I Downgraded my GE Hospitalization Plan from Private Coverage to A-Class

Earlier this month, I received the premium notice from Great Eastern.

I expected an increase since I already turned 40 years old.

But I did not expect such a significant increase.

For reference, last year I paid about $900+.

I’ve been on the highest-level private hospitalization GE plan since 2013. And I never made a claim.

Even when I gave birth through an emergency c-section back in 2018 – I couldn’t make any claims as my condition was NOT considered as part of the “maternity complications” T&C for that year.

While I am thankful that my health is good so far that I need not make any claims – this was a significant increase in premium.

A 68% increase actually – and just within 1 year!

So, after consulting with my FA – who is not from GE – he asked me this very important question:

“Would you still like to have access to private hospital treatment if you want?”

I thought about the excellent treatments I received from public hospitals, and I told him no.

His reply – “Then A-class ward is more than sufficient.”

You Can Downgrade Your Hospitalization Plan Through the Great Eastern App

It is very interesting that GE allowed for the downgrade to be done very easily through their app.

My guess? There is probably a lot of people downgrading their hospitalization plans.

Step 1: Declaration

Step 2: Plan Conversion

You will be shown a screen of your existing GE plans. Take note, they don’t use the word “downgrade”. Instead, it is called a conversion.

Step 3: Select the next lower-tier plan

In my case, I selected the A Plus plan.

You can see the difference is about 4x in the premiums from P Plus and A Plus.

The moment I selected A Plus, the Great Totalcare plan was changed to:

• A
• Basic A

I selected the A plan under Great Totalcare.

For the “Essential Plan under Great Totalcare Plus – it can’t be removed.

The “Next” button should light up.

Step 4: Final Summary Before Submission

I was stunned when I saw this screen.

What a huge difference in the premiums between the private hospitalization plan with the A-class ward public hospitalization plan!

By downgrading to the A plan – I will save more than $1000.

Click on the “Submit” button once you are mentally prepared that you no longer want to be covered by a private hospitalization plan.

Step 5: Submission Completed

And done.

Some Thoughts:

I had a few acquaintances who were admitted to private hospitals. I use the word had because they have since passed on. During their illness, I visited them and saw firsthand the comfort that private hospitals provide.

There are many reasons why people choose private hospitals – shorter wait times, quicker access to specialists, and expedited treatments.

That said, hospitalization plan premiums will continue to rise, whether for private or public hospitals.

Medical inflation, much like regular inflation, is an ongoing reality – and it’s not slowing down anytime soon.

With this in mind, I’ve decided to take my savings of about $1,000 and transfer it to my Public Gold GAP account.

It is my form of slowly building my own version of an “insurance fund.”

Here are a few facts of life when it comes to insurance companies:

• Premiums will always increase over time
• As businesses, they must stay solvent and profitable
• As policyholders, we’re always subject to their terms and conditions
• As I grow older, the only thing I am sure of is that when costs go up, it will not come down

This is the economic system we live in.

It’s neither good nor bad – it’s just reality.

That’s why I’ve started to view physical gold as a hedge.

Not a replacement for insurance, but a layer of protection.

Something that may one day help offset the rising cost of premiums.

If you are keen to do the same and start your own “personal insurance fund” using physical gold – I invite you to contact me to arrange on how to setup your Public Gold account. Registration is free.