Transition of Integrated Shield Plan Riders to Co-Payment
How the Changes to the Integrated Shield Plan Riders (PRUExtra) on 1 April 2021 will Impact You
In 2018, the Ministry of Health announced guidelines for policyholders to co-payment a minimum of 5% on medical claims made from their Integrated Shield Plan (IP) riders, to help address rising healthcare and health insurance costs in Singapore. The Health Insurance Task Force (HITF) also recommended that insurers incorporate suitable claims-cost control measures for all Integrated Shield Plan (IP) riders. In line with these guidelines and to ensure that we can continue to sustainably provide affordable coverage to our customers, we will be implementing the changes summarised in the attached infographic on 1 April 2021.
PRUExtra Transition at a Simple Glance
In 2018, the Ministry of Health announced guidelines for policyholders to co-pay a minimum of 5% on medical claims made from their Integrated Shield Plan (IP) riders, to help address rising healthcare and health insurance costs in Singapore. In line with these guidelines and to ensure that we can continue to sustainably provide affordable coverage to our customers, we will be transitioning PRUExtra riders purchased between 8 March 2018 to 31 March 2019 to riders with co-payment starting 1 April 2021. Check out this infographic for what to expect. You may also find more information on prudential.com.sg/prushield-changes. Please feel free to reach out to me anytime for details. T&Cs apply. Protected up to specified limits by SDIC.
Get Rewarded for Staying Healthy with Claims-Based Pricing for PRUExtra Plus (purchased before 8 March 2018)
To help address rising healthcare and health insurance costs in Singapore, the Health Insurance Task Force (HITF) recommended that insurers incorporate suitable claims-cost measures for all Integrated Shield Plan (IP) riders. In line with HITF’s recommendations, we will introduce a simplified claims-based pricing structure for PRUExtra Plus. Under the claims-based pricing structure, customers who do not make a claim in the policy year will receive a PRUWell Reward (discount on your Standard Level premiums) in the following year, while customers with a claim may see an increase in their premiums in the following year. With this implementation, the coverage for PRUExtra Plus purchased before 8 March 2018 will remain the same (i.e. full coverage, with no co-payment). Check out this infographic for what to expect. You may also find more information on prudential.com.sg/prushield-changes. Please feel free to reach out to me anytime for details. T&Cs apply. Protected up to specified limits by SDIC.
No changes to coverage on PRUExtra Premier Purchased before 8 March 2018 due to Claims-Based Pricing (CBP)
To help address rising healthcare and health insurance costs in Singapore, the Health Insurance Task Force (HITF) recommended that insurers incorporate suitable claims-cost control measures for all Integrated Shield Plan (IP) riders . Because PRUExtra Premier has implemented Claims-Based Pricing since 2017 which is a robust claims cost measure, there will be no changes to coverage under PRUExtra Premier supplementary plans purchased before 8 March 2018. Customers will continue to enjoy full coverage, with claims-based pricing and no co-payment. Check out this infographic for what to expect. You may also find more information on prudential.com.sg/prushield-changes. Please feel free to reach out to me anytime for details. T&Cs apply. Protected up to specified limits by SDIC.
One Last Thing
Having suitable and sufficient life and income protection insurance are important as it create and provide you and/or family members, with financial support which was not there in the first place. Continue your insurance and financial planning knowledge by reading my other articles, for life insurance comparison on Term Life and Whole Life Insurance Comparison, and Income & Disability Protection Insurance Planning. If you are ready to know more about retirement planning knowledge you may visit my other articles on; What is CPF Life & 5 facts of CPF Life, Retirement Planning and Infographics on What is Retirement Planning and Examples. Hope all these articles helps you have better knowledge on you insurance and financial planning. Do contact your friendly financial consultant if you require further help, or contact me as my objective is to make insurance easy to understand and financial planning a happy process, in Singapore.
Source: https://www.prudential.com.sg/prushield-changes
Note: Opinions expressed are solely in Mr. Chan Kong Meng’s personal capacity and neither express the views or opinions of Prudential nor represent any professional advice in Mr. Chan Kong Meng’s capacity as a PACS representative.