- Max. Annual Coverage Limit
- Pre-Hospitalisation Benefit
- 180 days
- Post-Hospitalisation Benefit
- 365 days
- Max Annual Coverage Limit
- Area of Coverage
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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.
Here’s a brief overview of the common health insurance policies offered in Singapore and their benefits:
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.
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.
|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||High claim limit per policy year, pre and post hospitalisation|