Many people overlook how vital it is for them to get health insurance. While nobody wishes for any unfortunate situations to occur to them, it is still much better to be prudent and prepared for anything that may happen.
In essence, you will need medical care at some point in your life, and if you are without health insurance, a small problem can cost you a life’s worth of savings. Finding the right health insurance plan in Singapore may be complicated, and that’s what this article aims to resolve.
Keep reading if you want to know everything about how health insurance in Singapore can help you.
Why Do You Need Health Insurance?
First, let’s answer the main question: why? In most cases, people see health insurance as a big expense that they’re not willing to spend on. However, imagine how much health insurance can cover you, should you ever get into an accident or scenario that jeopardizes your health.
Health insurance’s primary benefit is protecting you from high medical costs. Medical expenses tend to be high; the worst part is that they’re usually unexpected.
Other benefits include:
- Most insurance plans cover everything you need to keep your health in check.
- A good insurance plan will help protect you and your family.
- It will help you deal with medical inflation in some cases.
- You will be able to protect your savings.
- The earlier you opt for a health insurance plan, the better.
Health insurance as a long-term investment. Overall, its benefits may not be seen immediately, but when you least expect to face medical expenses, you will be grateful you took the decision of getting a high-quality insurance plan.
How Does Health Insurance Work in Singapore?
Singapore works with three primary insurance factors, which we will outline below:
MediShield Life: This insurance plan is provided by the Ministry of Health of Singapore. Although it does a great job at covering basic public hospital treatments, it may not offer benefits like being treated in class A and B1 wards, private hospitals, and other benefits.
Integrated Shield Plan: Some private insurers purchase this plan to increase your MediShield Life coverage. Some of the benefits you can get from here include pre- and post-hospitalisation expenses, a wider range of wards you can stay in, and more.
IP Riders: Finally, IP riders are an add-on to Integrated Shield Plans. The primary difference between this and the other two plans is that you have to pay for IP riders in cash. In essence, IP riders may be able to help you cover a bigger portion of your medical expenses.
What Are the Different Types of Health Insurance You Can Receive in Singapore?
Depending on your needs, you may choose health insurance plans with the following properties:
- Hospital Income Insurance
- Long-term Care Insurance
- Hospitalisation Insurance
- Disability Income Insurance
- Terminal Illness Insurance
- Critical Illness Insurance
Some insurance plans may offer one or several of these benefits, so it’s a matter of knowing where to look so that you can find something appropriate. Fortunately, the team behind MoneySmart can help anyone interested to find something that works for them.
How Can You Find an Appropriate Health Insurance Plan in Singapore?
There are many health insurance plans and providers out there, so the best thing you can do to choose the right one is:
Your Budget: You must first consider how much money you’re willing to spend on your insurance plan and then budget your finances to see if you can pay the monthly premiums of your chosen plan. Remember that insurance premiums tend to increase, so that’s a factor to pay attention to.
The Insurance Coverage: Many people choose the cheapest plans to save money. However, those plans may not have the coverage you need for you and your family. If you want to make a smart decision, look for a plan that suits your coverage needs.
Contact MoneySmart Today
Choosing health insurance in Singapore could be overwhelming due to all the available options. If you want to make things easier, MoneySmart can aid you in comparing the different plans and help you make the most appropriate decision.