Compare Affordable Health Insurance Plans 2020

Why Is Health Insurance Necessary

What is health insurance and why do you need it? Health insurance serves to protect you from one of the biggest financial risks you might ever face – healthcare expenses. Essentially, that means protection from hospitalisation and medical costs, as well as expenses arising from injuries, illnesses, or disabilities. When it comes to healthcare expenses, you also need consider inflation. You probably know a little about inflation and how it drives up prices of goods and services by around 3% each year. But, did you also know that healthcare inflation increases way more than that? Healthcare inflation can run up to 2 or 3 times the national inflation rate – and will probably continue to increase year on year. And that’s because advances in medicine, medical research, and medical technology are costly. In fact, these are the main factors driving healthcare costs in Singapore today. The bottom line is this – you will need health insurance to deal with the rapid rise of healthcare costs. All it takes is one expensive accident or illness to wipe out your savings and retirement funds.

Types of Health Insurance in Singapore

Here’s a brief overview of the common health insurance policies offered in Singapore and their benefits:

Hospital Income Insurance

Hospital income insurance offers you a fixed amount of cash daily (e.g. S$250) from the insurer for each day you’re hospitalised, up to a maximum number of days (e.g. 365 days) per accident or illness.

Long-Term Care Insurance

Long-term care insurance offers you a fixed amount of cash monthly (e.g. S$400) for long-term nursing care that typically includes assistance with daily activities such as bathing, dressing, and feeding. This coverage is often offered by insurers in the form of ElderShield supplements.

Disability Income Insurance

Disability income insurance offers you “income replacement” of up to a certain percentage of your gross monthly income. So, if you’re making S$5,000 a month, your insurer might allow you to insure 80% (varies by insurer) of your income – meaning in the event of an accident that leaves you disabled, your monthly payout would be S$4,000 until you’re able to perform your duties once again.

Medical Expense Insurance

Medical expense insurance offers you reimbursement from the insurer for any medical treatment and hospitalisation costs. Depending on the policy, the coverage you receive may either be full or limited.

Critical Illness Insurance

Critical illness insurance offers you a lump sum payment from the insurer to help alleviate hefty medical expenses in the event you are diagnosed with a critical illness such as cancer, heart attack, kidney failure, coma, etc. The list of qualifying critical illnesses varies by insurer.

How Does Health Insurance Work in Singapore

MediShield Life

MediShield Life is a basic health insurance provided by Singapore's Ministry of Health for all Singaporeans and Permanent Residents (PRs). It covers basic public hospital treatments where payouts are in accordance to the charges for class B2 and C wards. If you, however, prefer to be warded in class A and B1 wards of public hospitals, or private hospitals, you would need to top up the excess amount incurred.

Integrated Shield Plan (IP)

Integrated Shield Plans (IPs) can be purchased from private insurers to boost existing coverage you have provided by MediShield Life. With this additional coverage, you can enjoy a wider range of healthcare options and higher claim limits. Integrated Shield Plans not only cover you for pre- and post-hospitalisation expenses but extends the range of wards you can stay in public and private hospitals.

IP Riders

IP riders are add-ons to your integrated shield plan. While your Medishield Life and Integrated Shield Plan are payable by MediSave, IP riders have to be paid in cash. There are a range of riders available and not every rider is the same. Some riders have a hospital cash benefit which offers you cash allowance for each day you are hospitalised. Some IP riders will reimburse the deductible and co-insurance which is not covered by the Integrated Shield Plan, hence covering a bigger portion of your hospital bill.

Should You Buy Additional Health Insurance Coverage?

A common reason why some Singaporeans do not purchase additional healthcare coverage is because they already have enough coverage with MediShield and their employer’s insurance scheme. Yet, everyone’s health needs and insurance may different – you should check your insurance policies for gaps, limitations and exclusions. So, before you assume that your current health insurance policies are sufficient, evaluate your total coverage, look for gaps, and consider purchasing additional health insurance coverage to cover those bases and reduce your risk of running into an unpaid hefty medical bill.

Why get an Integrated Shield Plan?

You may have MediShield and your company’s insurance plan under your belt but that doesn't guarantee comprehensive healthcare coverage for you. The only way to ensure you’ll have 100% adequate coverage is to identify any gaps in your existing policies and seek out relevant health insurance policies to bridge those gaps. MediShield, for instance, offers coverage to all Singaporeans and Permanent Residents (PRs) but it has its limitations such as a S$100,000 claim limit per year, access to only class B2 and C wards in public hospitals, no coverage for maternity-related conditions, hospice, and more. Your employer’s policy may also have a variety of limitations such as deductibles, sub-limits, or co-insurance, and the probability of you leaving the job or facing retrenchment. Having an Integrated Shield Plan will give you a plan to fall back on.

Benefits of an Integrated Shield Plan

Higher claim limits

By having an Integrated Shield Plan, you can increase your annual claim limit. The basic MediShield Life offers an annual claim limit of S$100,000. An Integrated Shield Plan offered by a private insurer may increase the annual claim limit of up to S$1,000,000 instead. With the increase in claim limit, you will also be covered for a wider range of healthcare conditions, more ward classes, pre- and post-hospitalisation expenses, and more. Some Integrated Shield Plans also provide additional benefits such as medical coverage outside of Singapore.

Higher ward classes

The basic MediShield Life provides Singaporeans and Permanent Residents (PRs) with coverage for Class B2 and C wards in public hospitals. While you can still opt to stay in Class A or B1 wards, it requires you to top-up the excess cost. This is one of the reasons why individuals may opt for an Integrated Shield Plan (IP) – so that they can have insurance coverage for higher-tier wards in public and private hospitals. A higher-tier ward or access to private hospitals may reduce your waiting time for access to medical treatments and hospitalisation.

Agent

Another plus point that people like about getting an Integrated Shield Plan is the access to an insurance agent. Your agent is your point of contact for anything health insurance-related. Hence, when you need to make a claim or check your coverage, you can simply drop your agent a text or call instead of browsing through multiple hospital and government websites.

Best Health Insurance in Singapore

Plan	Insurer	For
HealthShield Gold Max	AIA	Inpatient/Day surgery, outpatient treatment
PRUShield	Prudential	Pre and post hospitalisation, Inpatient/Day surgery
IncomeShield	NTUC Income	Outpatient treatment, organ transplant
SupremeHealth	Great Eastern	Outpatient treatment, high claim limit per policy year
Shield	AXA	Cheapest premium, emergency overseas treatment
Raffles Shield	Raffles Medical	High claim limit per policy year, pre and post hospitalisation
MyShield	Aviva	Family protection

What to Consider Before Choosing an Integrated Shield Plan?

Affordability

When you are considering to purchase an insurance health plan, first budget your finances to ensure you can sustainably afford the monthly premiums for the next couple of years. Next, ensure you will be able to afford future premiums which will be higher than your current premiums. Health insurance premiums increase constantly for 2 reasons: as you age, your health risks increase; healthcare and medical costs are always advancing and on the rise.

Coverage

While cost of an insurance plan is something you definitely have to consider, you should not just settle for the cheapest plan you see. This way, you may be compromising on the healthcare coverage you receive. Instead, you should consider looking for a plan that fits your budget and provides extensive coverage. However, an insurance plan with high and all-encompassing healthcare coverage may come with hefty premiums and require you to pay more than what you can sustain in the long term. You will want to strike a practical balance here.

Paying for Health Insurance

Using MediSave to pay

When you pay the monthly premium for your Integrated Shield Plan (IP), you are collectively paying for the premiums of both MediShield Life and the additional IP coverage provided by your private insurer. The MediShield Life portion can be fully paid by MediSave. The private insurance component can also be paid via MediSave – although not the full sum due to additional withdrawal limits MediSave has set. For those aged 40 years and below, the limit is S$300 per year. For those aged 41 to 70 years old, the limit is S$600 per year. For those aged 71 and above, the limit is S$900. If the premiums for the coverage by a private insurer exceeds the above mentioned limit, any excess has to be paid by cash. Finally, premiums of any additional IP riders cannot be paid with MediSave.

What if my MediSave is insufficient?

MediSave can be used to not only pay for your MediShield Life but also of those of your immediate family members. In the event that you have insufficient balance in your MediSave account, you can use one of your family members’ MediSave account to pay for your MediShield and any additional IPs. However, if you have insufficient balance in your MediSave account and have limited family support, you will be provided with the option to pay the outstanding premiums for your MediShield Life via installments.

Frequently asked questions

How much is Health Insurance in Singapore?: The average cost of an Integrated Shield Plan (IP) that covers up to B1 ward for a 35 year old individual that does not smoke is S$83. The above mentioned cost does not include premiums for MediShield Life.
How does Health Insurance work in Singapore?: All Singaporeans and Permanent Residents (PRs) are entitled to basic governmental health insurance called MediShield Life. You can opt to increase your healthcare coverage by getting additional health private insurance plans such as Integrated Shield Plans.
Can foreigners buy Health Insurance in Singapore?: While foreigners do not qualify for the governmental healthcare insurance plan, MediShield Life, you can get health insurance plans meant for foreigns from most major private insurance providers in Singapore.
How much does it cost to see a doctor in Singapore?: Based on the sample costs provided in government website MoneySense, a 3-day stay in a Class A ward in a public hospital costs about S$900, while miscellaneous hospital bills (e.g. doctor’s fees) can amount to S$3,200.
Do you need Health Insurance in Singapore?: Medishield Life is a mandatory governmental health insurance plan that all Singaporeans and Permanent Residents will be automatically enrolled in and need to maintain. You may enhance your Medishield Life healthcare coverage by purchasing an Integrated Shield Plan from private insurers in Singapore.
Can you opt out of MediShield life?: You cannot opt out of MediShield Life unlike the previous MediShield scheme. You can choose to pay for your MediShield Life premiums using Medisave or cash.
What is an Integrated Shield Plan?: An Integrated Shield Plan (IP) is an optional health coverage provided by private insurance companies such as AIA, Aviva, AXA, Great Eastern, FWD, Prudential, NTUC Income, Raffles Medical Group, and more.
How do I know if I have an Integrated Shield Plan (IP)?: Log in to your CPF account on www.cpf.gov.sg and click on ‘My Message’. You will be able to see if you have any Integrated Shield Plans (IPs), and which insurance provider you have been registered with.
Is it compulsory to have an Integrated Shield plan?: No, it is not compulsory to get an Integrated Shield plan (IP). All Singaporeans and Permanent Residents (PRs) have basic coverage from MediShield Life. You can opt for an IP if you want to stay in a class A or B1 ward in public hospitals or private hospitals, and want to extend your healthcare coverage.
Can I use MediSave to pay for my health insurance?: Yes, you can use MediSave to pay for MediShield Life and Integrated Shield plan (IP). However, premiums of IP riders have to be paid in cash.
Will the Integrated Shield Plan premiums increase with age?: Yes, premiums increase with age. Also, due to rising healthcare costs, the premiums for the private insurance component of the Integrated Shield Plans (IP) have been increasing by an average of 7% per year.
Can I have multiple Shield Plans?: No. You can only use MediSave to pay for one Integrated Shield Plan for yourself at any point in time. This is because the IPs provide generally similar coverage, and hospital or medical treatment bills can only be claimed from one plan.

Best Health Insurance Plans Singapore 2020

Refine Your Results

365 days

AXA Shield

365 days

NTUC IncomeShield

100 days

AIA HealthShield Gold Max

365 days

NTUC IncomeShield (For Foreigners)

365 days

Prudential PRUShield

365 days

Aviva MyShield

100 days

AIA HealthShield Gold Max (For Foreigners)

365 days

Great Eastern SupremeHealth

365 days

Great Eastern SupremeHealth (For Foreigners)

365 days

Raffles Shield

S$2,336

FWD International Health Insurance

S$5,015

AXA International Exclusive Plan C

S$920

MSIG Prestige Healthcare Elite

S$2,183

Cigna Silver Plan (International Health Plan)

S$3,786

Liberty MyHealth International Insurance Essential

Why Is Health Insurance Necessary

Types of Health Insurance in Singapore

Hospital Income Insurance

Long-Term Care Insurance

Disability Income Insurance

Medical Expense Insurance

Critical Illness Insurance

How Does Health Insurance Work in Singapore

MediShield Life

Integrated Shield Plan (IP)

IP Riders

Should You Buy Additional Health Insurance Coverage?

Why get an Integrated Shield Plan?

Benefits of an Integrated Shield Plan

Higher claim limits

Higher ward classes

Agent

Best Health Insurance in Singapore

What to Consider Before Choosing an Integrated Shield Plan?

Affordability

Coverage

Paying for Health Insurance

Using MediSave to pay

What if my MediSave is insufficient?

Frequently asked questions

How much is Health Insurance in Singapore?

How does Health Insurance work in Singapore?

Can foreigners buy Health Insurance in Singapore?

How much does it cost to see a doctor in Singapore?

Do you need Health Insurance in Singapore?

Can you opt out of MediShield life?

What is an Integrated Shield Plan?

How do I know if I have an Integrated Shield Plan (IP)?

Is it compulsory to have an Integrated Shield plan?

Can I use MediSave to pay for my health insurance?

Will the Integrated Shield Plan premiums increase with age?

Can I have multiple Shield Plans?

^S$2,336

^S$5,015

^S$920

^S$2,183

^S$3,786