What are some questions I should be asking myself when deciding which health insurance plan to get and which company's plan will suit you best?

The terms of coverage spelt out by each insurer tend to change on a yearly basis. Features and benefits are usually just copied from the other insurer that comes out with the most latest policy.

The best questions to ask would be:

1) How sustainable is each company's health insurance premiums? Would you prefer a very cheap premium at the beginning, but a sudden spike in preiums because the company had trouble containing the outflows? Or would you prefer a company that was previously considered more expensive, but never actually wavered and suddenly became one of the most affordable around without compromising on its benefits?

2) How strict is the company's underwriting process during the health declaration section? If you are pooled with the healthier group, chances are they would be unlikely to raise premiums in the future or change their policy terms.

3) Do you feel comfortable with your advisor? Is he/she able to answer your questions honestly and competently? At the end of the day, there are so many companies and so many agents within each company providing the same product. But only 1 particular agent will be handling your claims when the time comes. Rather than focus on whcih company gives you the best value, find someone that places you first!

Hope it helps!

Basics

Firstly, we need to have a complete understanding about you. If you are a Singaporean or a Permanent Resident, then you will have coverage by MediShield Life.

More Details:

Is MediShield Life enough in Singapore

Needs

Once we have a proper understanding on MediShield and your existing coverage, we need to understand your needs. For example, are you comfortable with sharing the same ward with four strangers? And do you want to be able to choose your doctor?

By knowing your needs, we are able to find the right plan for you.

More Details:

Integrated Shield Plan Singapore: A Starter's Guide

Integrated Shield Plan Rider Singapore: A Starter’s Guide

At this point, we have a better understanding on integrated shield plan and its scope of coverage. As the insurers shift their focus towards controlling healthcare cost, they form a list preferred healthcare providers.

Generally, your cost outlay is capped whenever you choose treatment with their panel listing. Therefore, one of the key points to consider is the reputation of the panel listing, scope of specialisation, and total number of doctors / hospitals. Furthermore, it is made better when an insurer works directly with the specialist, rather than through a third party concierge. This process ensures that the specialist fulfils the insurer's guideline, alongside with other benefits, e.g. lesser overhead cost.

Finally, we should determine additional benefits that the insurer is able to provide. For example, AIA Singapore has exclusive partnership with Medix, a professional case management service. When we are diagnosed with a tricky medical condition, it is natural for us to seek a second advice. With Medix, we have a dedicated crew of specialists to handle our case from treatment to recovery. This ensures that we get the best treatment possible.

So how?

Above all, there is no best plan. Instead, there is only a more suitable plan. By understanding your needs, we ensure that the chosen plan fulfils your expectation. Meanwhile, it will be additional value to work with an experienced consultant who is able to guide you through the process, and to assist you in claim related matters in the future. After all, we buy healthcare insurance for a peace of mind.

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