Thursday, November 18, 2010

Medical insurance for elderly people

Dear Mr.Tan,
I enjoy reading your blog as I get to learn many useful knowledge from you. 

May I seek your advice. I intend to buy health shield for my parents who are not working for anyone.
My mum is a housewife and my dad is doing manual work with no insurance.  The yearly cost for one person is about $800+ as they are above 61 years old. If health shield is not advisable, what are the other alternatives?

REPLY
t is better to buy Medishield, as the premium is about half to one third of Private Shield and the co-payment is lower. For elderly people, it is better to be treated in subsidised ward (B2) rather than in higher ward. 

I am personally insured under Medishield, as I do not want to pay 2 to 3 times the premium for private Shield. Read this FAQ:

The premium for Private Shield will increase sharply as your parents pass the 70 and 80 year bracket. It can be 2 to 3 times of the current premium. 

Here are the premium for Medishield:

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