Having the best health insurance plan is important, as it will cover all costs when you become sick without going back into your pockets to pay additional expenses. Many Singaporeans are usually hesitant to get other healthcare insurance plans, thinking MediShield Life has them sorted.
MediShield Life insurance covers your medical expenses. However, you’ll have to pay for additional costs for which the plan does not offer coverage. Finding perfect supplement insurance coverage for MediShield Life is a step in the right direction. Let’s learn how to compare top health insurance plans in singapore.
Different people have various health needs, while some can do with just MediShield Life and an employer’s insurance scheme, others have to settle for something else. Therefore, you need to evaluate your total coverage to determine whether or not you require additional coverage.
Firstly, you may check your insurance policy for gaps, exclusion, and limitations. Next, you can look for supplemental insurance plans that cover what primary main insurance can’t. This will reduce the risk of incurring a hefty medical bill while sick.
Integrated Shield Plan vs. IP Riders
You can opt for these two supplemental insurance covers when you need additional medical coverage. They’re both excellent medical coverage plans designed to meet various medical needs. Let’s look at them in detail.
Integrated Shield Plan
Integrated Shield Plan is excellent if you want to top up more insurance claims. It tops up to $1,000,000 from the traditional MediShield Life of $100,000. With a broader health insurance claim limit, you’ll be able to cover many medical needs. Moreover, it offers higher ward classes of wards A and B1 in public and private hospitals, from the basic MediShield Life that provide only ward Class B2 and C in public hospitals.
The policy also ensures you have an insurance agent available to ask any health insurance-related questions. It also gives you a plan to fall back on when it comes to the employer’s insurance scheme. You can lose your job at any time, which means losing your employer’s insurance scheme.
IP Riders is another health care plan you can add to the Integrated Shield Plan. As stated earlier, any health insurance coverage can have exclusion and limitations, and Integrated Shield Plan and MediShield are no different. If you are hospitalised, you must pay a portion of your medical bill by cash or through MediSave.
The portion is usually made up of a deductible, which has to be paid before the insurance providers are involved. It usually goes to offset basic needs like the ward you’ll stay in. Co- insurance, on the other hand, is 10% of hospital bills, even when you pay the deductible.
When you have an IP Riders insurance coverage, it’ll be able to reduce the cost of Co-insurance to five per cent. The insurance is quite effective when it acts as an add-on to Integrated Shield Plan to give you more coverage and benefits.
What to Consider Before Choosing a Healthcare Insurance Plan
While comparing the best healthcare coverage to opt for, there are some factors to consider. Here are some of them:
Before purchasing insurance coverage at MoneySmart, you’ll need to look at how affordable it is in the long run based on your budget. Consider whether or not you’ll be able to pay future premiums slightly higher than the current premiums. The premiums will continue to change as you age and medical health risk increases.
What will the healthcare insurance plan cover? Are they in line with your coverage needs? You must compare various insurance plans and apply for one that meets your budget and coverage needs. This way, you’ll not compromise on two.
MoneySmart allows you to compare different health insurance plans before applying and purchasing one that you’ve settled on. It’s a one-stop shop when you have questions and information regarding a type of health insurance plan. Moreover, you can easily apply for one right at its online portal. It’s a to-go-to insurance brokerage company when you need health insurance services in Singapore.