Before I start writing anything, let me assure you that I am still having an office job and I am NOT selling any insurance or getting any referral fees for this. It’s just that recently I have ended a month long research on the various hospitalization insurances available on the market and finally settled on Aviva MyShield Plus for myself and my son. I found the plan to be very good and would like to share my findings on this important insurance with you guys.
As you all know, one without any hospitalization insurances will have to bear one’s own hospitalization bill in full (of course after the various deductions from Medisave) but it still can be expensive. If you are willing to part with your money in Medisave annually for amounts below (depending on your age) to buy Aviva’s MyShield plan, you will just need to bear the first $3000 of your hospital bill (per policy year) plus the remaining 10% (90% will be covered). This means to say in any given policy year, if I am hospitalized 2 times, no matter what, I will only pay $3000 + 10% of the bill. However, if the 2 times hospitalization are spread over 2 policy years (once a year), I will have to pay $3000 X 2 = $6000 + 10% of the total bill.
Plan 1: Up to wards in private hospitals
Plan 2: Up to Class A in govt hospitals
Plan 3: Up to Class B in govt hospitals
If you can further bear to part with a little cash every year to upgrade to MyShield Plus, you will only need to pay the first $3000 of your hospital bill, which means 100% except for the 1st $3000 of the bill is covered. This includes the best plan (Plan 1). Prices as below:
Note that prices are non-guaranteed for both Medisave and Cash. I may be paying $52 per year now but two years later (under the same age range), I may be paying more than $52. I believe that increases, if any, won't be too much because the company will likely need Singapore govt's approval.
For my son and I, we have taken taken up My Shield Plus, Plan 1, Option A. My brothers and I also have upgraded my father to this plan. One may think that 10% of a hospital bill is not a lot but it is, if we are talking about a major illness. A friend’s mother just died of cancer and her govt hospital bill came up to nearly $300,000 (yes, $300,000). I don’t know why. Maybe she was admitted as a private patient or what but nonetheless, the figure scared me. Imagine 10% of this amount every year. I really don’t think I can afford that so I would rather pay $52 every year now and be liable of the $3000 only. Also, I have compared Aviva with NTUC and trust me, Aviva is really cheaper than NTUC for the same benefits. If you don’t believe me, go to their websites and see for yourself or you can refer to the table I have come up with below:
If you don’t want to be even liable of the $3000, you can pay more each year as below:
Again, I have calculated. If I take up this Option B, I will pay around $20000 more by the time I am 80 years old. Is this really worth it? For the extra $20000, I can admit myself to the hospital 7 times in 7 different years which I really think is unlikely. Furthermore, I am getting the best plan but if I stay in Class B, govt hospital (I will be liable for $2000 instead of $3000), I still get paid a daily hospital income of at least $300 for helping Aviva to save money. So, I don’t think this Option B is worth the money but it’s up to you.
The best news about Aviva (and only Aviva!) is, if you have kids, whether one or ten of them, so long as you and your husband/wife sign up for Plan 1 or Plan 2 (even without forking out cash, only Medisave), ALL of your children will be covered FREE till they turn 21. So, you tell me good or not?
The bad news is, you have to sign up for this while you are still young, healthy and strong. Ask anyone and they will tell you that all insurance companies do not cover existing conditions. So why lose out and buy only when something happens? For Aviva, existing conditions will be covered if you take up full medical underwriting and if you didn't seek treatment for that condition for next the 5 years...
Enough said, let me know if you are interested, or have questions. I will love to help or send my agent to you. I repeat, I am NOT getting any commissions or referral fees for this. I just really think that this is a great plan and one truly cannot do without. You should know that being Singaporeans, you cannot afford to get sick and death will be a relief only unless you come from $$$ or if you buy hospitalisation plans.
Right?
