Best Private Health Insurance For Pre Existing Conditions – One of the must-haves in Singapore healthcare is MediShield Life, the basic health insurance that covers basic treatment at the public hospital. You can also supplement MediShield Life with Integrated Shield Plan (IP). In this guide, we’ll look at what types of health insurance plans are available, who they’re suitable for, and how to get them.

MediShield Life is the basic health insurance provided by Singapore’s Ministry of Health to all Singaporeans and Permanent Residents (PRs). The fee covers the basic treatment of the public hospital, which corresponds to the fee of the category B2 and C ward. However, if you prefer to be admitted to A or B1 class departments of public hospitals or private hospitals, you will need to cover the excess amount.

Best Private Health Insurance For Pre Existing Conditions

Best Private Health Insurance For Pre Existing Conditions

Integrated Shield Plans (IP) can be purchased from private insurers to augment the coverage provided by MediShield Life. With this additional coverage, you can enjoy a wider range of health options and higher claim limits. Co-Shield Plan not only covers your pre- and post-hospitalization expenses but also expands the range of available wards in public and private hospitals.

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IP riders are add-ons to your Integrated Shield plan. If your Medishield Life and Integrated Shield Plan are paid for by MediSave, IP riders must be paid in cash. There are many types of riders and not all riders are the same. Some riders have a hospital cash benefit that pays you cash for each day you stay in the hospital. Some IP riders will cover deductibles and co-insurance that are not covered by the Integrated Shield Plan and cover a larger portion of your medical bills.

What is health insurance and why do you need it? Health insurance is designed to protect you from one of the biggest financial risks you will ever face: medical expenses. Basically, health insurance means protection against hospitalization and medical expenses, as well as medical bills caused by injury, illness, or disability. TL; DR? All it takes is one costly accident or illness to wipe out your savings and retirement fund. Therefore, the ever-increasing cost of health care will increase the need for health insurance.

One term you should be aware of is healthcare inflation. Inflation basically increases the price of goods and services by about 3 percent each year. Inflation in the healthcare sector is 2-3 times higher than general inflation. Why? Because medicine, medical research and advances in medical technology are expensive. In fact, these are the 3 main factors driving healthcare spending in Singapore today.

If you fall ill, spend 3 weeks in hospital on unpaid leave, and end up with a medical bill of S$40,000 when you leave, your health insurance plan should be able to absorb a large portion of your medical expenses. You might pay 5%, plus another S$1,500 (you’ll learn about that later) – and your insurance company will “pay” the rest. This way you don’t have to empty your bank account and take loans from family, friends and credit banks to pay for hospital and medical expenses.

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If you are diagnosed with a terminal or serious illness (touch wood!), you are forced to stop working and, unfortunately, become the sole breadwinner, leaving your spouse, parents, and children without a source of income. – and huge medical bills to the feet. Your life insurance plan will provide them with a lump-sum payment check to help them get on with life in the short term (while finding a new source of income), which will essentially protect their financial stability for a year or two.

A common reason why some Singaporeans do not buy additional health insurance is because they have enough coverage under MediShield and their employer’s insurance scheme. However, everyone’s health needs and coverage can be different – you should check your insurance policy for gaps, limitations and exclusions. So, before you assume your current health insurance policy is sufficient, evaluate your overall coverage, look for gaps, and consider purchasing additional health coverage to cover those gaps and reduce your risk of incurring large unpaid medical bills.

If you have health problems in your family or if you are a foreigner working in Singapore (with or without family members), it is better to get a more comprehensive health insurance plan instead of relying on health insurance. Getting workers’ compensation insurance, as Singapore’s healthcare costs are high, can be difficult to pay if your income is not high enough.

Best Private Health Insurance For Pre Existing Conditions

It is safer to protect against any health risks, especially if you know that your family members have genetic or inherited health problems. By taking out private health insurance with MediShield Life (if you are Singaporean or PR), you can avoid exorbitant medical expenses. The same goes for expats in Singapore. It’s still safer to be insured against any possibility, as unexpected illnesses and accidents can happen.

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Although many companies provide group health insurance coverage for their employees, there is no guarantee that employees and their family members will have adequate health insurance coverage regardless of whether they are Singaporeans, PRs or foreigners in Singapore. Therefore, having a private health insurance plan that is tailored to your health needs can help reduce the overall health care costs for you and your family when needed.

If you are an expat in Singapore, PR or Singapore, you may benefit from an international health insurance plan if you need to travel to different countries (or specific countries outside of Singapore) for your work or other duties. 24/7 coverage wherever you fly. International health insurance coverage is usually sufficient, but sometimes having a travel insurance plan to supplement your health insurance plan may be necessary for your requirements as a frequent traveler.

Medical Income Insurance offers a fixed amount of cash per day (eg S$250) from the insurer for each day you stay in hospital, up to a maximum number of days (eg 365 days) in the event of an accident or illness.

Long-term care insurance offers a fixed monthly cash payment (eg S$400) for long-term nursing services to help with daily activities such as bathing, dressing and eating. This coverage is offered by insurers as an ElderShield add-on.

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Disability income insurance offers you “income replacement” for a percentage of your gross monthly income. So, if you earn S$5,000 a month, your insurer may agree to cover 80% of your income (varies by insurer), which would be S your monthly payment in the event of an accident that disables you. $4,000 until further due.

Hospitalization insurance offers you coverage for medical expenses, medical expenses, and hospitalization expenses from the insurer. Depending on the policy, your coverage may be full or limited.

Critical illness insurance offers a lump-sum payment from an insurer to help ease the cost of major medical expenses if you are diagnosed with a serious illness, such as cancer, heart attack, kidney failure, or coma. The list of qualifying serious illnesses varies. insurer.

Best Private Health Insurance For Pre Existing Conditions

Like critical illness insurance plans, terminal illness insurance plans provide a lump sum payment when your doctor diagnoses you with a terminal illness, which means you have a terminal illness and are given a limited amount of time to live. .

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If you’re planning to buy a health insurance plan, budget first to keep your monthly premiums stable for the next two years. Please note that the monthly premium is for IP (Medisave-paid) and co-pays. Next, make sure you can afford future premiums that are higher than your current premiums. Health insurance premiums often increase for 2 reasons: health risks increase with age; health and medical expenses are constantly increasing and increasing.

The cost of the insurance plan is something that you must consider, but you should not settle for the cheapest plan. Doing so could damage the health insurance you receive. Instead, you should look for a comprehensive plan that fits your budget. However, high deductible health care insurance plans can have huge premiums and require you to pay more than you can afford in the long run. You’ll want to find a practical balance here.

Some IPs differ in the length of coverage, so it’s best if your IP extends the length of your hospital stay for your benefit.

You may have MediShield and your company’s insurance plan, but this does not guarantee you comprehensive health coverage. The only way to ensure that you are 100% adequately covered is to identify the gaps in your current policy and look for a suitable health insurance policy.

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