Prudential Singapore is among several insurers that have introduced a slew of new supplementary plans in response to the implementation of new rules on Integrated Shield Plan (IP) riders, that address rising insurance premiums.
Prudential Singapore also emphasised the importance of reviewing protection needs with a financial representative.
A statement from the insurer said, “As individuals move through different life stages, their healthcare needs and financial circumstances can change.
“Customers are encouraged to review their protection with a financial representative to assess their overall needs and determine the appropriate level of coverage before making any decision to downgrade or drop their riders.”
“We understand that customers need to strike a balance between premium affordability and protecting themselves from potentially high medical costs in the future,” said Prudential Singapore Chief Health Officer Dr Sidharth Kachroo.
“While they may enjoy immediate cost savings when they switch to a plan that offers lower premiums, they also need to consider what they might need to pay in cash from their own savings when they require hospitalisation given that the deductible is no longer covered and the co-payment cap has increased.”
Dr Kachroo added, “This is a personal choice, and our role as an insurer is to ensure that our customers fully understand the coverage and benefits that they enjoy with their plans, as well as the implications of downgrading or dropping coverage, so that they can make an informed decision.”