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Thinking about upgrading to an Integrated Shield Plan? Here are 3 Questions to Ask Yourself First

As a Singaporean citizen or permanent resident, you enjoy the benefit of MediShield Life. This government administered health insurance policy protects you from medical emergencies that can eat into your savings. It also prevents you from dipping into your MediSave, which can be preserved for more pressing future needs. <br>https://www.facebook.com/PrudentialSingapore/<br>https://www.linkedin.com/company/prudential-assurance-company-singapore/<br>https://www.youtube.com/channel/UCWs_Qg2Rahok4kORir5w4eQ<br>https://www.instagram.com/prudentialsingapore/?hl=en<br>

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Thinking about upgrading to an Integrated Shield Plan? Here are 3 Questions to Ask Yourself First

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  1. Thinking about upgrading toan Integrated Shield Plan? Here are 3 Questions to Ask Yourself First As a Singaporean citizen or permanent resident, you enjoy the benefit of MediShield Life. This government administered health insurance policy protects you from medical emergencies that can eat into your savings. It also prevents you from dipping into your MediSave, which can be preserved for more pressing future needs. However, it is also important to note that the MediShield Life is a basic health insurance plan. Therefore, while it provides invaluable coverage against unforeseen medical emergencies, it does not offer complete protection from the high cost of healthcare in Singapore. This is why close to 68% of all Singaporeans opt to supplement their MediShield Life coverage with private health insurance, also known as an Integrated Shield Plans. If you are thinking about opting for one of these plans yourself, here are some things to think about before you make the upgrade.

  2. 1. What kind 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 a space with 6 to 10 patients. Moreover, these wards are generally naturally ventilated, have no television, and do not allow you to choose your doctor. If you are comfortable with this, MediShield Life is for you. However, if you are looking for added levels of comfort, it is wise to opt for an Integrated Shield Plan. These plans cover treatment in private hospitals and private wards. This affords you creature comforts such as air-con, television and your own individual room. Not to mention, you will also be able to choose the doctors who treat you!

  3. 2. How much do you wish to pay toward medical expenses? Even if you undergo treatment in ‘B2’ and ‘C’ class wards, MediShield Life will not cover your entire hospital bill. You will still have to pay deductible and co-insurance on your own before MediShield Life covers the rest of the costs. Considering that co-insurance is usually a percentage of your total hospital bill, say 10%, it could lead to substantial out-of-pocket expenses in case of large hospital bills.For example, on a hospital bill of $ 100,000 your deductible could be as much as $ 3,000 and if your co-insurance is 10%, you would have to pay up to up to $ 13,000 on your own.

  4. On the other hand, you can opt for additional riders with an Integrated Shield Plan that will cover up to 95% of your deductible and half of your co-insurance. Keeping in mind the example mentioned above, your final out-of-pocket (what you pay) is made up of 5%*$3,000 + 50%*(10%*$100,000) = $5,150. If you are comfortable paying a fraction of your medical expenses on your own, then you can stay with MediShield Life. However, you should note that in case of higher medical bills, this basic health coverage could leave with significant expenses to cover on your own.

  5. 3. How much coverage you need? Your MediShield Life will cover you for a maximum of S$100,000 each year. On the other hand, a private health insurance can cover you for an amount as high as S$ 1.2 million. It is always advisable to inquire into the maximum limit that your health insurance provider will allow you to claim. Knowing this limit will help you understand which policy will work best for you, depending on the type of hospital and ward you prefer. When it comes to health insurance, it is better to be on the safe side and take the maximum amount that you can afford. It is very important that every Singaporean make the upgrade to an integrated shield plan in order to fill any gaps in their health coverage. Do research well and select a health insurance provider suited to your needs. Take care.

  6. 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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