to those of other basic fees of cost of living which have risen in tandem as well: gas, water, electricity, town council fees and cost of meals outside. These would translated to me paying around $30 to $50 more per month be it from Medisave or GIRO for my family’s Enhanced Incomeshield plans as a result of the increments in premium in the next insurance period. But I would not begrudge the payment since a comprehensive medical insurance plan is really an essential part of one’s Financial Plan. With rising medical costs, it would be advantageous to have comprehensive medical insurance coverage so that medical payments could be limited in unforeseeable events.

Along with a robust and comprehensive medical plan, more importantly, we should continue to take charge of our health with the knowledge that good health is an asset and we should work hard to maintaining good health through regular exercise, good sleep and meals. I am reminded now to go for my next jog soon!

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