CHANGES TO INTEGRATED SHIELD PLAN RIDERS

According to guidelines from the Ministry of Health, from 1 April 2019, all new IP riders will need to include a minimum of 5 per cent co-payment on bills relating to hospitalisation, outpatient treatments or day surgery. In addition, to protect customers against large bills, the new riders will incorporate a co-payment cap. The co-payment cap can be set at S$3,000 or more in each policy year for treatments at the insurer’s panel providers¹. 

¹For Prudential, panel providers are all Singapore Public Hospitals. We reserve the right to update the list of panel providers from time to time. 

The industry-led Health Insurance Task Force (HITF) has observed that riders that provide full coverage may encourage over-consumption by patients, and over-servicing or over-charging by healthcare providers. This in turn increases healthcare costs and insurance premiums for all Singaporeans.

As one of the major insurers in Singapore, Prudential has a part to play in helping to manage rising medical costs and claims, and to ensure the affordability of private healthcare plans in the long term.

The new guidelines do not impact existing customers. However, in light of MOH’s changes for new rider plans, Prudential has reviewed our existing riders to ensure they include features that encourage the careful use of healthcare services and help manage insurance claims.

• PRUExtra Premier customers will continue to enjoy first dollar cover with claims-based pricing.
• PRUExtra Premier Saver, PRUExtra Premier Lite and PRUExtra Plus Lite customers will continue to remain on their co-pay plan.
• PRUExtra Plus customers will be transitioned to a first-dollar cover rider with claims-based pricing on their policy renewal starting from 1 April 2021. Alternatively, they can switch to a co-pay plan at that time.

Changes, if any, will be communicated to customers approximately two months before they are implemented.

We will regularly review our plans to ensure they continue to encourage prudent use of medical services.

There is no impact to premiums to current riders because of the changes announced on 7 March 2018. However, Prudential will regularly review its PRUShield portfolio and make changes when appropriate to ensure that pricing and benefits remain competitive.

No action is required from you. Should you have any queries, please call our PRUCustomer Line at 1800 333 0 333 (Monday – Friday, 8.30am to 5.30pm) or email us at Prushield@prudential.com.sg.

You may choose from any of our riders for private or public hospitals.

You can enjoy more comprehensive coverage at private hospitals when you complement your basic PRUShield Premier plan with PRUExtra Premier, PRUExtra Premier Saver or PRUExtra Premier Lite riders.

For public hospital coverage, you may choose from the PRUExtra Plus or PRUExtra Plus Lite riders.

Please note however that there are conditions attached to the purchase of any of these riders between 8 March 2018 and 31 March 2019.

From 1 April 2021, customers must transition to an alternative rider with features that meet the new guidelines set by the Ministry of Health (see Q1).

Details of the new rider plans will be sent to customers approximately two months before the change is implemented on their first policy renewal starting from 1 April 2021.

Should you have questions about your plan, please do not hesitate to speak to your Prudential Financial Consultant.  You can also call our PRUCustomer Line at 1800 333 0 333 (Monday – Friday, 8.30am to 5.30pm), email us atPrushield@prudential.com.sg or visit our website at www.prudential.com.sg.

Upgrade

If you already have a rider, you can upgrade to an alternative rider. However, you will be subject to underwriting. At the same time, you will be subject to the new guidelines. You will be able to enjoy the benefits of the rider purchased up to your policy renewal starting from 1 April 2021. From 1 April 2021, you must transition to an alternative rider with features that meet the new guidelines set by the MOH.

Downgrade

If you already have a rider, you can downgrade to an alternative rider. You will not be subject to the new guidelines and will not have to transition to a new plan.

We encourage you to speak to your Prudential Financial Consultant who will be able to advise you on your health insurance plans so you are adequately covered and well prepared for the future.

Should you choose to surrender your policy and sign up with a different insurer, you may have to go through a health assessment and you may not be covered for your existing medical condition.

We encourage you to speak to your Prudential Financial Consultant who will be able to advise you on your health insurance plans so you are adequately covered and well prepared for the future.

Claims-based pricing is a fairer pricing approach in that the premium will be determined based on your claims experience in private or public hospitals. There are different levels of pricing under claims-based pricing and you will start at the lowest premium levels of your age band (Standard Level Premium). Your future premium level may stay or change depending on the claim amount made from private or public hospital during the Review Period. 

Claims-based pricing currently applies to our PRUExtra Premier private hospital IP rider.

We made this move to address rising medical costs and claims in Singapore and to ensure the affordability of private healthcare plans in the long term. We also want to encourage healthy living and more prudent use of medical services.

We believe that claims-based pricing is fairer than a fixed pricing approach because customers who claim less and stay healthy are rewarded with lower premiums.

According to guidelines from the Ministry of Health, from 1 April 2019, all new IP riders will need to include a minimum of 5 per cent co-payment on bills relating to hospitalisation, outpatient treatments or day surgery. In addition, to protect customers against large bills, the new riders will incorporate a co-payment cap. The co-payment cap can be set at S$3,000 or more in each policy year for treatments at the insurer’s panel providers¹. 

¹For Prudential, panel providers are all Singapore Public Hospitals. We reserve the right to update the list of panel providers from time to time. 

The industry-led Health Insurance Task Force (HITF) has observed that riders that provide full coverage may encourage over-consumption by patients, and over-servicing or over-charging by healthcare providers. This in turn increases healthcare costs and insurance premiums for all Singaporeans.

As one of the major insurers in Singapore, Prudential has a part to play in helping to manage rising medical costs and claims, and to ensure the affordability of private healthcare plans in the long term.

You may choose from any of our riders for private or public hospitals.

Please note however that there are conditions attached to the purchase of any of these riders between 8 March 2018 and 31 March 2019.

From 1 April 2021, customers must transition to an alternative rider with features that meet the new guidelines set by the Ministry of Health (see Q1).

Details of the new rider plans will be sent to customers approximately two months before the change is implemented on their first policy renewal starting from 1 April 2021.

Should you have questions about your plan, please do not hesitate to speak to your Prudential Financial Consultant.  You can also call our PRUCustomer Line at 1800 333 0 333 (Monday – Friday, 8.30am to 5.30pm), email us at Prushield@prudential.com.sg or visit our website at www.prudential.com.sg.

Claims-based pricing is a fairer pricing approach in that the premium will be determined based on your claims experience in private or public hospitals. There are different levels of pricing under claims-based pricing and you will start at the lowest premium levels of your age band (Standard Level Premium). Your future premium level may stay or change depending on the claim amount made from private or public hospital during the Review Period.

We made this move to address rising medical costs and claims in Singapore and to ensure the affordability of private healthcare plans in the long term. We also want to encourage healthy living and more prudent use of medical services.  

We believe that claims-based pricing is fairer than a fixed pricing approach because customers who claim less and stay healthy are rewarded with lower premiums.