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What are Integrated Shield Plan (IP) Riders?
Riders are add-ons to your Integrated Shield Plan that can either reduce the overall cost of your medical treatment or provide additional advantages.
Insurance riders are add-ons to an insurance policy that can be purchased. A rider adds additional benefits or protection to the underlying plan’s coverage. When evaluating insurance plans, it’s critical to examine not only the basic plans but also the riders.
Riders are not unrestricted. Your overall premium will be increased by the cost of the rider.
Who is eligible/Coverage?
- An IP ride might help you save money on your deductible and co-insurance example: Your insurance company may pay up to 95% of your deductible and lower your co-insurance to as little as 5%.
- The Integrated Shield plan has a $3,500 deductible and a 10% co-insurance part.
- you pay little or no out-of-pocket expenses if you have an insurance rider that covers the deductible and co-payment — either partially or completely.
- Up to the age of 20, your children are covered for free or at a reduced fee.
What are the benefits of riders?
- This safeguards you from unexpectedly big bills.
- The rider will be reimbursed for the regular expenses for an extra bed.
- For patients with long-term conditions such as cancer, stroke, or dementia, several riders cover home visits by doctors, nurses, and physiotherapists.
- Because virtually little underwriting is necessary, the additional premium paid for a rider is generally cheap.
What are riders’ plans?
- Prudential PRUShield
- AXA Shield
- AIA HealthShield Gold Max
- Aviva MyShield
- Raffles Shield
- NTUC IncomeShield
- Riders are not included in Integrated Shield plans (IPs) since the Ministry of Health (MOH) has not approved them for Medisave use.
- When you make a claim under your Integrated Shield Plan, riders are optional products launched by private insurers to pay the co-insurance and deductible portions of your bill (IP). Some riders also have extra benefits, including cash payments if you are hospitalized.
- Riders aren’t Medisave-approved, so policyholders will have to pay for them out of pocket.
