Thursday, June 12, 2014

Health Shield plans - the unique pull factor

I was reading up on the different health shield plans offered by the different insurance companies and Aviva's MyShield plan caught my attention with its -

Free medical cover for your children2
Designed to provide comprehensive medical coverage for your family, MyShield is the only integrated Shield plan in Singapore to provide free medical coverage for your children (up to 20 years old at Age Next Birthday), as long as both you and your spouse are covered under MyShield’s Plan 1 or 2. So you can enjoy cost savings while your family enjoys comprehensive healthcare protection.

I did a comparison to see if there will be savings if I were to switch from my current PruShield to Aviva's MyShield. Based on the current premiums, and with two kids for now, I will be saving approximately $129 annually, even though MyShield premiums are mostly higher than PruShield.

Age Next Birthday
PRUshield A plus
MyShield Plan 2
1 - 20
$119
$134
21 - 30
$137
$162
31 - 40
$218
$267
41 - 45
$439
$523
46 - 50
$439
$550
51 - 55
$697
$800
56 - 60 *
$713
$825
61 - 65 *
$1,060
$1,205
66 - 70 *
$1,510
$1,723
71 - 73 *
$1,953
$2,314
74 - 75 *
$2,301
$2,692

This site has a pretty good comparison of all the different plan offered by the different insurance companies, although the data is about a year old and may be outdated.

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