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Chitchat Prudential And Aviva To Up Insurance Premiums Due To Overclaims At Private Hospitals!

Discussion in 'The Courtyard Café' started by JohnTan, Mar 30, 2017.

  1. JohnTan

    JohnTan Alfrescian (InfP) Old Timer

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    Insurers Aviva and Prudential are expected to be the first to tell policyholders that their premiums for Integrated Shield Plans (IPs) are going up.

    The rises are tipped to be announced next month after the 12-month moratorium, imposed when MediShield Life was introduced on Nov 1 last year, is lifted.

    The Straits Times understands that the average premium increases will be between 9 per cent and 15 per cent and are likely to impact IPs covering private hospitals.



    This is because the number and dollar amount of claims made at private hospitals have shot up compared with those at public hospitals.

    Six insurers offer IPs here, with AXA the last to get on the bandwagon in May. The others are AIA, Aviva, Great Eastern, Prudential and NTUC Income.

    Prudential said that the premium revision reflects an environment of rising medical and claims costs.

    It is only a matter of time before the other IP providers announce their premium hikes.

    NTUC Income has said it will increase the premiums of some plans next year. Sources said the company's premium increase may not be confined to the highest-class IPs as its claims experience appeared to be broad-based.

    As AXA is the new kid on the block, observers say that it is unlikely that the French insurer will raise premiums until its first year as an IP provider is up, at the very least. AXA declined to comment.

    The potential timing of Aviva's and Prudential's IP renewal letters announcing the premium increase indicates that the affected customers would be those whose renewals are up in December.

    There is typically a 30-day notice period before plan changes are made for existing policyholders, so those whose IP policies are renewed in November get to enjoy another 12 months with their premium rates maintained.

    According to sources, the affected Aviva and Prudential customers will be those who own IPs covering private hospitals.

    Moving forward, Prudential plans to offer enhanced benefits to new and existing policyholders of IPs that cover private hospitals, and public hospitals with A wards.

    The policy annual limits will be raised to $1.2 million and $600,000 respectively.

    These IP customers also enjoy a higher benefit of a 365-day post- hospitalisation cover, up from the current 180 days.

    AXA offers the longest post-hospitalisation cover among IP insurers at 365 days, as well as the highest policy annual limit at $1 million.

    Aviva is likely to remove some benefits for new IP customers with effect from Nov 15, according to sources.

    This could include lowering the number of medical conditions in which a five-year moratorium underwriting can be applied.

    The moratorium allows certain pre-existing conditions to be covered after an absence of symptoms, treatment or medication for five years from the time the policy is in force.

    It has been reported that AIA and Great Eastern have been making only marginal profits on IP policies, with Aviva, Prudential and Income racking up losses.

    http://www.straitstimes.com/singapo...l-set-to-be-first-to-declare-ip-premium-hikes
     
  2. nayr69sg

    nayr69sg Alfrescian Old Timer

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    Re: Prudential And Aviva To Up Insurance Premiums Due To Overclaims At Private Hospit

    Well here's the thing. Government ordered the SMA guideline of fees to be abolished because they said it was non-competitive. SMA argued that it set a range for fees.

    So you see the effects down the road now. Private specialists study the insurance plans and charge to the limits of the plan. I mean who wouldn't since it totally legal to charge that?

    Sinkies screwed. Yay!
     
  3. Tony Tan

    Tony Tan Alfrescian Old Timer

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    Re: Prudential And Aviva To Up Insurance Premiums Due To Overclaims At Private Hospit

    LTA in collusion with vehicles importers to rick up COEs with frauds regularly.

    Now motorbikes owners are all downgrading to e-bikes, escape COE, roadtax, parking and ERP totally. Stupid PAP can rick their ass also no money to extort.
     
  4. nayr69sg

    nayr69sg Alfrescian Old Timer

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    Re: Prudential And Aviva To Up Insurance Premiums Due To Overclaims At Private Hospit

    sinkies can also go to bomoh, faith healers, Dr Google.
     
  5. halsey02

    halsey02 Alfrescian (Inf)

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    Re: Prudential And Aviva To Up Insurance Premiums Due To Overclaims At Private Hospit

    We need a "donald" duck trump to help us on the healthcare....it is becoming more "affordable"..
     
  6. zhihau

    zhihau Alfrescian (InfP) + S-Mod Old Timer

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    Re: Prudential And Aviva To Up Insurance Premiums Due To Overclaims At Private Hospit

    What happened to MediSave?
     
  7. nayr69sg

    nayr69sg Alfrescian Old Timer

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    Re: Prudential And Aviva To Up Insurance Premiums Due To Overclaims At Private Hospit

    Invested by Temasek and lost to the stock market.
     
  8. Leongsam

    Leongsam Administrator Staff Member Old Timer Old Timer

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    Re: Prudential And Aviva To Up Insurance Premiums Due To Overclaims At Private Hospit

    Singapore needs Obamacare.
     
  9. red amoeba

    red amoeba Alfrescian (Inf)

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    Re: Prudential And Aviva To Up Insurance Premiums Due To Overclaims At Private Hospit

    A certain of Kee Hong will have more business.
     
  10. songsongjurong

    songsongjurong Alfrescian Old Timer

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    Re: Prudential And Aviva To Up Insurance Premiums Due To Overclaims At Private Hospit

    BIG winners are hospitals, doctors,urgeons!!knowing patient have insurance coverage, claimed to the max!!
     
  11. frenchbriefs

    frenchbriefs Alfrescian (Inf)

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    Re: Prudential And Aviva To Up Insurance Premiums Due To Overclaims At Private Hospit

    Ni Nia Bei Bu chao chi bye Ni ma de Chou sa bi.

    Singapore is a socialist country from the start isn't it?Why do singaporeans think it's u pay for what you use? Government hike the water price is to distribute the cost to all the sinkies,the poor,the working class and the middle class.raise ERP and coe is to distribute cost among all sinkies,raise medishield and life premiums is to distribute healthcare cost to peasants.
    So why don't sinkies vote for a socialist government already and increase taxes for the rich instead of making PAP rack their brains to figure out more ways to milk and squeeze every last drop out of
     
  12. kryonlight

    kryonlight Alfrescian (Inf)

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    Re: Prudential And Aviva To Up Insurance Premiums Due To Overclaims At Private Hospit

    It's still quite cheap! If you have 40K inside Medisave, the 4% interest will take care of the Medishield Life portion of the premium. The additional premium for private hospital coverage is still less than $1000 per year until 60 years old. After that you can always downgrade to restructured hospital coverage which is still less than $1000 per year until 70 years old. Healthcare in Singapore is very affordable and that's why our lifespans is one of the longest on Earth. Please give thanks to PAP!

    [​IMG]

    [​IMG]
     

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