My parents aged 65-75 do not have ISP and have only Medishield Life. Is this sufficient in terms of annual max claim or should still purchase ISP to increase max claim? What are the chances of bills exceeding?

MediShield Life

Firstly, we should spend some time to understand about MediShield Life, what it covers, and what is not covered.

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Is MediShield Life enough in Singapore

In addition to staying in subsidised wards, there exists other concerns, e.g. deductible and co-insurance are not covered. In like manner, pre-hospitalisation and post-hospitalisation may not be covered as well.

Consequently, these are the risks that your parents need to understand and be aware of.

Integrated Shield Plan

In order to bridge this gap, all my clients look into coverage from Integrated Shield Plan and relevant healthcare insurance policies.

More Details:

Integrated Shield Plan Singapore: A Starter's Guide

Integrated Shield Plan Rider Singapore: A Starter’s Guide

From the guide, you will realise that there are various types of plan available to suit your budget and coverage level. Above all, nobody will be confident to tell you the probability that the bill will exceed MediShield Life's scope of coverage. In reality, we can only be prepared for it for self-insuring, or to transfer the risk to the insurance company.

For this purpose, if budget is a concern, then the more your parents need proper healthcare insurance. Otherwise, a hefty medical bill can simply wipe out your life savings.

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