When considering the value of health insurance in Singapore, we often imagine the worst-case scenario. Insurance is indisputably essential in the event of a severe illness or injury. For example, a three-day hospital stay can cost $30,000, and fixing a fractured leg can cost $7,500. As for more severe conditions like cancer, the cost of care can easily reach hundreds of thousands of dollars.
High medical costs are one of the main reasons people consider withdrawing money from their retirement accounts or declaring bankruptcy. Making sure you have enough health insurance is a good enough reason in and of itself, but it only tells part of the story. It is still more beneficial to get the best health insurance in Singapore.
Health Insurance Makes Treatment Less Expensive
Purchasing health insurance comes with day-to-day advantages. For example, suppose the medical professionals you visit are in your network. In that case, you will pay substantially less for office visits than you would without insurance, even if your plan includes a deductible — the amount you must pay out-of-pocket before your coverage completely kicks in.
Some plans may include free disease management programs and generic medications at a discounted price. Additionally, having health insurance might help you be in a better position to avoid or detect difficult — and often expensive — illnesses early on.
Peace of Mind
To give you a sense of security, health insurance plans include coverage for several basic healthcare services, such as prescription medicines, hospitalisation, emergency services, pregnancy and newborn care, mental and behavioural health, and more.
Accidents are bound to happen, regardless of age or how healthy one can be. Get insured and you can engage in activities you enjoy without worrying about the expense and stress of a potential injury.
Buying a health insurance plan won’t place you and your family at a significant financial disadvantage due to the fine for not having coverage and the potential unexpectedly high medical costs. Be prudent and protect your financial future and health by making sure you are insured.
How Much Does Medical Insurance Cost in Singapore?
A 45-year-old non-smoker in Singapore will typically pay S$132 annually for an Integrated Shield Plan with access to Class B1 wards and lower at public hospitals. The price of premiums for the legally required MediShield Life health insurance is not included.
What Is an Integrated Shield Plan?
Take some time to learn the fundamentals of Singaporean health insurance now that you are moving there. You should know MediShield Life, a government-issued health insurance program, and Integrated Shield Plans.
Government
The Ministry of Health’s Medishield Life subsidised health insurance plan is automatically enrolled in by all Singaporeans and Permanent Residents (PRs).
Private
With an Integrated Shield Plan purchased from private insurance firms, private Singaporeans and PRs can upgrade their MediShield Life health insurance with more significant claim limits, medical coverage, and benefits.
Expats
Foreigners and expatriates living in Singapore with a valid visa may also purchase Expats Integrated Shield Plans, albeit they will not receive the government-subsidized half from Medishield Life.
Integrated Shield Plan vs MediShield Life: How Is an IP Different from MediShield Life?
An IP is given that term because it incorporates private insurance with MediShield Life, a public and governmental project. Government mandates make MediShield Life a requirement, although commercial insurance for extra coverage is an option.
Higher claim limits and greater pro-rates are available with private insurance at a higher price if you select higher ward classifications. For example, consider the policy yearly limit: for MediShield Life, it is $100,000; for Standard IPs, it is $150,000; and for higher tiers of IP, it is much more. Additionally, you could benefit from medical insurance outside of Singapore.
MoneySmart: Most ideal Health Insurance
You should have five types of insurance, including life insurance, health (or hospitalisation) insurance, personal accident insurance, critical illness insurance, and income disability insurance plans if you’re a Singaporean just starting to buy insurance or a foreigner living in Singapore for an extended period. What are you waiting for? Contact MoneySmart for the best deals in the market now!