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Recently a friend of mine showed me an article regarding the Basic Medishield Plan. Apparently the author argued that "the insurance that offers the best value for money is the basic Medishield offered by the Central Provident Fund", and he asserted that there are 3 reasons for that:
1) A private shield plan gives you 50% more coverage at the expense of a premium which is 100% more costly.
2)When the Basic Medishield plan is unable to pay for your medical expenses at a private institute, you can always choose to 'top-up' your medical bills using your savings.
3) The risk of the above (point 2) occurring is "likely to be quite low."
This issue brings to mind a real-life example of how limited the Basic Medishield Plan can be. Ms Chew wrote to the Straits Times lamenting that the Basic Medishield Plan paid only $1,438 of $50,000 hospital bill ("MediShield paid $1,438 out of $50,000 hospital bill", The Straits Times, 28/11/2006). There are a few crucial points which can be gleaned from her experience: Read more...[caption id="attachment_2079" align="alignright" width="150" caption="Photo by Dave-F"][/caption]
Recently a friend of mine showed me an article regarding the Basic Medishield Plan. Apparently the author argued that "the insurance that offers the best value for money is the basic Medishield offered by the Central Provident Fund", and he asserted that there are 3 reasons for that:
1) A private shield plan gives you 50% more coverage at the expense of a premium which is 100% more costly.
2)When the Basic Medishield plan is unable to pay for your medical expenses at a private institute, you can always choose to 'top-up' your medical bills using your savings.
3) The risk of the above (point 2) occurring is "likely to be quite low."
This issue brings to mind a real-life example of how limited the Basic Medishield Plan can be. Ms Chew wrote to the Straits Times lamenting that the Basic Medishield Plan paid only $1,438 of $50,000 hospital bill ("MediShield paid $1,438 out of $50,000 hospital bill", The Straits Times, 28/11/2006). There are a few crucial points which can be gleaned from her experience: Read more...
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Recently a friend of mine showed me an article regarding the Basic Medishield Plan. Apparently the author argued that "the insurance that offers the best value for money is the basic Medishield offered by the Central Provident Fund", and he asserted that there are 3 reasons for that:
1) A private shield plan gives you 50% more coverage at the expense of a premium which is 100% more costly.
2)When the Basic Medishield plan is unable to pay for your medical expenses at a private institute, you can always choose to 'top-up' your medical bills using your savings.
3) The risk of the above (point 2) occurring is "likely to be quite low."
This issue brings to mind a real-life example of how limited the Basic Medishield Plan can be. Ms Chew wrote to the Straits Times lamenting that the Basic Medishield Plan paid only $1,438 of $50,000 hospital bill ("MediShield paid $1,438 out of $50,000 hospital bill", The Straits Times, 28/11/2006). There are a few crucial points which can be gleaned from her experience: Read more...
