CPF
In Singapore, we have 3 accounts under CPF:
- Ordinary Account (OA)
- Special Account (SA)
- Medisave Account (MA)
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In addition, at the May Day Rally 2010, Prime Minister Lee Hsien Loong announced that the Government will raise the employers’ CPF contribution rate by 1 percentage point. The increase will be done gradually in two steps to moderate the impact on employers. The first 0.5 percentage point increase will be implemented on 1 September 2010, and be made into the Medisave Account (MA). The remaining 0.5 percentage point increase will be effected 6 months later on 1 March 2011, and will be made to the Special Account (SA).
For illustration purposes, this means that for the 35 and below age group in the above table, the contribution by employer will be 15% wef from 1 Sep 2010 (extra 0.5% going towards MA) and 15.5% wef from 1 Mar 2011 (extra 0.5% going towards SA). Hence, the percentages under the green heading will change accordingly to reflect this.
For more details:
http://mycpf.cpf.gov.sg/Members/Gen-Info/Con-Rates/ContriRa.htm
http://mycpf.cpf.gov.sg/Members/Gen-Info/CPFChanges/Changes_ConRates.htm
MediShield
MediShield is the basic medical insurance scheme introduced in 1990 by the Singapore government for CPF members. It is designed to help meet medical expenses from major illnesses, which could not be sufficiently covered by the balance in Medisave, and will cover up to 80% of medical bills at the Class B2/C level. MediShield operates on a co-payment and deductible system to avoid problems associated with first-dollar, comprehensive insurance. Premiums for MediShield can be paid by Medisave.
From MOH website:
| Age Next Birthday | MediShield Yearly Premiums |
| 1 to 30 | 33 |
| 31 to 40 | 54 |
| 41 to 50 | 114 |
| 51 to 60 | 225 |
| 61 to 65 | 332 |
| 66 to 70 | 372 |
| 71 to 73 | 390 |
| 74 to 75 | 462 |
| 76 to 78 | 524 |
| 79 to 80 | 615 |
| 81 to 83 | 1087 |
| 84 to 85 | 1123 |
MediShield covers medical expenses incurred during hospitalisation, including:
- Normal ward charges
- Intensive care unit charges
- Medications
- Investigations
- Surgical implants
- Surgical procedure fees
- Kidney dialysis
- Chemotherapy and radiotherapy for cancer treatment
- Cyclosporin and Tacrolimus drugs for organ transplant patients
- Erythropoietin drug for dialysis patients
http://ask-us.cpf.gov.sg/explorefaq.asp?category=23069
http://www.moh.gov.sg/mohcorp/hcfinancing.aspx?id=306
Medisave-approved Integrated Shield Plans
Apart from MediShield, Singaporeans can also choose from several other Medisave-approved Integrated Shield Plans offered by private insurers:
- NTUC Income
- AIA
- Great Eastern Life
- Aviva
- Prudential Assurance
Policyholders on the Medisave-approved Integrated Shield plans retain the benefits of MediShield membership, while their private insurer will service all their needs. In other words, policyholders pay their premium, and submit claims directly to their private insurer. Their private insurer will then sort out all arrangements with MediShield.
Medisave can also be used to pay for premiums of these private Medisave-approved Integrated Shield plans, subject to a withdrawal limit of $800 per policy, per year. For policyholders aged 81 and above, the withdrawal limit is $1,150 per policy, per year.
Since MediShield premiums are paid on a yearly basis, the transition between MediShield and this is effected by crediting back on a pro-rated basis the unused remainder of the MediShield yearly premium which has already been paid, and then deducting the premium of the Integrated Shield plan, whereupon the new coverage starts.
From MOH website:
The following claims return rate table shows how long it takes each insurer to process claims with positive payouts.
The phrase, cumulative claims return rate, refers to the percentage of claims processed by the insurer within one week, two weeks and one month. Note that the fifth column shows the median number of days it takes each insurer to process claims.
| Cumulative Claims Return Rate | Median claims return rate (days) | |||
| <= 1 week | <= 2 weeks | <= 4 weeks | ||
| AIA | 69% | 76% | 83% | 4 |
| AVIVA | 77% | 79% | 85% | 2 |
| Great Eastern | 90% | 92% | 94% | 1 |
| NTUC Income | 93% | 94% | 96% | 1 |
| Prudential | 81% | 87% | 93% | 1 |
I did a bit of research into the various Integrated Shield plans. Premium-wise, NTUC appears to be the cheapest, this could be due to its mass market customer base and reputation as the "people's insurer" (according to my cousin who is with GE). Coverage-wise, they all appear to be similar, other than for specific diseases and/or certain benefits.
One other thing to take note of about these plans is that they normally have a few levels
of coverage, from Class B1 to Class A and finally to private hospitals. Also, there is usually some sort of rider available which takes care of the deductible and co-insurance portions of the bill, but this of course comes with its own separate premium. So depending on one's needs and finances, one may opt for the plan (with or without rider) which gives greatest ease of mind. After all, this is what insurance is for.
For more details:
http://www.moh.gov.sg/mohcorp/hcfinancing.aspx?id=342
Disclaimer: The writer is covered under GE since Jan/Feb 2010. This is not a solicitation to purchase insurance.
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