Martin Lee @ Sg
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Getting Medical Insurance Early

There was an article in The Sunday Times over the weekend which talked about the important of getting medical insurance early while you are still young and healthy.

This is because if you wait until you have a medical condition before getting insurance, that condition will not be covered.

Or even worse, your entire application can be declined.

Better to Get Medical Insurance While Young and Healthy (Sunday Times)

Please also read the portion in the green column “Think before you switch”.

Do not make the mistake of switching shield plans as this person found out.

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7 comments
abc says 7 years ago

Many insurance agents simply tell their clients to buy into the most expensive Shield plans that they are selling without even bothering to find out the existing medical conditions and existing shield plans of their clients. This is usually done as an afterthought — doesn’t really matter to the agents whether the customers buy the expensive Shield plans or not. Their focus is on the customers buying the expensive wholelife and endowment plans. This is the *only* way for most agents to survive i.e. to meet their sales targets and don’t get fired after 3 months by their insurance companies or agencies.

Reply
Jack says 7 years ago

Yes, basic Medishield.
Good to know there is a fall back to original from private plan. The private insurers should make this obvious. The reason I didn’t go private is because it’s not stated I could fall back to basic medishield should I decide to withdraw from the private plan.
Thanks.

Reply
    Martin Lee says 7 years ago

    Yes, that’s why need to seek advice from the correct person. 😉

    Reply
Jack says 7 years ago

Thanks Martin,
I meant from enhanced incomeshield to original. (I’m not even sure who is managing the original, government or appointed insurance company)
Thanks.

Reply
    Martin Lee says 7 years ago

    The basic Medishield?

    That is no problem at all. The basic Medishield is actually embedded within all the private integrated shield plans. When you drop out of the private plans, you fall back into Medishield.

    In general, downgrading of plans has no issues, but upgrading of plans require medical underwriting.

    Reply
Jack says 7 years ago

Hi Martin,
I was considering to update to the enhanced scheme. However, when I looked at the premium from age 60 onwards, it goes up by a substantial amount. Do you know whether we can revert to the basic scheme upon reaching age 60? Thanks.

Reply
    Martin Lee says 7 years ago

    Dear Jack,

    Do you mean downgrade from enhanced preferred to enhanced basic? Or from the Enhanced incomeshield to the original version?

    Reply
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