No need to rush into cancelling insurance policies

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http://www.todayonline.com/singapore/no-need-rush-cancelling-insurance-policies-ntuc-officer

The recommendations by a committee looking into extending MediShield coverage to all, and for life, at the end of next year — including raising claim limits and wider coverage — have led some to wonder about the impact on their Integrated Shield plans.

Some union members have asked whether they should stop their insurance policies.

In response, National Trades Union Congress (NTUC) assistant secretary-general Zainal Sapari said there is no need to rush into cancelling insurance policies before all the details of MediShield Life have been firmed up.

“The advice we would give them is to hold on to whatever insurance plans they have and wait, perhaps until the details are all out and the respective insurance companies have actually studied the possible impact, before making any decision,” he added.

In April, the labour movement called for a review of the duplication of insurance coverage to reduce wastage of premiums paid when workers are covered by both self-paid and employer-paid schemes.

This concern was raised again by labour chief Lim Swee Say last week.

Currently, more than 60 per cent of Singaporeans— or more than 2.4 million — are holding on to Integrated Shield plans, which cover more than standard subsidised care.