Received this enquiry and please allow me to share here. can I cancel my auto opt-in basic medishield if I buy integrated plan from private insurance company? The few plans MS: Medishield, it’s an opt out scheme by Government. Premium is payable to CPF and reimbursement comes from CPF PI: Shield plan from private insurer (payable by medisave). Bought to have more coverage on hospitalization/surgery (medically required) but doesn’t cover deductible and co-insurance. CR: Cash rider which covers deductible and co-insurance. Scenario 1 Policy Holder (PH) is currently having only MS and plans to get PI from A company. After PI (A) is inforce, MS will be integrated into PI (A) to have a better coverage. Scenario 2 PH later switch PI (A) to B company. After PI (B) is in force, MS will be integrated into PI (B). Scenario 3 What if there is a new pre-existing condition in scenario 2? As long as there is no exclusion when PH gets MS, MS will still stay the same and will cover the new pre-existing condition. However, PI (B) will not cover the new pre-existing condition. How claims work Assuming PH has MS, PI & CR… At the hospital, please inform hospital that you want to do e-filing. Deposit may be waived if you have LOG. After you are discharged, you will make the full payment to the hospital. Hospital will get in touch with the insurer to do the necessary reimbursement. (There is another part here where the insurer will get in touch with CPF for the reimbursement under MS, but we don’t have to do anything.) Insurer will make payment to hospital and hospital will reimbursement us the amount. (for those paying with CC, please remember to ask for cheque instead of a charge back!) The claim will be everything (assuming everything is covered) minus deductible and co-insurance. After receiving the final bill or tax invoice from hospital, submit it to the insurer for the rest of the claim from deductible and co-insurance. If there is more follow up treatment, do the same thing, submit the tax invoice to insurer and insurer will pay you back directly. ps: This is it for now. Maybe I will illustrate with graphics for easier understanding in the future, ie if I’m free! Good luck and have fun! kevinchiathiamjoo/2013/08/26/what-to-do-with-medishield-after-getting-a-private-insurers-shield-plan/
Posted on: Mon, 26 Aug 2013 06:08:08 +0000
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