Late Dec 2019, Pei Xian reviewed with me:

• term plan till age 65. Can stop any time without $loss .. nice:)
• $379/Y premium for $27k payout. I guess this might be one of the smallest plans .. nice:)
• half of it pays out upon early stage diagnosis. Full payout for a 2nd stage diagnosis. 2nd-stage diagnosis is likely to require hospitalization
• Not reimbursement based
• Policy # 60763874
• Hospitalization covered by shield plans; CI plan provides a buffer to defray expenses.
  • The buffer is comparable to the MyCarePlus $5k/M payout

 

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J4 bpost: This shield insurance knowledge is valuable for 10 to 20 years.

• police #92792869
• bought in ? LG .. can find out easily
• NTUC Enhanced IncomeShield has basic plan vs higher plans. Basic plan was chosen and covers B1 ward or below.

Q: Shall we terminate the 2 riders? (1-2 weeks to receive confirmation, then 1-2 weeks to get pro-rated refund by giro.)

I picked 2 out of 4 riders

• Daily cash – pays $50/day + $100 at discharge. Only $28/year premium. Worthwhile if he stays once in 5 years. Note this is NOT reimbursement 🙂 so you can get reimbursed from other insurers and still earn this daily cash 🙂
• .. Shall we cancel this rider?
• I set up GIRO from 108-37765-8. First deduction date is 6 Feb 2018. Increased to $146 in 2019.
• Plus rider also has additional benefits we should check out when needed

Policy limitations

1. deductible and coinsurance — see note below
2. payout limit per policy year. 250k/Y payout limit in boy’s IncomeShield. I think MyShield is around 400k probably.
3. exclusions

— G3 limitations — deductible and coinsurance

Personal experience — I tried to claim from Aviva but my son’s hospitalization bill fell within deductible so I received $0 payout:( This experience taught me it’s crucial to get rid of deductible and coinsurance.

Typical deductible amount — SGD 1500 to 2500 per year.

— In summary, my “statements” show three separate annual /debits/

Medisave annual payment increased from $117/year to $137 as of 2019, covering the government “medishield life”  + private integrated shield plan. Both amounts can increase !

	private?	what	cpf/giro	cur amt/Y	initial amt/Y
	private	rider	giro	$146	$126
	private	EnhancedIncome	medisave	$49	$49
	gov	MSL	medisave	$88	$68

I need a short phrase for “deductible + coinsurance”.

For my Aviva and NTUC shield plans, I always purchase cash riders to zero out dedCoins. This is based on experience. In a typical year, we only incur hospital bill below $5k. Most of that fall into deductible range, so we get little or no payout

The definition and claim criteria of the 37 critical illnesses is identical from insurer A to insurer B. Same underwriting risk. (Some insurers add small amount of additional coverage.)

However, that’s not the case with the early stage plans, which as of 2016 are not yet standardized across Singapore.

Aviva underwriter noticed that one innocent sentence in the doctor memo, and imposed an exclusion in my son’s FOC rider. If I accept it, it becomes official and all insurers in Singapore will likely have access to this information and impose the same exclusion. (Esp. if the other insurers have the same re-insurer as Aviva, then they would see the record for sure.) Any exclusion in an accepted medical insurance plan (not a proposal) is unlikely to be removed, ever. It’s permanent and pervasive like a scar on his nose.

Exclusions, once accepted, are permanent stigmas like a criminal record.

Any underwriter can give a life sentence to any applicant if applicant chooses to accept it. I would tell all my friends to never accept exclusions for a temporary condition. Further I would tell all my friends to never inform underwriters of your conditions.

In 2014 I was stupid to inform Aviva, and till today am paying the price. If underwriter were to worry about the eyes, legs, lungs, testicles, or breasts of every applicant and request medical memo, then 80% of us would show some minor or temporary condition with no long term consequences. These applicants would all get a permanent exclusion (unless you decline). My advice – never inform insurer. If you don’t inform them you get no exclusions. At claim time you can argue the earlier temporary condition was long gong or unrelated to the current claim. Mostly likely a convincing argument, but if you inform the insurer now, you would get endless suspicions and questions. Therefore, the underwriting system punishes the honest (stupid) applicants and reward members who hide their conditions until claim time. I won’t want to be honest with underwriters from now on. Applicants are better of faking and hiding their conditions as long as they can defend themselves later. This system encourages cheating. This is how honest people learn to be dishonest … taught by underwriters.

Action plan — It’s best to wait for his condition to become completely normal (quite likely). Then get a doctor memo, and go to another insurer for an integrated shield with rider. This way I get rid of the exclusion forever.

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As far out as I can see, I need to deal with 2 major risks arising from (my) illness:

A) Unable to continue working for the rest of my life, leading to permanent loss of income like 2-3 million
B) medical treatment – covered by (Aviva) shield plan iff a Singapore hospital
B2) temporary loss of income due to health. Duration is hard to estimate, but longer durations are more rare.

There are also some low-probability risks:

C) long term care – covered by Elder shield. This kind of condition is rare but widely reported – I get so sick I can’t take care of myself so my family must spend hundreds of dollars every month for years. My mother talks about this because she’s scared. I have a friend (Raymond) whose father went through this. But this is rare. I assume $500/month x 20Y = 120k

D) death (and TPD) – doesn’t bother me because low probability

E) accidents – bothers me but the serious accidents are rare

Touch wood. You are forced to scale down your work duty due to a major illness, with a high hospital bill. That’s when you need the insurance payout, but for some technical reason, you don’t qualify.

How likely is this? I don’t know.

Look at my parents. They have health conditions but don’t qualify for any of the 30 CI. All the medical bills they have to manage by themselves.