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How do insurance corporations cut back your money bills & do you really want a personal IP?

This post was written in collaboration with Great Eastern. Although we are financially compensated by them, we still strive to maintain our editorial integrity and to evaluate products with the same objectivity. We strive to provide you with the best possible information so that you can make your personal financial decisions with confidence. You can see our editorial guidelines here.

Not all countries have access to subsidized basic services, but Singapore does. This means that government plans and policies give us subsidies for our hospital bills – even before our private insurance comes into effect.

Hospital bills can cost a fortune, however. As a result, many of us buy some type of hospital plan – also known as an Integrated Shield Plan or IP – to cut expenses, also known as cash outlays, or to go beyond basic care and even get care in a private hospital.

But the question everyone is asking is, should you have the highest private IP address available, a medium IP address, or just settle for the base? I mean, the standard of health in Singapore is generally high; So whether you choose a private hospital or a refurbished hospital, you are always in good hands.

Let's look at a few scenarios to see how insurance can reduce our cash outlays and to see if we really need a private IP:

Scenario: Private hospitalization with surgery

Let's introduce our fictional character Jim undergoing surgery in a private hospital. Using MediShield Life as the most basic coverage and based on Great Eastern IP coverage GREAT SupremeHealth (GSH) P Plus with and without the GREAT TotalCare (AGB) (Elite-P) Supplement plan.

P denotes insurance coverage for private hospitals. With the add-on of Great Eastern's GTC Elite-P plan, the co-payment is limited to 5% of the total hospital billsI.

This is what Jim's estimated hospital bill would look like under the different levels of insurance.

$ 10,000 incurred in private hospital MediShield Life only GSH P Plus only GSH P Plus and AGB (Elite-P)
Eligible hospital bill $ 2,500*
($ 10,000 I
proportional factor of 25%)
$ 10,000 $ 10,000
Less: deductible $ 2,000 $ 3,500 $ 3,500
Less: co-insurance $ 50
(1st $ 5,000 (including deductible) @ 10%)
$ 650 $ 650
Policyholder expenses Deductible + co-insurance + excess of the hospital bill after applying the proportional factor
= $ 2,000 + $ 50 + $ 7,500
= $ 9,550
Deductible + co-insurance
= $ 3,500 + $ 650
= $ 4,150
Co-payment (5% of the eligible hospital bills)
= 5% x $ 10,000
= $ 500
Eligible Amount $ 450
($ 10,000 – $ 9,550)
$ 5,850
($ 10,000 – $ 4,150)
$ 9,500
($ 10,000 – $ 500)

* Since Jim was in a private hospital, his MediShield Life entitlement is calculated based on 25% of the bill. Jim has to pay the excess of the hospital bill after applying the prorated factor.

Scenario: Restructured hospital stay with surgery

Let's say Jim decided to move to a restructured hospital instead. This is what his estimated hospital bill would look like under the different levels of insurance.

$ 10,000 in the Restructured Hospital – B1 Ward MediShield Life only GSH P Plus only GSH P Plus and AGB (Elite-P)
Eligible hospital bill $ 4,300I
($ 10,000 I proportional factor of 43%)
$ 10,000 $ 10,000
Less: deductible $ 2,000 $ 2,500 $ 2,500
Less: co-insurance $ 230
(1st $ 5,000 (including deductible) @ 10%)
$ 750 $ 750
Policyholder expenses Deductible + co-insurance + excess of the hospital bill after applying the proportional factor
= $ 2,000 + $ 230 + $ 5,700
= $ 7,930
Deductible + co-insurance
= $ 2,500 + $ 750
= $ 3,250
Co-payment (5% of the eligible hospital bills)
= 5% x $ 10,000
= $ 500
Eligible Amount $ 2,070
($ 10,000 – $ 7,930)
$ 6,750
($ 10,000 – $ 3,250)
$ 9,500
($ 10,000 – $ 500)

I Since Jim stayed in a B1 ward of a restructured hospital, his MediShield Life entitlement is calculated based on 43% of the bill. Jim has to pay the excess of the hospital bill after applying the prorated factor.

Summary: private hospital vs. refurbished hospital

Based on Jim's scenarios above, his cash outlays in a private hospital are still manageable with the right insurance plan. Here are a few reasons Jim would choose a private hospital over a restructured hospital:

Waiting times: In general, people waiting to be admitted to a rehabilitated hospital could expect longer waiting times of 1 to 6 hours like this. reported Ministry of Health. In private hospitals, admission usually takes place within the first hour.

Comfort / privacy: There are different ward classes in a hospital, each offering a different level of comfort and privacy. A B2 station, for example, has up to 6 beds in the room, with shared bathroom and mostly there is no air conditioning, no television or choice of food. In renovated hospitals, class A wards are given more privacy and comfort.

speed: You may also have heard of friends and family waiting weeks or months for an appointment in a restructured hospital, while those who go to a private hospital can somehow get treatment within the week. This is because the restructured hospitals have to care for many more people each time than private hospitals, that is, on the principle of "first come, first served".

Otherwise…

It is true that the insurance premiums for rehabilitated hospitals are lower and the grants for the B2 and C classes are higher. Some prefer the social aspect of being on the same ward with other patients, and some prefer a non-air-conditioned ward.

It is also possible to just stay with MediShield Life and not get an IP if you are satisfied with the basic service. They are limited to the B2 and C wards, and pre- and post-hospital medical expenses are not covered.

In some cases, the individual could also be insured through the employer's hospital plan, subject to the limits and co-payments set by the employer, and the plan would be terminated if the individual ceased to work (or retire) with the company in the future.

All in all, it really depends on a person's health preferences and their available insurance budget.

What are Great Eastern's Shield plans?

Since we used Great Eastern's GREAT SupremeHealth and GREAT TotalCare add-on plans in the above scenarios, let's now take a closer look at those plans.

Compare Great Eastern 2021 Cheap Health Insurance Plans

GREAT SupremeHealth

GREAT SupremeHealth is an Integrated Shield plan that complements MediShield Life. It offers different levels of coverage that correspond to the ward class and type of hospital. Although largely insured, you would still have to pay the deductible and the co-insurance.

To plan Great Eastern SupremeHealth – B Plus (Grade B1 and lower, Restructured Hospitals) Great Eastern SupremeHealth – A Plus (Class A and lower, restructured hospitals) Great Eastern SupremeHealth – P Plus (Private and Refurbished Hospitals)
Annual coverage limit $ 500,000 $ 1 million $ 1.5 million
Annual premium (Singapore Citizen 35 ANB) $ 390 (MediShield Life) + $ 80 = $ 470 $ 390 (MediShield Life) + $ 123 = $ 513 $ 390 (MediShield Life) + $ 322 = $ 712

GREAT TotalCare

This is the add-on plan for GREAT SupremeHealth, which reduces your copayment to 5% of your hospital bill, depending on the plan type you choose, up to a maximum of USD 3,000 per insurance yearI. This also has different levels of coverage.

GREAT TotalCare Annual performance limit Additional payment to be borne by the policyholderI Annual premium (Singapore Citizen 35 ANB)
Classic-B (restructured hospitals, class B1 and lower wards) $ 150,000 5% of the total eligible invoices§ or the deductible under the GREAT SupremeHealth (if applicable), whichever is higher $ 67
Classic-A (restructured hospitals, class A and lower wards) $ 200,000 $ 81
Classic-P (Private & Restructured Hospitals) $ 400,000
  • Pre-Approved Private Hospital / Restructured Hospital Claim: 5% of total eligible invoices§
  • Unapproved Private Hospital Claims: 5% of total eligible invoices§ or the deductible as part of GREAT SupremeHealth, whichever is higher
$ 335
Elite-B (restructured hospitals, class B1 and lower wards) $ 150,000 5% of the total eligible invoices§ $ 145
Elite-A (restructured hospitals, class A and lower wards) $ 200,000 $ 211
Elite-P (Private & Restructured Hospitals) $ 400,000 $ 712

§ Eligible bills relate to expenses incurred, subject to the pro-ration factor (if applicable), which are similar to the GREAT SupremeHealth plan.

In addition, GREAT TotalCare is currently the only IP add-on plan that offers outpatient cancer treatment of up to USD 10,000 per insurance year (subject to co-payment amount) without hospitalization. It covers the treatment of cancer by a hospital or a legally approved outpatient cancer treatment center for outpatient cancer treatment, even after 365 days after the hospital stay.

Other add-ons:

  • GREAT TotalCare Plus driver – for 24/7 specialist support in emergency situations abroad.
  • Supreme MediCash Receive daily cash of up to $ 200 per day for hospitalizations due to illness (including COVID-19) and up to $ 400 per day for hospitalization due to accidents, including overseas.

Damage-adjusted prices

Policyholders from GREAT TotalCare (Elite-P) or (Classic-P) can also benefit damage-adjusted pricing, in which the premiums to be paid for each extension are determined by the claims experience during the assessment period. i.e. those with the Standard Premium tier who did not claim during the evaluation period can enjoy the Preferred Premium tier, which includes a 20% discount on their standard premium tariffs.

Register for a limited time only and benefit from a 20% discount on the premiums for the first year for the GREAT TotalCare (Elite-P) and (Classic-P) tariffs. Learn more about GREAT Eastern's Integrated Shield plans here or request a callback from our financial representatives.

#Life sustaining for your hospital stay.

Remarks:

I The co-payment varies depending on the Great TotalCare plan type and can be either (i) 5% of the total eligible bill; or (ii) 5% of the total Eligible Bill or Deductible, whichever is greater. The co-payment amount required by policyholders is capped at $ 3,000 per insurance year for claims from restructured hospitals and / or pre-approved claims from private hospitals.

The information presented is for general information only and does not take into account the specific investment objectives, financial situation or the special needs of any particular person. GREAT TotalCare and GREAT TotalCare Plus are not MediSave-approved Integrated Shield plans and premiums are not payable with MediSave.

GREAT TotalCare is designed to complement the benefits of GREAT SupremeHealth. GREAT TotalCare Plus is a driver that can only be connected to GREAT TotalCare to expand medical coverage worldwide.

The age given relates to the age after the next birthday (ANB).

This ad has not been verified by the Monetary Authority of Singapore.

The above is for general information only. It is not an insurance contract. The exact conditions of this insurance are set out in the insurance contract.

Protected by SDIC up to the specified limits.

Information correct, as of December 13th, 2021.

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