WealthBT S1E1: Claims-based pricing in Integrated Shield plans and how it works: WealthBT (Ep 1)
Synopsis: Learn to protect and grow your wealth in this new Business Times monthly podcast series for affluent individuals, hosted by BT wealth editor Genevieve Cua.
In this first episode of the WealthBT podcast, BT's wealth editor Genevieve Cua breaks down what you need to know about Integrated Shield policies and the recent debate and controversy over certain aspects of cover.
She tackles the following points:
- Shield plans: How they give you options for the type of care you want - be it a private hospital or a Class A ward in a government or restructured hospital (0:40)
- From April 1, 2021, all riders will now require you to co-pay 5 per cent of the hospital bill: Pros and cons (1:45)
- To contain costs and claims, some insurers have launched what they call claims-based pricing: How claims-based pricing works in Shield plans (4:32)
- Examples of how some insurance companies here have designed their riders with claims-based pricing (7:30)
- Questions for insurers: With such long-running and consistently poor results, are the policies actually mis-priced? How material are the cost factors of commissions and management expenses in the profitability equation for Shield? (11:00)
Produced by: Genevieve Cua (gen@sph.com.sg), Ernest Luis, Lee Kim Siang and Penelope Lee
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