Integrated Shield Plan (IP) with full rider
For the longest time, I wanted to blog about Integrated Shield Plan (IP) but have been putting it off due to various reasons. The impetus for this article is due to a recent request by a lifetime member. He is seeking my views on the recent saga between the medical professionals and the insurers over the Integrated Shield Plan (IP).
The latest sparring between Singapore Medical Association (SMA) and insurers came after Ministry of Health (MOH) banned the sale of new Integrated Shield Plan (IP) with full rider on 7 March 2018. What riled many Singaporeans was the manner in which the policy was implemented. To prevent people from rushing to buy full riders, those buying a rider from 8 March 2018 had to switch to the new scheme by 1 April 2021 at the latest. Back then, MOH has not mandated any change to the 1.1 million policyholders who have full riders.
I am one of the 1.1 million policyholders who have full riders. When MOH announced that new Integrated Shield Plan (IP) must come with the co-payment feature, I feared that the insurers would do the same for existing policyholders. Indeed, my worst fear came true on …