Kleen Kanteen

I was browsing through the water bottles at Queensway shopping centre When the husband was trying on his new hydration pack

Writer's block????

Why did I choose "NTUC Preferred Enhanced Incomeshield" with "Plus Rider"?

SG50 is here! This heralds our 50th year of independence.  Our little red dot has definitely come a long way since the early days of worrying about our basic survival needs like food, water and shelter.

Today, a comprehensive and affordable medical insurance plan certainly tops the list of necessities for me. How do I get adequate medical coverage in Singapore?  

Question (1): What medical coverage do I already have?

All Singaporeans and PR(Permanent Residents) have MediShield. This is a medical insurance plan operated by CPF Board which covers up to 80% of the hospital bill in public hospitals for B2 ward and below (Depending on the nature of the claim). 

We are all entitled to this unless we choose to opt out of this scheme. By end 2015, MediShield will be replaced by MediShield Life, which will offer better medical coverage. There is no need to apply for this transition; it is an automatic inclusion for Singaporeans and Permanent Residents.

More information regarding the transition from MediShield to MediShield Life can be found at the following website: https://www.medishieldlife.sg/

Question (2): What then do I need to purchase from private insurers in addition to what I already have in order to cover all my hospital bills at a reasonable cost?
The answer is Integrated Shield Plan (IP) and opt for the rider.
It is recommended to have an IP due to the higher claim limit per policy year and the option to stay in Class A or B1 ward or in Private hospitals.
Medishield / Medishield Life only allow B2 or C class ward in public hospitals. 

Question (3): What is Integrated Shield Plan (IP)? 
It is an additional private insurance coverage run by private insurers which can be paid with Medisave, typically to cover Class A/B1 wards in public hospitals or private hospitals.

Question (4): Do I already have an Integrated Shield Plan (IP)? Just follow the below Steps to find out:

Source: https://www.moh.gov.sg/content/moh_web/medishield-life/integrated-shield-plans/find-out-if-you-have-an-integrated-shield-plan.html

Question (5):What are the  IP(s) available and what are the differences?
Currently, there are 5 private insurers offering IP (as shown above). Their policies and riders are quite similar. In general, these policies are life time and their premium increases as you grow older.

The link below shows the Table of Comparison for the plans from the 5 insurers:
https://www.moh.gov.sg/content/dam/moh_web/Healthcare_Financing/Medishield/Comparison_of_MediShield_and_Private_Integrated_Plans/Comparison%20of%20IPs%20last%20updated%201%20Aug%202014%20(Private).pdf

After assessing the differences, my chosen IP and Rider is "NTUC Preferred Enhanced Incomeshield" with "Plus Rider".

Question (6):  "NTUC Preferred Enhanced Incomeshield" with "Plus Rider" as opposed to "NTUC  Preferred Enhanced Incomeshield" with "Assist Rider" and what are their differences?
For "NTUC Preferred Enhanced Incomeshield" with "Plus Rider", for those age 31-35, the plan inclusive of Plus rider cost $609 per annum while with "NTUC Preferred Enhanced Incomeshield" with "Assist rider", it will be $494, the next tier of age 36 - 40, it would cost $637 and $516 respectively.

•  Plus Rider provides full coverage such that I do not have to pay a single cent after hospitalisation.
•  Assist Rider still requires me to pay 10% of the hospital bill (Though this is capped at 3000 SGD per admission). 

In fact, Plus Rider was only brought back this year in 2015 by NTUC due to its popularity by policyholders. Initially it was discontinued because NTUC wanted only to offer policies that are not provided by other insurer. They must have been losing market shares and in order to stay competitive, had brought it back.

NTUC INCOME is having a SG50 promotion !

From 10 May to 31 December 2015, Singaporeans who sign up for a new Enhanced IncomeShield plan for their child will receive CapitaMall vouchers equivalent in amount to the first year premium. All other new sign-ups will receive S$100 CapitaMall voucher.

All the more reason to sign up with NTUC income!!

With my "NTUC Preferred Enhanced Incomeshield" with "Plus Rider",  I do not need to worry about the hospital bill!

DBS Live Fresh Card to give 6% rebates for online purchases

When OCBC announced the release of their Frank credit card which gives 6% rebates to all online transaction, it seems too good to be true. When it proves to be a worthy card for rebates on online transactions, a few other banks joined in, eg: Standard Chartered SingPost Platinum Visa Credit Card, Bank of China Shop! Card.

Now look who’s the latest bank to join in the crowd! None other than DBS, with their promotion on DBS Live Fresh Card. To be honest, I was really going to cancel my DBS Live Fresh Card, until I chanced upon this promotion on their website: http://www.dbs.com.sg/personal/cards/credit-cards/live-fresh-dbs-visa-paywave-platinum-card. So... DBS has just jumped onto the bandwagon of credit cards giving rebates for online purchases, together with a new rewards scheme.

For more info, here are the T&Cs: http://www.dbs.com.sg/iwov-resources/pdf/cards/credit-cards/live-fresh-dbs-visa-paywave-platinum-card/livefresh_visa_plat_tnc.pdf. For those who are tired of reading all that 3.5 pages of mumbo jumbo, here’s a summary:

What does this mean to us consumers when it comes to choosing a credit card for online purchases? Fret not! We have prepared a summary table comparing all the cards:

Seems like for the moment, DBS Live Fresh is the best online purchase rebate card around!

However, it is worthy to note that DBS & OCBC has higher interests savings account namely the Multiplier Account and 360 Account respectively, that has bonus savings interests rates for credit card spending.

DBS Muliplier Account requires at least a $7.5K/month cashflow to get the 1.08% interests rates, which is usually hard to reach unless you invest via this account, or loans with DBS.

Even though OCBC has recently reduced the bonus interests rates for credit card spending for the 360 Account, it is undoubtedly the best higher interests savings account around. If you have the 360 account, then it will be worthwhile to first use your Frank card, as you get an extra 0.5% extra bonus interests rates for at least $500 spending.

All in all, it is beneficial to hold at least 2 of such cards, which you can utilise when you have big ticket items to purchase for only 1 or 2 months (eg: hotels, air tickets, Christmas presents etc).

By the way, if you sign up for a new DBS Live Fresh Visa Card by 31 Aug 2015, you get $80 cashback if you charge a minimum of S$500 to your new DBS Live Fresh Visa Card within one month of card approval date! More details can be found here: http://www.dbs.com.sg/personal/promotion/livefresh-cashback.