What Is An IP Rider & Why Do I Need One?

By Joanne Poh, 08 March 2019 12981


Image: iStock

When you purchase an Integrated Shield Plan (IP) from a private insurer, you are buying a health insurance that is designed to provide additional private coverage on top of what you already get from the government-provided MediShield Life.

As the protection offered by MediShield Life is basic, your IP is designed to cover a larger portion of your medical bills should you fall ill.

A rider is an optional add-on designed to offer even greater benefits on top of what your IP offers. So, if you want your insurance coverage to be even more comprehensive, you can do so by purchasing riders.

Riders can also be used to reduce the amount that you must pay out-of-pocket, such as co-insurance and deductible when you are hospitalised. For instance, the riders can cap the amount you need to pay if you seek treatment from one of the insurer’s preferred healthcare providers, so that you have less to worry about, even when facing a massive medical bill.


Image: iStock

Simply indicate to your insurer which riders you wish to purchase, either at the time you first sign up for the policy or anytime afterwards. As the premiums for riders are not payable by MediSave, you will be billed for them separately by cash.

Different riders may come with varying costs depending on the level of coverage they provide, so you should evaluate the various options based on your needs and affordability as you will have to pay for the premiums every year.
 

What options are there?


Different IPs have different riders that you can opt to add on. At Income, there are two IncomeShield riders you can add to your Enhanced IncomeShield and IncomeShield Standard Plans, both of which reduce your out-of-pocket expenses.


Image: iStock

Deluxe Care Rider

  • Your co-payment portion is just 5% of the benefits due under your policy. If you seek medical treatment from Income’s panel, you only need to pay a maximum of $3,000 per policy year for co-payment.
  • Extra bed benefit of up to $80 per day (up to 10 days for each hospital stay) if the parent/guardian stays in the hospital with the insured child that is aged 18 or younger.

Classic Care Rider

  • Your co-payment portion is 10% of the benefits due under your policy. If you seek medical treatment from Income’s panel, you only need to pay a maximum of $3,000 per policy year for co-payment.
  • Extra bed benefit of up to $80 per day if the parent/guardian stays in the hospital with the insured child that is aged 18 or younger.
  • If you seek medical treatment that is not provided by Income’s panel, you will have to make an additional non-panel payment of up to $2,000 in each policy year.


Both the Deluxe Care and the Classic Care Riders are designed to keep your out-of-pocket expenses more affordable. If you require extensive medical treatment, using Income’s panel caps your co-payment at an affordable amount no matter how high your medical bill. The Deluxe Care Rider is designed to offer even greater protection by reducing the co-payment portion to just 5%.

The Deluxe and Classic Care Riders can complement your existing Enhanced IncomeShield or IncomeShield Standard Plan and offer you even more comprehensive protection. 

If you are not sure which riders can be added onto your IP plan or which would meet your needs best, speak to a trusted adviser today.


    

Important Notes:
This article is meant purely for informational purposes and should not be relied upon as financial advice. The precise terms, conditions and exclusions of any Income products mentioned are specified in their respective policy contracts. For customised advice to suit your specific needs, consult an Income insurance adviser.

This advertisement has not been reviewed by the Monetary Authority of Singapore. 

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