Singapore Expats Forum

Medical Insurance for PR holders

Discuss the different insurance options from car to health insurance.
katchan36
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Medical Insurance for PR holders

Postby katchan36 » Tue, 26 Jul 2011 2:02 pm

Are PR holders covered with medical subsidies at a government facility?
Is it compulsory for all companies in Singapore to cover health insurance for their workers?

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Mad Scientist
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Postby Mad Scientist » Tue, 26 Jul 2011 3:29 pm

The positive thinker sees the invisible, feels the intangible, and achieves the impossible.Yahoo !!!

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Postby katchan36 » Wed, 27 Jul 2011 2:33 pm

Hello Mad, Thanks for the info.

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Postby curiousgeorge » Fri, 29 Jul 2011 8:22 am

When you become a PR, you will get info from the CPF Board, including "General Information on Medishield Scheme" booklet which explains all the discounts.

When you pay CPF contributions, some it goes into your MediSave account. MediSave can be used to directly pay hospital bills, but there are better uses!

Firstly, unless you opt out, the government will use it to purchase MediShield cover. This is like a government private medical insurance, still with a high deductible and co-pay, and the limits are fairly low compared to private medical insurance. Anything other than C-Class (dormitory wards) will be heavily pro-rationed.

On top of that, you can use your MediSave fund to pay for an "Integrated Plan"which is a private medical insurance top-off to MediSHield, where you can select your level of cover based on how much you want to afford. The MOH and CPF websites have details if you look.

FOr instance, my premium for Private "As Charged" hospitalization coverage is just $256 a year, compared to BUPA who wanted 10 times that (but is worldwide). Also, the IP has a deductible & Co-pay...

So, each of the government approved insurance companies that offer an IP probably also offer a rider that allows you to eradicate your deductible and co-pay levies. It will probably double your premium, but is still much better value (IMHO) than private direct insurance.


And one last word...even government approved insurance schemes will exclude any pre-existing condition or illness...so start your medical coverage while still in good health :)

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Postby sundaymorningstaple » Fri, 29 Jul 2011 10:17 am

^^^^
+1

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Postby PrimroseHill » Fri, 30 Aug 2013 4:19 pm

curiousgeorge wrote:When you become a PR, you will get info from the CPF Board, including "General Information on Medishield Scheme" booklet which explains all the discounts.

When you pay CPF contributions, some it goes into your MediSave account. MediSave can be used to directly pay hospital bills, but there are better uses!

Firstly, unless you opt out, the government will use it to purchase MediShield cover. This is like a government private medical insurance, still with a high deductible and co-pay, and the limits are fairly low compared to private medical insurance. Anything other than C-Class (dormitory wards) will be heavily pro-rationed.

On top of that, you can use your MediSave fund to pay for an "Integrated Plan"which is a private medical insurance top-off to MediSHield, where you can select your level of cover based on how much you want to afford. The MOH and CPF websites have details if you look.

FOr instance, my premium for Private "As Charged" hospitalization coverage is just $256 a year, compared to BUPA who wanted 10 times that (but is worldwide). Also, the IP has a deductible & Co-pay...

So, each of the government approved insurance companies that offer an IP probably also offer a rider that allows you to eradicate your deductible and co-pay levies. It will probably double your premium, but is still much better value (IMHO) than private direct insurance.


And one last word...even government approved insurance schemes will exclude any pre-existing condition or illness...so start your medical coverage while still in good health :)

Sorry if I sound stupid. I have just been reading the Meidshield and medisave sites and I can make neither head nor tail of it. It just looks scary the medisave one if I were to pot out and have IP. Can someone please advice

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Postby movingtospore » Sun, 01 Sep 2013 8:20 pm

You should speak with an insurance broker who is used to dealing with exapts, PRs and otherwise. There are lots - I can recommend Expat Insurance as I had a good experience with them.

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Postby ecureilx » Mon, 02 Sep 2013 12:04 pm

movingtospore wrote:You should speak with an insurance broker who is used to dealing with exapts, PRs and otherwise. There are lots - I can recommend Expat Insurance as I had a good experience with them.


seriously ? Insurance and expat in the same line ? that is like waving $$$$ in front of any insurance agent

I have been taken for enough rides by Insurance agents who specialise in "EXPATS" - aka- you put like 500 $ a month, and when you want to cash in after 4 years, due to financial difficulty, you get back like 2000 $ .. oh, wait, the Terms and conditions state if you paid for 5 years (that is 500X60=30,000) you will get back 15,000 or wait, after 10 years, you can get back like 30,000 ..

Oh, your agent didnt' tell you ? out of the 500, only 100 went to the saving plan, and 400 went to insurance (the insurance you didn't even get to use-but the component made your agent hit the Million $ round table targets.. and people like you made him/her super rich to buy a huge condo .. oh, you never knew the benefits ? too bad .. )

Seriously, if you want additional coverage, walk into NTUC or some insurer, over the counter tell them what you have and what you need, and you are good to go..

Talk to any agent, they will always like to upsell, and recently too an insurance agent got pissed off he didn't even buy me a drink, when I adamantly told him I only want to enhance my Medishield insurance, and no, no touching my CPF or any investment

Over and out ..

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Postby beppi » Mon, 02 Sep 2013 3:11 pm

I can conform the above from own experience:
Insurance agent in Singapore is a temporary job for people desperate enough to make ANY money. Of course they are lured with stories of people making millions, and trained into upselling and getting people to sign far more than is good for them.
My now wife was talked, by a "friend" who became agent due to a lack of other job, into getting an investment-linked life insurance (from Prudential - not a no-name brand!). I found out (two years later) that it's an almost complete rip-off, and even forgoing the already paid premiums (for two years) by cancelling the whole and then getting (separate) pure risk life insurance (e.g. from NTUC) and investing the rest elsewhere (e.g. fixed interest) would get her substantially more returns in the end.
The "friend" still managed to prevent the cancellation for a few months with sob stories of her being penalized for cancellations in her customer portfolio ...

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Postby ecureilx » Mon, 02 Sep 2013 3:34 pm

beppi wrote:The "friend" still managed to prevent the cancellation for a few months with sob stories of her being penalized for cancellations in her customer portfolio ...


Nowadays, I see insurance agents as clones of MLM .. smoke and sell .. :D

Yah, my write up was a bit of rant as well ;) had to get it off my chest :D

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Postby movingtospore » Wed, 04 Sep 2013 10:36 am

Bah. Not saying they're all good just this one was good. They actually helped me save a lot of money and figure out what we were and weren't covered for.


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