Just done with university? here are 4 insurance policies you might want to get ASAP!

1. Are you a millennial starting a new family? Here are 3 health insurance plans to consider According to the Pew Research Centre, individuals born in the years between 1981 and 1996 are regarded as the ‘Millennial’ generation. Many millennials are now settling down and starting their own families. While this is the age of endless possibilities, excitement, and hope, millennials should also give serious thought to their health insurance. You can never be sure of what the future holds, and this is why being prepared for it is of utmost importance. When thinking of applying for health insurance for their families, they need to have a clear understanding of the various types of plans available to them and the kind of coverage each plan offers. Even though you and your family are covered under MediShield Life, you may require additional insurance to meet unforeseen medical demands that may crop up. To help you in this process, we look at 3 relevant health insurance plans beneficial for those starting a new family.

2. Integrated Shield Plan Understanding Integrated Shield Plans is quite easy. These plans are offered by private insurers and often work in tandem with MediShield Life to give you and your family additional coverage and comprehensive protection. An Integrated Shield Plan (IP) provides coverage not only during the hospitalisation period but also during the pre- and post-hospitalisation period. MediShield Life coverage limits you to class B2/C wards. With the coverage of an IP from a reliable insurance provider, you can also avail treatment at higher wards at private hospitals without any worries of high costs. And, if you are availing the treatment at a hospital that is affiliated with the insurer, you will be eligible for additional value-added services like concierge assistance, cashless transactions, appointment bookings, and so on.

3. Insurers also offer additional benefits that can cut down your out-of-pocket expenses; If you choose the right insurer, your co-insurance share can be cut down to 50% and your deductible to minimal 5%.

4. Maternity Insurance  Those who are looking to expand their family can get maternity insurance plans that cover mother and child as early as the 13th week of pregnancy. Some insurers even cover assisted pregnancies. Opting for maternity insurance from leading insurers can provide comprehensive coverage for the mother against complications arising out of pregnancy, including psychological consultations in case of postpartum depression, hospital care benefits, GDB (Gestational Diabetes Mellitus), and much more. Babies can receive coverage against congenital illnesses as well. There are options to get bundled maternity insurance where mother can transfer a whole life insurance policy to baby upon birth without underwriting, or simply get a maternity term insurance plan to provide protection for mother and baby during pregnancy and the first few years of baby’s life journey.

5. Critical illness insurance  We always associate illnesses with old age. But we should know that anyone, regardless of age, has the possibility of facing a critical illness. According to statistics, around 39 people in Singapore face a cancer diagnosis each day. The heavy costs of treatment that an individual would incur due to a critical illness would put quite the dent in their hard-earned savings. Ensure your savings are maintained for the continual well-being of your family by opting for a critical illness insurance plan. Unlike regular health insurance, critical illness insurance can provide you with a lump sum payout on diagnosis. You may use this payout for additional expenses incurred during difficult times. You can get supplementary benefits such as coverage against early-stage critical illness as well as relapse and recurrence of the said illness. You can ensure that your household expenses are taken care of as you recover by opting for insurers that provide monthly payouts for up to 3 years under CI plans. Insurers also offer gender-specific critical illness insurance plans that understand the specific health insurance needs of each gender and provide coverage accordingly. 

6. There are insurance plans that provide coverage against male or female specific critical illnesses, tailored to the needs of your gender. You can even get breast cancerinsurance or prostate cancer insurance. Do remember that the coverage and features of each health insurance policy differ according to the insurer. It is advisable to read the policy documents carefully before buying coverage.   We hope this article helps you choose the best health insurance coverage for your new family!

7. You can also find more interesting details on the site below: Website: https://www.prudential.com.sg Facebook: https://www.facebook.com/PrudentialSingapore/ Instagram: https://www.instagram.com/prudentialsingapore/?hl=en LinkedIn: https://www.linkedin.com/company/prudential-assurance-company-singapore/ You Tube: https://www.youtube.com/channel/UCWs_Qg2Rahok4kORir5w4eQ