Cost of Private Shield

A reader asked how it is possible for the cost of a private Shield plan to be more than $100,000 for ages 30 to 85.

You can add up the total cost from the websites of the insurance companies. Here is an example from NTUC Income:

For the enhanced plan (subject to deductible and co-insurance):
http://income.com.sg/insurance/incshield/premium.asp

For the plus rider (to cover the deductible and co-insurance)
http://income.com.sg/insurance/incshieldplus/

Add up the premium rate for plan P (which covers private hospital) for the ages from 30 to 85. Remeber to muliply by the number of years in each category. I got a total of $102,344.

This does not include the cost beyond age 85, and also for future increases in premium rates due to medical inflation. These rates are not guaranteed at the current level and can be adjusted in future years.

You can find out the premium rates charged by the other insurance companies for their private Shield plan. I believe that the total cost will be higher, i.e. more than NTUC Income.