03 August 2013

Insurance Premium Rates for Age Next Birthday

My health insurance is under NTUC Income, the plan name is Enhanced IncomeShield (Advantage) and I have an Assist Rider.

I signed up last year, first time I paid S$102 via CPF for the main plan, and S$100 in cash for the rider.

This year they informed via post that they will deduct via GIRO S$118 for the rider, then I logged into Income and checked my main plan, it says I will need to pay S$209 for my main plan, so that's like a 51.19% increase for the main plan and 18% increase for the rider.

I don't remember receiving any notice about the revision of premium rates, I checked my policy and read this clause,

Non-Guaranteed Premium

The agreed premium is payable to effect and keep the Rider in force. The premium rates are not guaranteed and may be reviewed and varied by us by giving you (30) days' prior written notice to your last known address.

Then I emailed their customer service, and they said the revision is due to a recent MediShield change,

The Ministry of Health has announced that MediShield benefits will be enhanced and premiums increased to provide better medical coverage for all Singapore citizens and Permanent Residents, from 1 March 2013. Following the MediShield enhancements, NTUC Income is revising our Enhanced IncomeShield/IncomeShield plans which are integrated with MediShield. The changes to the benefits and premiums are also aimed at keeping pace with customer needs and rising medical costs.

I briefly read through the attachment, basically the coverage limits have generally been increased, there's also Prosthesis Benefit (all plans), Living Organ Donor (only for Enhanced - Preferred), and some other benefits. But they also increased the Deductible for all the plans by S$500; deductible is an amount we need to pay first, it's like they give you S$10000, but you need to give them S$100 in exchange, and this is on top of your premium, something like that, someone correct me if I'm wrong, please and thanks.

And I am very sure that I did not receive any written notice prior to the revision, come on, or at least send me an email, they do have my email address in their system, and isn't it strange when they can email me travel insurance offers, wish me happy birthday but they can't inform me of revision of premium rates.

NTUC Income Travel Insurance Offers

As for the premium rates, I am currently 30 years old, so at first I didn't understand why they were charging me the 31-35 rates until I saw the words "Age next birthday" on top, then it all made sense, I would be 31 on my next birthday, but that's like 8 months later, damn easy money huh, shouldn't they like prorate it or something, it's like some sort of advanced payment.

And their customer service guy didn't even bother explaining why they were charging me for the 31-35 rates, he just attached a file for me to read it myself, some service huh. Actually the only reason why I choose NTUC is because it's local, that's it, I always read about their poor service and management, and just happened that my agent is my long-time co-worker, so I'm really just helping a friend and also helping myself.

Enhanced IncomeShield Premium Rates

Assist Rider Premium Rates


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