Private health insurance is important to supplement Medishield Life coverage
By: Hitesh Khan/
Many of us take good health for granted and assume nothing will happen, like an accident, a major illness or disability. But when catastrophe strikes, private health insurance can help take away some of the worry of the cost of hospitalisation.
But before we consider private health insurance, we should read up on MediShield. MediShield Life is a basic health insurance plan that protects all Singapore Citizens and Permanent Residents against large hospital bills for life, regardless of age or health condition.
MediShield Life is a basic health insurance plan, administered by the Central Provident Fund (CPF) Board, which helps to pay for large hospital bills and selected costly outpatient treatments, such as dialysis and chemotherapy for cancer. It is structured so that patients pay less MediSave/cash for large hospital bills.
MediShield Life is sized for subsidised treatment in public hospitals and pegged at B2/C-type wards. If you choose to stay in an A/B1-type ward or in a private hospital, you are still covered by MediShield Life. However, you will find that your MediShield Life payout will cover only a small proportion of your bill. You would need to draw from MediSave and/or cash to pay the balance.
Any private health insurance you purchase will only supplement what MediShield Life provides.
Here are some of the health insurance policies you can opt for:
IncomeShield is an Integrated Shield Plan which consists of two parts – the MediShield Life portion and an additional private insurance coverage portion. If you are covered under IncomeShield, you will enjoy the combined benefits of MediShield Life, which is administered by the Central Provident Fund Board, and the enhanced benefits of the additional private insurance coverage portion, which is provided by Income.
AIA HealthShield Gold Max
AIA HealthShield Gold Max is a Medisave-approved integrated shield medical reimbursement plan which combines a MediShield Life component with additional private insurance coverage. The additional private insurance coverage gives you more benefits and the choice to stay in private hospitals or A/B1 Class Wards in public hospitals. You also get to enjoy exclusive access to quality private healthcare, plus a 20% discount on consultation fees with any of their private specialists under AIA Quality Healthcare Partners.
Great Eastern’s SupremeHealth
GREAT SupremeHealth is a MediSave-approved Integrated Shield Plan that offers comprehensive medical coverage and reimburses the eligible medical expenses of your hospital bills. GREAT SupremeHealth may be supplemented with their Integrated Shield Plan rider, GREAT TotalCare to cover any deductible or co-insurance portion on your hospital bill (less co-payment) that is not payable under GREAT SupremeHealth.
MyShield is a Medisave-approved Integrated Shield Plan (IP) which offers additional benefits on top of what is provided by MediShield Life. It is a non-participating, guaranteed renewable annual premium plan denominated in Singapore dollars. It consists of MyShield Plan 1, Plan 2, Plan 3 and Standard Plan. MyShield Standard Plan is a Medisave-approved IP that is targeted at Class B1 coverage.
Prudentials’s PRUShield is a private health insurance that provides additional coverage to complement MediShield Life. It is a plan with a choice of private or public hospitals, ward classes and doctors. PRUShield is a plan that ensures extensive medical coverage and protection for foreigners as Singapore becomes your home.
RafflesShield is a health insurance which is backed by a medical group. It complements your current MediShield Life, enhancing coverage and providing better care. RafflesShield allows you to enjoy Raffles Hospital Treatment without paying the full private premiums. Payable via Medisave up to CPF additional withdrawal limits.
You should check whether you are already covered under a private health insurance policy before buying a new one. Private health insurance give you peace of mind with hospital coverage, over and above what Medishield Life provides.
With hospitalisation coverage, you can claim up to the actual amount spent on your medical treatment. Typically, you cannot claim more even if you have more than one policy, as policies would reimburse you once for each medical expense. Lump-sum insurance policies, on the other hand, would typically pay out the benefit according to the sum assured.
Before you switch from one health insurance policy to another one with higher benefits, it is important to consider the state of your health. A new policy may not provide coverage for any conditions you may have developed since you took up the previous policy. It is good practice to check with your financial adviser or insurance agent, in case of doubt.
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