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Health insurance meant to protect from probably the biggest financial risk you’ll ever face – rising healthcare expenses. That means protection hospitalisation and medical costs, as well as expenses arising from injury, illness or disability. Let’s talk about inflation. You probably know a little bit about inflation and how it drives up the prices of goods and services by around 3% each year. But did you know that healthcare inflation is MUCH worse? Healthcare inflation can be 2X to 3X the national inflation rate (and will probably get worse each year) – that’s because advances in medicine, medical research and medical technology are COSTLY. In fact, those are the main factors driving up healthcare costs in Singapore today. The bottom line is this – you’ll need health insurance to deal with the rapid rise of healthcare costs. Because all it takes is one expensive accident or illness to wipe out your savings and ruin any chances you have at retirement.
Here’s a brief overview of the benefits offered by the most common health insurance policies available:
One of the biggest reasons why more Singaporeans don’t purchase additional healthcare coverage is because they already have enough coverage with MediShield and their employer’s insurance scheme. That may very well be true for some people – everyone’s health insurance situation is different after all. You might actually have some very good health insurance coverage because of MediShield and your employer’s policy. But don’t make the dangerous mistake of assuming that you’ve got “comprehensive” coverage – check your employer’s policy for gaps, limitations and exclusions. So before you make assumptions about your current health insurance coverage that can have dangerous consequences, evaluate your total coverage, look for gaps, and consider purchasing additional health insurance coverage to reduce your risk!
MediShield, a company’s insurance plan or a combination of both might be enough. But the only way to ensure you’ll have 100% adequate coverage is to have additional health insurance coverage. Although MediShield covers all Singaporeans and PRs, it is limited in what it offers, which means that you could still end up having a huge bill you have to pay when you get sick. Also, your employer’s policy might have a variety of insurance limitations such as deductible(s), sub-limits or co-insurance (just like MediShield). Moreover, even though your current employer might offer a fantastic health insurance policy, you will no longer have this coverage when you get retrenched or take up another job. Having an integrated shield plan will give you more peace of mind with the various benefits it offers.
|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|