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Medical insurance is the bedrock of financial planning. With medical advancement, it also comes with a price on our medical treatment cost. Before we discuss on the type of medical insurance available in the market, here are some of the key terms we need to understand:


Deductible: The amount you pay for medical expenses before your medical insurance begins to pay. For example, if your plan's deductible is $1,500, and your total medical bill charged by the hospital is $1,500, the entire medical bill is borne by yourself.


Co-insurance: The percentage cost of a medical bill you are required to co-pay after you've paid your deductible. For example, if your plan's deductible is $1,500, and your total medical bill charged by the hospital is $2,000, you will have to first pay the deductible cost of $1,500, and 10% co-insurance of the balance which is ($2000 - $1500) x 10% = $50


As-charged coverage: The plan will reimburse you the eligible hospitalization cost you have incurred, subject to deductible, co-insurance, admission of ward class, benefit limits and any other policy terms (including exclusions)


Pre/post hospitalization coverage: Pre hospitalization cost refers to the medical cost incurred before the patient receives treatment and Post-hospitalization expenses refer to the medical cost incurred after the patient is discharged. (Examples are X-ray, Specialist consultation, physiotherapy cost)


Here are the type of insurance you may be covered under, and what are the key features:


1. MedishieldLife


All Singaporeans and PRs will be automatically enrolled into Medishieldlife as a form of basic universal medical insurance regardless of age and health condition. The basic scheme is designed to cover Class B2/C bills in restructured hospitals only. 


A key point to note is that there are limits to compensations for eligible medical cost, and also there is no pre/post hospitalisation benefit.


2. Integrated Shield plans


Additional private insurance coverage provided by the insurance company to enhance your MedishieldLife coverage. With the integrated shield plan, you will be covered with ‘As charged’ Coverage, pre and post hospitalization coverage. There is also the option to add in Riders to cover for deductible and co-insurance of medical bill.


The list of insurers that provide integrated Shield plans are:

- Income


- Raffles shield

- Great Eastern

- Singlife

- Prudential

- AIA 


3. Group/ Company Insurance


There are companies that provide medical insurance as part of their employee benefits. The coverage will typically have different tiers of coverage. The coverage ranges from 'As charged' coverage to compensation limits depending on the type of tabled surgery. The coverage will cease once you leave the company.


4. International/Expat Insurance


International medical insurance is suitable for people looking for medical insurance coverage beyond Singapore, in the regional countries or worldwide medical coverage. The plan will typically provide 'As charged' coverage and also provide pre/post hospitalisation covearge. The plan may also include dental, maternity and optical benefits. 


The type of medical insurance covered are not limited to the above, but the general consensus are that we will most likely fall in the above classifications (mainly group 1-3).


Fruit for thought;

Depending on Medishieldlife coverage alone will not be suitable for most people due to their claim limits, as well as the limitations in ward coverage, and it is encouraged to enhance the plan to an integrated shield plan to have control over the choice of coverage.


The idea of forgoing a personal medical insurance as they are covered comprehensively under the employer under a group policy to save money is definitely not the best option. The obvious limitation of it is the fact that group insurance is not portable, and the insurance coverage will lapse once you leave the company (be it retrenchment or retirement). In times of economic uncertainty, and company restructuring which may occur, leaving up to chance on company insurance is a grave mistake. And also another reason why you may leave a company may be due to health reasons, and it will be too late to apply for your personal insurance by then.


We compare and distribute between the following insurers to recommend the best health insurance in Singapore that suit your needs, and affordability. Drop us a message for a detailed comparison for you!

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