" It is cheaper to die than to fall sick in Singapore." - Every other Singaporean
Singapore's healthcare landscape is rapidly changing. If there is one thing that is constant about our healthcare, it will be the our ever-increasing healthcare cost, also known as the gross medical inflation rate.
This increases the importance of Health Insurance to help cope with the possible financial stress incurred by unforeseen circumstances that can take a toll on our health.
With that, we compiled a list of health insurances for Singaporeans to compare, read reviews and make a smarter decision when getting their coverage.
Here is the current list of Health Insurances with reviews that Singaporeans can compare before buying their
Of the list, only 7 insurers provides Integrated Shield Plan (IP) which can be combined with MediShield Life.
The 7 IPs in Singapore are:
These IPs can help extend the coverage of MediShield Life to benefits such as
Singaporeans and PRs are covered by a basic health insurance called the MediShield Life. MediShield Life is a basic health insurance plan that is administered by the Central provident Fund (CPF) Board to help Singaporeans offset some of the hospitalisation costs and certain treatments such as chemotherapy for cancer and dialysis.
That being said, Singaporeans can receive further coverage by getting an Integrated Shield Plan (IP), which adds on the coverage for MediShield Life. Integrated Shield Plan can help one receive better class hospital wards or even, private hospitals treatment.
From 1 April 2019, all the Integrated Shield Plan (IPs) sold will be a co-paying one where one would have to pay at least 5% of his bill while the insurer pays the rest. This is unlike the full rider that was offered in the past, with insurer footing 100% of the medical bill.
With each individual having different needs, there is no one size fits all policy when it comes to health insurance. Hence, it is important for one to choose a policy that is best suited for him based on some of the factors that differentiates various health insurance plan.
Here are some of the factors to help you choose the best health insurance for you:
A simple rule of thumb with regards to premium and coverage is that, the higher premium one pays, the higher the medical coverage. While cheaper plans may be a good idea, cheaper plans may not offer good enough coverage for families or for those who are pre-existing conditions or illnesses.
On the other hand, overspending on insurance is a dangerous mistake too, as it leaves one with less money for their necessities.
The main objective of a health insurance plan is to cover one for unforeseen situation such as
Find a plan that suits your need the most, with its benefits and medical coverage.
Depending on the plan that one purchases, the policy usually have its own list of eligible medical providers. For medical providers out of the list, one may not be able to enjoy the full coverage of the policy they purchased.
It is important to declare your pre-existing medical condition before taking up any health insurance.
If you or someone in your family has a pre-existing medical condition or chronic condition, do declare them before taking up the policy as it will affect your insurance coverage. Do take note that additional premiums might be offered by insurance companies to cover pre-existing conditions.
Corporate medical plans coverage might be less
Most corporate medical plans cover you for less, meaning you will pay more out-of-pocket if you have a high medical bill from getting sick or injured. You should do your research and find out what you are covered for by your work plan, and then it’s up to you if you want to take out your own healthcare plan too.
To help Singaporeans make smarter personal finance decision, here are some tools to help you:
One can read up our articles on health insurance here: