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:
– 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 hospitalization expenses, certain outpatient treatments, and other medical expenses not covered by MediShield Life. Mainly for Singapore citizens, Singapore Permanent Residents, and selected Work/Student/Long Term pass holders residing in Singapore.
– 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.
– Integrated Shield Plans: The premiums for these plans are generally lower than private medical insurance plans, as they work in conjunction with MediShield Life. However, there are co-payment requirements for certain medical expenses, and the plan design is limited to general hospitalisation and treatments needs.
– Private Medical Insurance Plans: Premiums for private medical insurance plans are usually higher, but they often have lower or no co-payment requirements, depending on the plan and coverage chosen.
– Integrated Shield Plans: These plans typically do not cover pre-existing conditions; and conditions may be excluded, or application declined, which can vary depending on the insurer and the condition.
– Private Medical Insurance Plans: Coverage for pre-existing conditions may be more limited or excluded entirely, depending on the insurer and the specific policy. Some insurers may offer premium loadings to cover well maintained or specific pre-existing medical issues, subject to conditions and terms.
– 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: Many private medical insurance plans are portable, meaning they may be maintained even if the policyholder relocates to another country.
– Integrated Shield Plans: Claims for hospitalization expenses can be filed directly with the insurer, and the remaining co-payment portion is typically paid by the policyholder.
– 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 mean 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 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 independent 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.
🌍 Judy Lang: Your Go-To for Global Insurance, Investments & Retirement Planning 💼
Hi there! I’m Judy Lang from Financial Alliance, the largest independent financial advisory firm in Singapore. With over ten years in the field, I specialize in international medical insurance, investment advice, retirement planning, and comprehensive financial planning.
When we first meet, I’ll give you a quick rundown of my F.I.T. (Financial Management, Insurance Planning, and Transfer of Wealth) programme. It’s a simple checklist to help you reach your financial goals:
Financial Management: We start by setting clear goals using our interactive Planner Calculator to figure out how much and how long it’ll take to reach them. Then we create a plan based on your current net worth and savings.
Insurance Planning: We make sure you’re covered for major health events like hospitalisation, critical illness, and disabilities. We ask, “How long do you want to be covered for?”
Transfer of Wealth: We help you plan how to distribute your assets to loved ones through wills, trusts, lasting power of attorney, and CPF nominations.
Staying F.I.T. means regular check-ins to ensure you’re on track and making adjustments as needed. I’m here to guide you on your journey to becoming financially FIT.
Ready to secure your future with confidence? Let’s connect! Drop me a message, and let’s chat about turning your insurance, investment, and retirement planning needs into success stories.
