Prudential’s new “best-of-both-worlds” hospitalisation plan offers quality private care at lower premiums

Reduced premiums for 90 per cent of existing customers on public hospitalisation plans

SINGAPORE, 1 April 2020 – To address rising healthcare costs, Prudential Singapore (“Prudential”) has launched a new supplementary hospitalisation plan, PRUExtra Preferred CoPay, which provides its customers access to quality, more affordable private care.

The premiums for this new plan are 30 per cent lower than Prudential’s existing private hospitalisation plan¹, and gives customers access to medical treatment at public hospitals and private hospitals, such as Raffles Hospital and Mount Alvernia Hospital, under its PRUPanel Connect (PPC) programme.

A unique feature of the plan is that there is no need to receive pre-authorisation from the insurer before proceeding with medical². This means policyholders can seek treatment more speedily and enjoy the choice to consult with medical practitioners and specialists from Raffles Hospitals and Mount Alvernia Hospital³.

Prudential Singapore’s Chief Customer Officer, Goh Theng Kiat, said the insurer’s latest hospitalisation plan fulfils a gap in the market. “Across the industry, premiums for private hospitalisation plans have been increasing due to rising medical inflation in Singapore, which was projected to be 10.1 per cent in 2019⁴. PRUExtra Preferred Copay is a “best-of-both-worlds” solution as customers can access quality private healthcare for much less.”

Enjoy 4Cs with PRUExtra Preferred CoPay

Customers of PRUExtra Preferred CoPay enjoy a cashless and convenient experience, with a wide choice of healthcare providers and expense cap.

Cashless - Customers receive cashless medical services⁵ of up to S$30,000 at Raffles Hospital⁶ and Mount Alvernia Hospital.

Convenience - On-site concierge services are available at both private hospitals⁷ to providence guidance on claims submissions and assist customers on PRUShield-related queries.

Choice - Choice of over 300 specialists serving the two private hospitals and public hospitals to seek consultation and treatment from.

Cap of expense - Customers have peace of mind knowing that out-of-pocket expenses are capped at S$3,000 for PPC providers⁸.

An added benefit is that the multiplier on the plan’s claims-based pricing is more gradual than Prudential’s other plans. With claims-based pricing⁹, customers who stay healthy and claim less have the opportunity to pay less for their insurance.

“Medical insurance is the most important protection plan. This is why we have a wide range of hospitalisation plans that cater to the different healthcare needs and budgets of our customers,” added Mr Goh.

In addition to the Preferred CoPay plan, customers can also choose from the insurer’s suite of supplementary plans. This includes the deluxe offering PruExtra Premier CoPay which provides 95 per cent coverage at any hospital in Singapore, PruExtra Premier Lite CoPay plan with lower coverage at more affordable premiums, and the PruExtra Plus CoPay plan for those who prefer to seek treatment at public hospitals.

Lower premiums for public hospitalisation plans

To ensure healthcare remains affordable to its customers, Prudential is lowering premiums for PRUShield Plus, its base public hospitalisation Integrated Shield Plan, by between 10 and 31 per cent¹⁰. This applies to nearly 90 per cent of the insurer’s existing PRUShield Plus customers, and takes effect from 1 April 2020.

“As Singaporeans live longer, they would demand more healthcare services. With nearly a million customers in Singapore, we have the responsibility to ensure they are able to get access to affordable healthcare services in times of need. Hence, when our claims experience improves, we make it a point to pass on the savings to our customers,” said Mr Goh.

For more information, please visit the PRUShield website.

PRUShield’s suite of product offerings at a glance

Product terms and conditions apply; information accurate as at 1 April 2020. For more information, please visit the PRUShield website.

About Prudential Assurance Company Singapore (Pte) Ltd (Prudential Singapore)

Prudential Assurance Company Singapore (Pte) Ltd is one of the top life insurance companies in Singapore, serving the financial and protection needs of the country’s citizens for 89 years. The company has an AA- Financial Strength Rating from leading credit rating agency Standard & Poor’s, with S$42.02 billion funds under management as at 31 December 2019. It delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of more than 5,000 financial consultants.