Wednesday, 4 March 2015

Medishield (Life) and Private Integrated Shield Plan

It is essential to understand the healthcare system that impact you. You can refer to :

Types of ward:

Average Hospital Bill Size

I would suggest each of us to understand what types of ward we are minimally comfortable with. Taking our finance into consideration, this is where we decide which ward to choose should we need to be hospitalised *Touchwood*. Above 2 links, we can find the cost statistic and SGH's ward types for reference. Please note that different hospitals have different ward types too. I would prefer to take the 90 percentile of cost as a reference. There could be other costs that are not included in this report and not claimable under our medishield/private integrated shield plan, so it is better to be a little bit more conservative.

I would prefer ward B2 or B2+. 

First, I don't like to be in an air conditioned room that much. 
Second, there are higher chance that ward C could be very noisy and I would not be able to rest well for recuperation. So, B2 would be my minimal. 

Insurance agents like to advocate illnesses that are only available at private hospital. I am not convinced as our structured hospitals are well established and most private practitioners trained from there. I would think the ranges of services covered by public hospital are comprehensive. Medishield may not cover certain medicines and the waiting time for specialist consultation and tests could be very long, compared to private hospitals'. A "backup/add-on" private shield plan could be good, if you can afford the premium via cpf medisave or cash. Most of us would want to recover from illness and money should be the last concern at that point, isn't it?

With the introduction of Medishield Life, the premium is so much higher. Logically, I should maintain a private shield plan and cancel off my private shield plus, payable by cash. However, this is made complicated as my private shield plus covers my baby too. Babies are vulnerable to sickness. Since our financial independence could only be well achieved around 40-43 years old now, it could be better to remain status quo as wealth protection is critical during this 10 years.

I will continue to observe the changes to the private shield plan. Another factor will be my second baby (If we planned to). This will made leveraging on my private shield plan worthwhile, with the same premium. We shall see.

Shield - Captain America

Frugal Daddy

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