. Read more at straitstimes.com.
Starting from April 1 this year, insurers can no longer sell full Integrated Shield Plans with riders that pay for your entire hospital bill. All insurers have launched new IP riders that have co-payment features requiring the policyholder to foot at least five per cent of his or her hospital bill.
People with full riders have bills that are 60 per cent higher than those without riders. In 2016, bills from patients with private hospital IPs and full riders averaged $9,975, compared to $6,270 for those with the same IP but no rider. The co-pay rider can only be paid for in cash, and while it is an additional cost on top of your IP basic plan, it is still very affordable. This is especially so if you use Medisave to pay for the premiums of the IP.
However, the policyholder can only tap on this benefit if he or she consults with a doctor on AXA’s Panel of Specialists. This benefit is valid even if the policyholder seeks treatment at a private hospital, as long as he or she is referred through a doctor from the aforementioned panel.
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