What is Health Insurance?
Good health is priceless, but as we all know, accidents and illnesses can happen to anyone. Unfortunately, procrastination may happen and we do not plan for our healthcare costs until it is too late. Health and hospitalization insurance can make the financial concerns of unforeseen medical expenses go away. While we can take utmost care of ourselves and ensure we are in good health, we shouldn’t assume nothing will happen to us and we should always plan to have the best hospitalization insurance in Singapore in place, at a reasonable cost, to provide peace of mind if hospitalization occurs.
Health insurance is there to pay for any eligible healthcare cost incurred in a hospital that may be due to surgery or a hospital stay. All Singaporeans and SPR are covered under Medishield Life, the basic national scheme to cover for large medical expenses from Public Hospital (B2/C ward).
Insurers also provide the option to integrate your Medishield Life policy to allow better type ward or Private hospital coverage. To enhance your medical insurance coverage, you can also purchase riders to add on to the main integrated plan to cover for Deductible and Co-insurance portion of the medical bill.
From 2021 onwards, integrated plans will require the policyholder to co-pay a portion of the hospital bill (either 5% or 10% of the bill).
Why is Health Insurance important?
There are limitations to Medishield Life as it only:
1) Provide basic cover at Class B2/C wards in Public hospitals
2) Limits of compensation for ward charges, consultation/treatment, surgical procedures
3) No pre/post hospitalisation coverage
Enhancing your health insurance coverage will:
1) Provide coverage up to Private hospital A ward
2) Provide as charged coverage for ward charges, consultation/treatment, surgical procedures
3) Provide pre/post hospitalisation coverage for outpatient services treatment
Health insurance will form the bedrock of all financial planning as it will help pay for hospitalisation bill which can be a strain to your finances. Health insurance will provide a peace of mind for you and your loved ones as it protects you and your family from potential financial burden that can pile up over the long run if there is serious treatment involved.
EP holders in Singapore can also purchase personal health insurance.
There is a list of insurers that provides Medisave approved integrated Shield plans in Singapore.
In Singapore, we are spoiled with choices in the various health and hospitalization insurance available to us. There are seven best hospitalization insurance providers in Singapore:
4.) Great Eastern
7.) Raffles health insurance
Each insurer also provides different tiers of hospital coverage, so that is over 20 plans to select from.
To start, it is important to determine your preferred ward coverage, whether it is up to a private hospital or just restructured hospital-only coverage. As the premiums will also increase according to the plan type and age, it is important to also consider your affordability in the long term too.
If you are looking to compare the different terms of coverage between insurers for the best hospitalization insurance in Singapore, it is important to speak to your financial advisor to provide the best recommendation for you.