As you may be aware, there were some changes made to the claim limits and premium rates of basic Medishield. These changes took effect on 1 Dec 2008. In addition, starting from 1 Jan 2009, Ministry of Health will also be implementing Means Testing, to ensure those who can afford will pay more, and the lower income group will enjoy maximum subsidy.

M company took this opportunity to enhance the benefits as well as review the compensation structure of the plans. The end result is improved benefits for customers.  What’s new for existing and future clients are as follow:

- Inclusion of Post hospitalization Hyperbaric Oxygen Therapy (NEW IN MARKET)
- Coverage for hazardous activities and spore done on a leisure basis, with a licensed organization (NEW IN MARKET)
- HIV due to blood transfusion and occupationally acquired HIV
- Adjustment feature for policy year limit to offset medical cost inflation (NEW IN MARKET)

Personally I felt what is most important is our adjustment feature that can be used to offset rising medical cost. High medical cost is a main concern with today’s medical cost inflation that increases at a rate about 3% each year. Hence the policy year limit of $500,000 will now increase along with the Consumer Price Index so that you can offset the rising medical cost expense. Healthcare should never be a compromise. Ensure you have the financial means to seek the best possible treatment.

For the premium, existing policyholders (with policies incepted before 1 Feb 2009) will continue to pay the old premium rates. The new premium rates will only take effect at their next policy renewal date on or after 1 Feb 2009. Overall the premiums have increased, ranging from 5% to 15% depending on age. However what is more important is that our plans are very competitive in the market.

 
For those of my clients and friends who are still hesitant about getting a shield plan, please seriously consider again because this policy is one of the MUST have policy that you should have other than life insurances.  For more infor, please give me a call or drop me an email for further discussion.

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