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March 2013

Important Changes to your shield plans 

 

Welcome to our March Issue of Winning Edge- Financial Planning Updates. We hope our past issues have valued added to you in one way or another. In this issue, we will touch on a nationwide exercise that is taking part on 1 March 2013- Medishield Enhancements. 

 

Latest MediShield Changes 

 

As some of you might already know, our Ministry of Health has held public consultation in July and August 2012 to solicit feedback to improve coverage and make MediShield more inclusive. These changes and enhancements have been announced and will take place from 1 March 2013 which include increasing Maximum Coverage Age and extending coverage to inpatient psychiatric treatments to name a few. As a result of these enhancements and in line with claims experience, MediShield premiums are also revised upwards. Full details on the changes to Medishield are available on the Ministry of Health website at www. moh.gov.sg. 

 

Effort by Government to Alleviate Concerns Over Premium Affordability

 

To alleviate concerns over premium affordability caused by the new regulatory changes, the Government will provide a one-off Medisave top-up of up to $400 in March 2013 as announced in Budget 2012 to help offset part of or the full premium increases for up to two years. 

 

Furthermore, the Medisave withdrawal limits for Medishield and Integrated Shield plans will be increased from $800 to $1,000 for those aged 76 to 80 and from $1,150 to $1,200 for those aged above 80. 

 

Enhancements to Your AIA HealthShield Gold Plans

 

To align ourselves with these Medishield changes, AIA is revamping our exisiting suite of Medisave- approved integrated Shield Plans, namely the AIA HealthShield Gold Series plans. The revisions are to ensure that coverage for our exisiting customers remain meaningful and relevant with today's changing landscape. Our HealthShield premiums as well as to support the benefits enhancement and keep pace with medical inflation and claims experience. 

 

New AIA HealthShield Max Offers Higher Coverage, More Extensive Protection

 

The following are some of the new benefits of our enhanced plans: 

  • Coverage for short stays wards in an emergency department of a hospital

  • No limits on the maximum number of days for inpatient stays in community hospitals

  • Increase in policy year limits

 

All our exisiting AIA HealthShield Policyholders will be receiving a Notification Pack during their policy renewal to inform them of the changes in Plan Names, Benefits as well as revised Premiums. 

 

Do our Clients Need to Do Anything Upon Receiving the Notification Pack?

 

Good News! No action is required from all AIA customers as the enhancements are automatic. However, 2 weeks before the policy renewal date, there will be a biling notice to request for payment for the Upgraded HSG Max plan for any amounts. Even better, one month upon receipt of the Notification pack, AIA HealthShield policyholders will receive a Fulfilment pack which comprise the Upgrafe Endorsement and contract of the new HealthShield Plan!

 

 

 

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