Insurance
Premiums of integrated shield products heading north?
By Patrick Lim  •  September 17, 2008
By: Patrick Lim Recently, the CPF board rolled out the basic Medishield plan with enhancements which will come into effect on December 01, 2008. The primary objective of the enhanced basic Medishield plan is to pay up to 80% of larger hospital bills at all government restructured hospitals' lower class b2/c wards as compared to payment of up to 60% for the previous reformed Medishield plan which went through a similar enhancement effective July 2005. With the new enhancements, the premiums must inevitably head north and therefore, the revised premiums have been adjusted higher with the smallest increase for those in the age band up to 30 years of age from $30 to $33 and the highest for those in the top age band from age 84 to 85 to $1,123 (currently $705). Note: premiums inclusive of 7% GST. Medisave premiums can be paid by Medisave up to the maximum of $800 for each policy per year. But with the increase in premiums, for insured members 81 to 85 years of age (as of age next birthday) the Medisave premium withdrawal limit will be increased to $1,150 per policy year from December 01, 2008. On the healthcare front, our government has also announced and or implemented some other significant changes being, a. Means Testing at Restructured Hospitals Minister of Health, Mr Khaw Boon Wan has announced the means testing framework in Parliament on 3 Mar 2008.
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By Patrick Lim
Patrick is an Associate Director with Promiseland. He has more than 20 years of personal investment experience both in stock and shares and unit trusts. In his early years as an investor, he got burnt really bad in the infamous 1987 crash and again during the clob incident. With 2 decades of so-called battle scars behind him, the last few years (since 2003) have been good to him especially with his single country funds doing exceptionally well. On his investing style, he is both a technical analyst and fundamentalist. Patrick view wealth accumulation as part and parcel of the wealth management process but only if one has already executed his/her wealth protection planning on an on-going basis.
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