Insurers Large increase in premium for Incomeshield Rider Plus
Dear Mr Tan

Please see attached table of premium rates from NTUC Income for its IncomeShield Rider Plus 2017, 2018, 2019.

I would like to draw your attention to the age group from 51-55.

The premium in 2017 was $608. In 2018,this went up to $956 (57% increase). For 2019,the premium increased to $1587(66%).

How is this justified?

I am reaching out to you on this matter to raise awareness to the public on the big increments that a normal working class citizen like me have been bearing quietly.

The insurance plan is not portable, unlike the telcos.

Would really appreciate if this email finds your attention.

REPLY BY TKL

The Rider Plus covers the co-payment under the IncomeShield integrated plan.

The premium is indeed very costly and has been increasing sharply in recent years.

It can be more costly that the integrated plan itself.

I have advised consumers to avoid buying the Rider Plus as the premium is high and the coverage is modest. It is better for you to pay the co-payment (which can come out of your Medisave account), rather than buy insurance to cover it.

The amount of co-payment in most cases should be quite affordable. There is no need to buy insurance to cover it.

NTUC Income must have seen large increase in claims under the Plus Rider cover in recent years. They have to increase the premium to match the claims.

As you have not made a claim, you are paying for the other policyholders who are hospitalized. The hospitals probably charge high fees and this has to be borne by every insured person.

Actually, the insurance plan is portable. You can downgrade to Medisheld Life regardless of your health condition.

If you wish to transfer to another private plan, you have to meet their underwriting requirements. 

Tan Kin Lian

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