Final Expense Is Not Death Benefit In Integrated Shield Plans

In Singapore, all of us citizens & Permanent Residents would have been enrolled into the Medishield Life as a compulsory program and a large proportion would also have signed up with an Integrated Shield Plan (ISP) through a private insurer one way or another. However, how many of us actually took the time to read or even understand 1 of the benefit known as "Final Expense" in the benefit table?

When I first read it, I thought it was actually some sort of death benefit like in most company insurances, whereby the insurer pays out a lump sum out of sympathy or goodwill to the deceased's family for the purpose of helping them in the completion of the final rites etc.

However, when my own relative passed on recently, then did I realised that this Final Expense was just a feature to waive the deductible or co-insurance, if one did not buy the cash riders. Here are the screenshots of 2 of Singapore's top insurers' table of benefits and definitions of the feature (click on image to enlarge):

Use Your Child's MediSave Account To Pay Their Aviva MyShield Premiums

Aviva Singapore is pleased to inform you that you can now use your child's MediSave account for your child's MyShield premium payment.

CPF MediSave account grants for newborns

To support parents with their children's healthcare needs, the Government is creating a CPF MediSave account for all newborns who are Singapore Citizens born on or after 26 August 2012.
In this account, parents will receive the $3,000 grant in two equal tranches. The first $1,500 will be deposited after the registration of the child birth, and the remaining $1,500 will be deposited in the subsequent year if the child continues to be enrolled in MediShield or a MediSave-approved Integrated Shield Plan. This grant can help parents pay the costs of their child's MediShield premiums, as well as other healthcare expenses such as vaccinations. To find out more details, please visit this site.

How does it work for Aviva's MyShield?

You can apply for the MyShield plan after the grants are credited no later than 4 months of child birth. The crediting of grant will depend on how soon you, the parents register for the child's birth. If the you wish to cover your newborns soon after birth, the first premium will have to be paid from the parent's MediSave account and thereafter you could change the deduction to the child's MediSave account.

Important point to note: The use of child's MediSave account is only for his/her own MyShield policy. The parent/legal guardian must be the same person as Proposer/Insured of the policy.

To apply via Child's MediSave Account: You (the parent/legal guardian) will have to submit the authorisation form along with the new business application form. (contact this adviser for the forms)

Existing policy holders of Aviva: can also opt for deduction of their MyShield premiums from their child's CPF MediSave account upon renewal. They too will have to submit the authorisation form. This option is only available for renewal from 1 August 2013 onwards.

Aviva - Public Service Officers Scheme for MyShield and MyShield Plus

Aviva has been selected to provide all Public Service Officers and their dependants with a discount when they purchase MyShield and/or MyShield Plus. This discount scheme is valid for a 3 year period from March 2014 onwards.

From 1 March 2014, all Public Service Officers and their dependants are eligible to a 20% discount on their first year premium when they purchase a MyShield and/or MyShield Plus policy.

You can find the full list of the Public Service Officers and agencies who are eligible for the scheme through this website -  http://www.sgdi.gov.sg .

  

How does the Public Service Officers Scheme work:

• New applications: 20% discount on the first year premium. Full premium payable from 2^nd year onwards.
• Mid-term applications of MyShield Plus (i.e. after anniversary date of MyShield): the 20% discount will apply on the pro-rated premium for the remaining months of the first year. Full premium applies from 2^nd year of the policy.
• For 20% discount to be given at issuance: simply attach a copy of the Public Officer Staff Pass together with all the existing requirements of MyShield/MyShield Plus. Applications without a copy of the staff pass will be taken as Non Public Officers, i.e. without the discount. 
• Eligible dependants: Public Officer’s spouse, children and parents.

Contact us if you are still in doubt.

Increase in Medisave withdrawal limits for Medishield & "Shield Plans"

The Health Ministry in Singapore is increasing the Medisave withdrawal limits for MediShield and Integrated Shield plans premiums.

The attached

Revised Medisave Limits for "Shield" plans

revised limits will apply to all new business and renewal policies effective from 1 November 2013.