Thinking about upgrading to an Integrated Shield Plan? Here are three Questions to Ask Yourself First

 

As a Singaporean citizen or everlasting resident, you enjoy the perks of MediShield Life. This government administered health insurance policy protects you from medical emergencies that could devour into your savings. It additionally prevents you from dipping into your MediSave, which may be preserved for extra urgent future needs.

However, it's also essential to be aware that the MediShield Life is a basic health insurance plan. Therefore, even if it offers invaluable coverage against unforeseen medical emergencies, it does not provide complete protection from the rising cost of healthcare in Singapore.

This is why near 68% of all Singaporeans prefer to complement their MediShield Life insurance with personal health insurance, additionally referred to as an Integrated Shield Plans. If you're considering choosing one among these plans for yourself, here are a few points to remember before you make the upgrade.

·         What sort of treatment are you comfortable with?

MediShield Life covers treatments in ‘B2’ and ‘C’ class ward in public hospitals. These wards require you to share an area with 6 to10 patients. Moreover, those wards are generally ventilated, don't have any TV, and do not allow you to select your doctor. If you're snug with this, MediShield Life is for you.

However, in case you are seeking for added levels of comfort, it's far clever to choose an Integrated Shield Plan. These plans cover treatment in personal hospitals and personal wards. This gives you creature comforts including air-con, TV and your personal room. Not to mention, you'll additionally be able of pick the doctor who will treat you!

·         How much do you wish to pay for medical expenses?

Even in case you go through treatment in ‘B2’ and ‘C’ class wards, MediShield Life will no longer cover your complete hospital bills. You will nevertheless have to pay deductible and co-insurance on your own prior to MediShield Life covers the rest of the costs.

Considering that co-insurance is mostly a percent of your overall hospital bill, say 10%, it may result in great out-of-pocket charges in case of big hospital bills. For example, on a hospital bill of $100,000 your deductible might be as a good as $3,000 and in case your co-insurance is 10%, you will need to pay as much as $13,000 from your wallet.

Alternately, you can choose extra riders with an Integrated Shield Plan so that it will cover as much as 95% of your deductible and 1/2 of your co-insurance. Considering the above example, your very last out-of-pocket (what you pay) is made of 5%*$3,000 + 50%*(10%*$100,000) = $5,150.

If you're well off paying a fragment of your medical expenses on your own, then you can stick with MediShield Life. However, you must be aware that during case of higher scientific bills, this basic health coverage can leave with massive charges to cover on your own.

·         How much coverage you need?

Your MediShield Life will cover you for an utmost of S$100,000 every year. Instead, a private health insurance can cover you for a sum as much as $1.2 million. It is always preferable to ask the maximum limit that your health insurance provider will allow to claim.

Knowing this limit will assist you in understanding which policy will work best for you relying on the type of hospital and ward you prefer. When it is about health insurance, it’s better to be on safer side and take maximum amount that you can afford.

It is very important that each Singaporean make the upgrade to an integrated shield plan in an effort to fill any gaps of their health coverage. Do review and choose a health insurance provider that fits to your needs. Take care.