Differences between an Integrated Shield Plan versus a Private Medical Insurance Plan in Singapore
In Singapore, there are two main types of healthcare financing options: Integrated Shield Plans and Private Medical Insurance Plans. Here are the key differences between the two:
Coverage Scope
- Integrated Shield Plans: These plans are designed to provide additional coverage on top of the basic MediShield Life plan, which is a national health insurance scheme administered by the Central Provident Fund (CPF) Board. Integrated Shield Plans cover hospitalisation expenses, certain outpatient treatments, and other medical expenses not covered by MediShield Life.
- They are mainly for Singapore citizens, Singapore Permanent Residents, and selected Work/Student/Long Term pass holders residing in Singapore. Certain insurers allow foreigners who are dependent pass holders residing in Singapore to obtain their coverage.
- Private Medical Insurance Plans: These plans are offered by private insurance companies and provide more comprehensive coverage, including inpatient and outpatient treatments, preventive care, dental, and maternity benefits, among others. They offer more flexibility in terms of coverage and benefits. Also, most of these insurers may offered their plans to residents with nationalities such as Singaporeans, Singapore Permanent Residents, Employment Pass holders, Work Pass holders, Student Pass holders, Dependent and Long Term Visit Pass holders.
Premiums
- Integrated Shield Plans: The premiums for these plans are generally lower than private medical insurance plans, as they are additional coverage in addition to MediShield Life schemes. Eligible residents can use allowable limits of their Medisave funds to make partial payments for the plan, hence, lowering their cash portion of premium payments.
- Private Medical Insurance Plans: Premiums for private medical insurance plans are usually higher, but some insurers allow policy holders to design and choose the level of co-payment, and they could be allowed to have a 100% as charge plan, depending on the plan and coverage chosen.
Co-Payment/Co-insurance/Deductibles
- Integrated Shield Plans: However, there are co-payment requirements for certain medical expenses, and the plan design is limited to general hospitalisation and treatment needs.
- Private Medical Insurance Plans: Some insurers offer customisable plan designs to how much the members wish to pay out of their own pockets or even design a 100% as charge plan.
Pre-existing Conditions
- Integrated Shield Plans: These plans typically do not cover pre-existing conditions; conditions may be excluded, or an application may be declined, which can vary depending on the insurer and the conditions.
- Private Medical Insurance Plans: Coverage for pre-existing conditions may be more limited or excluded entirely, depending on the insurer and the specific policy. However, the insurer may offer the member coverage of other conditions that are not presented yet at the point of application. Some insurers may offer coverage as well as option to take up premium loadings to cover well-maintained or specific pre-existing medical issues, subject to their underwriting terms and conditions.
Portability
- Integrated Shield Plans: These plans are tied to the MediShield Life scheme and are not portable if an individual leaves Singapore permanently.
- Private Medical Insurance Plans: Some private medical insurance plans are portable, meaning they may be maintained, even if the policyholder relocates to another country. However, this is subjected to the local country’s rules and regulations allowance.
Claim Process
- Integrated Shield Plans: Claims for hospitalisation expenses can be filed directly with the insurer, and the remaining co-payment portion is typically paid by the policyholder. Depending on residency and nationality status, local Singapore can use portion of their Medisave to offset part of their co-payment’s bills.
- Private Medical Insurance Plans: The claim process varies depending on the insurer, but policyholders may need to pay upfront and seek reimbursement from the insurer or have the insurer settle the bill directly with the healthcare provider. This means the policyholder will need to submit a pre-treatment prior authorisation to ensure that their medical treatments are covered, or if there are any benefit limits when seeking treatments or filing claims.
It’s important to note that both Integrated Shield Plans and Private Medical Insurance Plans have their advantages and limitations.
Individuals and families in Singapore should carefully evaluate their specific healthcare needs, budget, and preferences before choosing the most suitable option.
I am here to help individuals and families find the most suitable coverage to meet their unique insurance protection needs. Connect with me, Judy Lang at Financial Alliance, to find out more.
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek unbiased financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
Published By:
Judy Lang
Hello! I’m Judy Lang.
Navigating the world of finance can sometimes feel overwhelming, but you don’t have to do it alone. Through the years, I’ve had the privilege of helping individuals and families in Singapore find clarity and confidence in their financial lives.
My approach is simple: I believe financial health is just like physical health—it requires a little care, a good plan, and a supportive coach. That’s why I use the F.I.T. Programme:
Financial Management: We’ll sit down and chat about your dreams—whether it’s a comfortable retirement or your children’s education—and map out a stress-free path to get there.
Insurance Planning: Life is unpredictable, but your peace of mind shouldn’t be. I help ensure you and your loved ones are protected against life’s “what-ifs.”
Transfer of Wealth: It’s never too early to care for the people you love. We will organize your legacy so your assets are distributed exactly as you wish.
Think of me not just as an advisor, but as a partner who checks in regularly to make sure you’re staying “F.I.T.” and happy with your progress.
Ready to chat? Drop me a message. I’d love to hear your story and explore how we can turn your goals into reality.
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