Types of Health Insurance in Singapore: How to Choose the Best Plan for You
Health insurance is a policy that pays for healthcare expenses in Singapore. It is important to have health insurance because of the rising lifestyle diseases and medical inflation.
1. Basic Health Insurance: MediShield Life
MediShield Life is a basic health insurance provided by the Ministry of Health for all Singaporeans and Permanent Residents (PRs). It covers basic public hospital treatments where payouts are according to the charges for class B2 and C wards. MediShield Life premiums are paid through your CPF MediSave account.
However, MediShield Life has some limitations. It does not cover pre- and post-hospitalisation treatments, better class wards, private hospitals, or overseas medical expenses.
2. Your pre-existing medical conditions.
Health insurance is a necessity in Singapore due to the high cost of healthcare. It helps you pay for your medical bills and gives you peace of mind.
Health insurance is a policy that pays for healthcare expenses in Singapore. It is important to have health insurance because of the rising lifestyle diseases and medical inflation.
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| Picture: p4h.world/fr |
In this blog post, I will explain the different types of health insurance available in Singapore and how to choose the best one for your needs.
1. Basic Health Insurance: MediShield Life
MediShield Life is a basic health insurance provided by the Ministry of Health for all Singaporeans and Permanent Residents (PRs). It covers basic public hospital treatments where payouts are according to the charges for class B2 and C wards. MediShield Life premiums are paid through your CPF MediSave account.
However, MediShield Life has some limitations. It does not cover pre- and post-hospitalisation treatments, better class wards, private hospitals, or overseas medical expenses.
It also has deductibles and co-insurance, which means you have to pay a portion of the bill yourself. If you want more comprehensive coverage, you need to supplement your MediShield Life with an Integrated Shield Plan (IP).
2. Integrated Shield Plan (IP)
An IP is a private health insurance plan that boosts your MediShield Life coverage. With an IP, you can enjoy higher claim limits, wider range of healthcare options, and lower out-of-pocket expenses.
2. Integrated Shield Plan (IP)
An IP is a private health insurance plan that boosts your MediShield Life coverage. With an IP, you can enjoy higher claim limits, wider range of healthcare options, and lower out-of-pocket expenses.
You can choose from different IP plans offered by seven private insurers in Singapore: AIA, Aviva, AXA, Great Eastern, NTUC Income, Prudential, and Raffles Health Insurance.
An IP consists of two parts: the MediShield Life component and the additional private insurance coverage component.
An IP consists of two parts: the MediShield Life component and the additional private insurance coverage component.
The MediShield Life component is paid by your MediSave account, while the additional private insurance coverage component is paid by cash or MediSave (subject to withdrawal limits). You can also add IP riders to your IP plan to further reduce your co-payment.
3. International Health Insurance
If you travel frequently or work overseas, you may want to consider getting an international health insurance plan. This type of plan covers you for medical expenses incurred anywhere in the world, including Singapore. You can choose from local or global providers of international health insurance plans.
Local providers are usually cheaper than global providers, but they may have more restrictions on the countries and hospitals covered. They may also require you to seek treatment in Singapore first before going overseas. Some examples of local providers are Raffles Health Insurance and Expat Insurance.
Global providers are more expensive than local providers, but they offer more flexibility and convenience. They usually cover most countries and hospitals worldwide, and they allow you to seek treatment anywhere without prior approval. Some examples of global providers are Cigna and Aetna.
How to Choose the Best Health Insurance Plan for You?
There is no one-size-fits-all health insurance plan for everyone. The best plan for you depends on your personal preferences, budget, lifestyle, and health needs. Here are some factors to consider when choosing a health insurance plan:
1. Your preferred ward class and hospital.
3. International Health Insurance
If you travel frequently or work overseas, you may want to consider getting an international health insurance plan. This type of plan covers you for medical expenses incurred anywhere in the world, including Singapore. You can choose from local or global providers of international health insurance plans.
Local providers are usually cheaper than global providers, but they may have more restrictions on the countries and hospitals covered. They may also require you to seek treatment in Singapore first before going overseas. Some examples of local providers are Raffles Health Insurance and Expat Insurance.
Global providers are more expensive than local providers, but they offer more flexibility and convenience. They usually cover most countries and hospitals worldwide, and they allow you to seek treatment anywhere without prior approval. Some examples of global providers are Cigna and Aetna.
How to Choose the Best Health Insurance Plan for You?
There is no one-size-fits-all health insurance plan for everyone. The best plan for you depends on your personal preferences, budget, lifestyle, and health needs. Here are some factors to consider when choosing a health insurance plan:
1. Your preferred ward class and hospital.
Do you want to stay in a private or public hospital? Do you want to stay in a class A or B1 ward or a lower class ward? The higher the ward class and hospital type, the higher the premiums and claim limits.
2. Your pre-existing medical conditions.
Do you have any pre-existing medical conditions that may affect your eligibility or premiums? Some insurers may exclude or charge higher premiums for certain pre-existing conditions, while others may offer coverage with certain terms and conditions.
3. Your travel frequency and destination.
3. Your travel frequency and destination.
Do you travel often or work overseas? Do you need coverage for overseas medical expenses? If yes, you may want to get an international health insurance plan or an IP plan that covers overseas treatment.
4. Your affordability and cash flow.
4. Your affordability and cash flow.
How much can you afford to pay for your health insurance premiums? How much can you afford to pay out-of-pocket if you need medical treatment? You may want to balance between your premiums and co-payment to suit your budget and cash flow.
Conclusion
Health insurance is a necessity in Singapore due to the high cost of healthcare. It helps you pay for your medical bills and gives you peace of mind.
There are different types of health insurance plans available in Singapore, such as MediShield Life, IP, and international health insurance.
You should compare the features, benefits, limitations, and costs of each plan before deciding which one is best for you.
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