Author Topic: Should I ditch my NTUC income health insurance rider  (Read 1033 times)

Offline dsj88

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Should I ditch my NTUC income health insurance rider
« on: January 09, 2019, 10:21 »
Hi. I have been with them close to 20 years and have been paying for the rider for both me and my wife. But it is getting more and more expensive as we age. Total cost is $4k per year for both. I want to keep private hospital but considering dumping the rider. NTUC income told me there is the full rider which you don't pay the excess and 10% co-insurance or a lower rider where you don't pay the excess of $3k. To me paying $1k not to have the excess is not worth it. But the full  rider is a question mark for me. BTW my wife and I are in our very early 60s and I still maintained health insurance in Singapore as we intend to retire there shortly. I also pay for private insurance in Australia which I will cancel once we move. If I cancel my NTUC health cover I don't think it is going to be easy getting back in from what I am told.

Your thoughts please. Thanks.

Offline Boxerfan88

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Re: Should I ditch my NTUC income health insurance rider
« Reply #1 on: January 09, 2019, 13:24 »
Entry premiums get higher and higher as we age.

If you're already in it, and there is a small chance of consuming healthcare in SG (and claiming), stick with it. If it is terminated, to re-enter it will be very expensive or they may not even want to cover!
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Offline desray

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Re: Should I ditch my NTUC income health insurance rider
« Reply #2 on: January 09, 2019, 20:49 »
Entry premiums get higher and higher as we age.

If you're already in it, and there is a small chance of consuming healthcare in SG (and claiming), stick with it. If it is terminated, to re-enter it will be very expensive or they may not even want to cover!

+1 with Boxerfan.

Consider carefully. As you age, premium goes up...Imagine back in 20 yrs ago...how much you are paying that time? Your children should help the aging parents. You are already very responsible and not burdening the kids up till now. Its time your kids show their filial piety.

« Last Edit: January 09, 2019, 20:51 by desray »

Offline dsj88

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Re: Should I ditch my NTUC income health insurance rider
« Reply #3 on: January 10, 2019, 02:49 »
I definitely intend to continue my private health cover but excluding the rider which is costing me an additional $4k every year. That is what I am contemplating - is the rider premium worth  it.

Offline desray

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Re: Should I ditch my NTUC income health insurance rider
« Reply #4 on: January 10, 2019, 07:35 »
I definitely intend to continue my private health cover but excluding the rider which is costing me an additional $4k every year. That is what I am contemplating - is the rider premium worth  it.

Only you can answer that...based on your current state of health and finances. There is no one-size-fits all. What works for one individual or household probably won't work for you.

Online petetherock

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Re: Should I ditch my NTUC income health insurance rider
« Reply #5 on: January 10, 2019, 08:02 »
Moving to SG bro? Welcome back. Singapore isn't so bad la

If finances allow, IMHO, pay for it, because you never know how badly you get hit. But luckily we have subsidised healthcare, which isn't perfect, but allows you to seek help for the big chronic conditions that can drain any insurance policy. That's your fallback.

If your main policy allows you to seek help at private centres, and the cash outlay excess is ok for those big conditions, sure. But you gotta be sure as you can never get back that cover.
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Offline sigurros

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Re: Should I ditch my NTUC income health insurance rider
« Reply #6 on: January 10, 2019, 08:25 »
For 4k for a rider, there maybe better plans out there to considered.

Look around and compare.

Agreed with bro to keep the main policy and seek options with the 4k.

Offline dsj88

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Re: Should I ditch my NTUC income health insurance rider
« Reply #7 on: January 10, 2019, 09:44 »
 :
Moving to SG bro? Welcome back. Singapore isn't so bad la




Bro Pete. There is a difference between the country and the government. Don't have to agree with the govt and all their policies. But being pragmatic, Sydney difficult to live when you are of old age. Mobility is a concern as you know if you are not able to drive  and convenience of food and transport is the main pulling factor. But this topic is for another thread. :)

Cheers

Offline Octave

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Re: Should I ditch my NTUC income health insurance rider
« Reply #8 on: January 10, 2019, 14:53 »
sg is no heaven it depend what is your expectation, some people happy with a sub 2000 income per month while some people 20k per month also cry father cry mother. Welcome home.