Saturday, November 27, 2010

Private Shield - is it worth a buy?

Let's talk about the single most important thing in one's personal finance, Hospitalisation and Surgical Insurance.  Read this and this and that on such H&S insurance matters.

Having read the articles above, i somehow had this impression that Medishield gives more value to those Private Shield plans. (Note, i use the word value, not cheap and i use the word impression , so it is just my opinion. Just for the record, I am an absolute newbie in insurance,
I have used Enhanced Income Shield (BASIC) insurance as comparison as it's the most " apple to apple" .
Medishield covers grade B2/C wards. Incomeshield covers B2/C wards AND B1 wards.
85 years above is not covered under Medishield. Honestly, i have damn good genes...and i think i will live till above that age, barring any suay events like slashing or stabbing incidents by the 369 gang or ang soon tong or 18 sio li ho or Kuti PiSai Motorcycle gang linked to Columbian Drug lords .(Eh Ah Beng reading this ...relak la bro..just joking ). At most, Incomeshield is only 2.87 times more than the premium of medishield  and it is covered by Medisave, money one can't touch.

Coverage ( Very General and Brief)
In term of coverage, Incomeshield (Basic) trounces Medishield big time.The above table is just a portion of the difference in coverages, if you have so much time to spare for analysing, look here for Medishield and here for NTUC incomeshield.

Honestly, i think a limit of $50,000 for a policy year for Medishield is kinda low. So, do you think paying 2.87 times ( at most) for the 'as charged' ( means unlimited in a sense) feature and the coverage beyond 85 years of age is worth it?

No comments:

Post a Comment