A hospitalisation insurance is probably the first and most important coverage a person should consider getting. We all know the cost of treatment can potentially wipe out one’s savings. Don’t let it happen to you or your family.
What is Health Insurance?
Health insurance are insurance products that helps pay partial or the full amount of your medical bill for inpatient and outpatient treatment in a clinic or hospital.
In Singapore, such policies typically does not pay out a lump sum, unlike life insurance policies, upon an insured event. The purpose of a health insurance policy is to insure you from the hefty hospitalisation bills when the situation calls for.
What is not covered by medishield life?
- Pre and post hospitalisation treatments and consultations
- “As Charged” coverage for Government/Restructured and Private Hospitals
- Coverage for deductible and co-insurance
- Higher yearly limit for claims (up to 2,000,000)
Medishield Life is it enough?
Medishield Life is a basic universal healthcare plan administered by the CPF Board which the government made it compulsory for all Singaporeans and Permanent Residents to be enrolled into. The purpose is to provide a form of affordable health insurance for everyone including those with pre-existing conditions to pay off large hospitalisation bills specifically for those who choose to stay in a C/B2 restructured wards.
Despite the coverage, you are still required to pay a part of your bills (Deductibles and co insurance) with the percentage of it highly dependent on the type of ward and hospital you choose to stay in.
The Medishield life coverage can be enhanced with an integrated shield plan to provide comprehensive coverage for higher class wards in restructured and private hospitals.
What is integrated shield plan (ISP)?
If you are a Singaporean or PR or any foreigners holding a valid pass, you are eligible to upgrade your medishield life plan to an integrated shield plan with one of the seven appointed insurers.
Singaporeans and PR can use their medisave to fund the premium for the integrated shield subjected to a yearly withdrawal limit which is dependent on your age category.
You may also compliment your integrated shield with riders to provide coverage for co-insurance and deductible, daily cash benefit, additional outpatient health care service and personal accidents by paying with cash.
What are international health insurance plans?
If you are an expat in Singapore or even a local or permanent resident of Singapore that regularly travels abroad for work or leisure, you need to take note that except for emergency inpatient treatment, most integrated shield plans do not provide you with comprehensive coverage abroad.
What scenarios should I consider an international health insurance plan?
For example, if you are only covered by an integrated shield plan and happen to know that a very highly regarded surgeon or physician that will be able to treat your condition is in UK, and you wish to engage his/her service, you will have to bear the full cost of treatment on your own even if you are covered by the best integrated shield plan.
Hence, to provide coverage for such scenario, you may consider getting an international health insurance plan.
What does an international health insurance plan covers that a integrated shield plan does not?
An international health insurance plan can provide you with a suite of coverage that an integrated shield plan will not typically cover. Such coverage provided includes but are not limited to:
- Outpatient General Practitioner/Specialist visits
- Maternity Coverage for pre/post-natal consultations and diagnostics
- Health Screenings
- Pre-existing condition coverage
- Worldwide or selected regional coverage
- Dental and Optician Coverage
While the premiums for an international health insurance plan can be competitive or significantly higher than an integrated shield plan depending on the choice of coverage you wish to receive, medisave will not be usable to fund for international health insurance coverage.
Integrated Shield Plans We Compare
- Aviva MyShield
- AIA Healthshield Gold Max
- AXA Shield
- NTUC Enhanced Incomeshield
- Raffles Shield
International Health Insurance Plan We Compare
- Liberty Pallas
Get the Best Health Insurance (Enquire)
Health insurance are an essential protection plan that will provide financial relief in the event of a large medical bills, the biggest advantage of taking up an integrated shield plan or an international health insurance plan is the health care options it provides you with.
Make use of our web quote to find the most suitable coverage base on your needs. Upon your request, a licensed FA rep will draft you a customized plan based on the information you have communicated. Their service is 100% free and there is no obligation to take up any products from them.
Answer 4 Specific Health Insurance Preference to Customize Your Quotes.