Wednesday, May 2, 2007

Why Medishield pays so little???

Someone wrote with obvious frustration to the Straits Times Forum page few months ago, complaining that Medishield only pays $1,438 for a $50,000 Hospital Bill, a mere 3% of the total bill.

Many people still don't realise the danger of relying on Medishield to cover their Hospital Bill. Let me share this danger with you.

1) Medishield have very low Benefit Limits
a) Max $250/day for Daily Room and Boards (Bed charges, Medication, and all other medical related services)
b) Max $1,100 claimable for the most complicating surgery (Operation Cost)

2) Co-insurance Component
a) Deductible - $1,000 for C ward, $1,500 for B2 and above (Initial amount to pay in the hospital bill)
b) Co-insurance - 10-20% (percentage of balance amount to pay after the settling deductible)

3) Low Outpatient treatment limits
Claimable as low as $150/7days for Chemotheraphy, $80/day for Radiotheraphy, etc...

Give you an example:
Mr Tan stays in Hospital A ward for 10 days for a Heart Transplant(Table 7 ops).
He is covered under Medishield.

Room and Board Charges - $7,000
Operation Charges - $18,000
Total Bill - $25,000

Room and Board - $250 x 10 = $2,500
Operation Charges - $1,100
Total Claimable - $3,300
Less Deductible - $1,500
$1,800 (after deductible)
Less Co-ins $180
$1,620 (to claim from Medishield)

(Mere 6.5% of total bill claimable)
Medishield is for stays in C or B2 wards. You never know when you may need to stay in higher wards. Don't take chance. Don't be Penny wise pound fool. Upgrade yourself to a better plan...

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