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Covid-19 and Insuranc Singapore

As COVID-19 cases continue to rise around the world, a few questions seem to resonate amongst all citizens u2013 Does my health insurance plan cover COVID-19? Is COVID-19 covered under disability insurance? What happens if I canu2019t pay my insurance premium on time due to COVID-19?

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Covid-19 and Insuranc Singapore

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  1. Coronavirus and Insurance, Singapore As COVID-19 cases continue to rise around the world, a few questions seem to resonate amongst all citizens – Does my health insurance plancover COVID-19? Is COVID-19 covered under disability insurance? What happens if I can’t pay my insurance premium on time due to COVID-19? The following article will attempt to put your mind at ease by shedding light on some of these common queries related to insurance and COVID-19.

  2. Key takeaways: • Most Integrated Shield Plans (IPs) will cover COVID-19 medical expenses. • Critical illness plans might not cover COVID-19 medical expenses unless complications that meet the definition of a critical illness (as stated in your policy) arise during the illness. • The grace period of payment of premiums has been extended to up to 6 months.hospitals along with numerous ward classes and doctors.

  3. Though the Government in Singapore has announced that it will foot the cost of all COVID-19 patients in public hospitals, doubts regarding the coverage of insurance plans still loom. Fortunately, during these challenging times, you’ll be glad to know that most health insurance or medical insurance plans will provide coverage against the financial impact caused due to the novel coronavirus.

  4. Some insurance companies have even announced cash benefits. Leading insurance companies have announced a series of cash benefits for their policyholders. For example, Prudential Life Insurance is providing one-time cash benefit of S$ 500 for policyholders who have been quarantined. In addition to this, they are also providing daily cash benefit of S$ 200 for those who have been hospitalized; a benefit that will be provided to the policyholder for up to 3 months!

  5. These benefits are a part of the PRUCare Package. Any individuals holding an in-force insurance policy, group medical insurance plan or term life plan, and their immediate family members residing in Singapore can avail these benefits. Other insurance providers are following suit and providing lump sum payments or daily cash benefits for hospitalization due to COVID-19.

  6. What about Integrated Shield Plans?More good news! Most Integrated Shield Plans will provide coverage for COVID-19 expenses. Therefore, hospital admissions, along with pre- and post-hospitalization medical costs that arise due to COVID-19 should be covered, as per the conditions of your plan. Of course, the exception to this would be any individuals who leave Singapore on and after 27 March 2020. Such individuals will not be able to claim compensation from MediShield Life or Integrated Shield Plans for COVID19 treatments; not at public hospitals or private hospitals - they’d have to cover the cost of treatment completely on their own.

  7. What if I cannot pay my insurance premiums?This is another big question policyholders across the board seem to be asking. If you are unable to pay your premium due to COVID-19, you can breathe a sigh of relief. The grace period for the payment of premiums has been extended to 180 days and will be applicable on premiums due between 1 April 2020 and 30 September 2020 (both dates inclusive).It’s important to note that all plans work differently when it comes to COVID-19. And, since insurance services are classified as essential, all leading insurance providers will remain open for business and are here to assist with your insurance needs. Therefore, if you have any doubts regarding the coverage of your insurance plan, it makes sense to just pick up the phone and get your queries answered.

  8. Thank You Instagram- Youtube - Linkedin - Facebook- https://www.instagram.com/prudentialsingapore/?hl=en https://www.youtube.com/channel/UCWs_Qg2Rahok4kORir5w4eQ https://www.linkedin.com/company/prudential-assurance-company-singapore/ https://www.facebook.com/PrudentialSingapore/

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