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How can I pay the
premiums for MyCare?
How long do I have
to pay the premiums for?
Do I have to continue
paying MyCare premiums if I become severely disabled?
What happens if I
do not pay premiums?
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You
can use your Medisave to pay for the premiums of MyCare,
up to a limit of $600 per year per insured person. You
also have the flexibility of using the Medisave Accounts
of your spouse, parents, children or grandchildren.
Alternatively, you may choose to pay by cheque or GIRO.
Any
premiums in excess of $600 have to be paid by cheque
or GIRO.
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You
have to pay premiums
(i) up to age 67 next birthday, subject to a minimum
premium term of 20 years, or
(ii) ongoing
depending on what you have chosen as your premium payment
term.
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If
you become severely disabled, your MyCare payouts will
start and your subsequent premiums will be waived.
If
you recover from your severe disability, the payouts
will stop, and premium payments will resume, if you
have not fulfilled your minimum premium payment term.
If
you have finished paying premiums (with the limited
premium payment term option), no further premium payment
is necessary. However, you continue to enjoy lifetime
coverage.
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You
may convert your policy into a paid-up policy with a
reduced monthly benefit after a certain minimum number
of years. This prevents your policy from lapsing due
to non-payment of premiums, provided there are sufficient
reserves accumulated. The monthly benefit amount is
dependent upon your age and how long your policy has
been in force.
In
the event there are insufficient reserves accumulated,
the policy will lapse and the cover will cease.
This
is applicable to both limited premium payment term and
lifetime premium term.
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For
further enquiries,
please contact our Customer Service Centre at 6827
7788.
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