(5 Mins Read) Understand Singapore Medical / Hospitalisation Insurance (Integrated Shield Plan)
1. What is Hospitalisation Insurance in Singapore?
Hospitalisation insurance is designed to cover the costs incurred during a hospital stay, including daily room charges, surgical fees, and pre- and post-hospitalisation outpatient expenses.
It is different from critical illness life insurance, as the two types of insurance serve different purposes but are complementary.
In Singapore, this type of insurance is crucial because medical costs, especially in private hospitals, can be very high.
You can refer to the benchmark for hospital bills/medical fees in Singapore provided by the government website.
2. Key Features of Singapore’s Hospitalisation Insurance
- Multi-level coverage: From government-subsidised B2/C-class wards to private hospital rooms, you can choose a plan that suits your needs.
- Local and international coverage: Some policies also provide international medical coverage, which is ideal for frequent travellers or those residing in multiple countries.
- Excludes outpatient treatment: Regular treatments such as a cold or flu that require outpatient visits are generally covered under a medical certificate (MC) for standard medical benefits and leave requests.
3. What is an Integrated Shield Plan (IP)? Is it hospitalisation insurance?
In Singapore, the professional term for hospitalisation insurance is the Integrated Shield Plan (IP).
Singapore’s basic hospitalisation insurance, MediShield Life, is a mandatory basic coverage designed for Singapore Citizens and Permanent Residents. It covers basic treatment costs at public hospitals.
To get more comprehensive coverage, many people opt for an Integrated Shield Plan (IP), which includes:
- Access to higher-grade ward types (e.g., private rooms in public/private hospitals)
- Coverage for higher-level treatments
- Reduced out-of-pocket expenses
For foreigners who cannot access MediShield Life, they typically purchase private health insurance, which is essentially an Integrated Shield Plan (IP).
4. What to Consider Before Buying a Medical Insurance?
- Guarantee Renewal: Singapore medical insurance policies usually include a guarantee renewal clause, meaning the insurance company must renew the policy as long as premiums are paid on time, regardless of claims made.
- Policy Coverage Amount: Coverage can go up to 2 million SGD, with annual updates.
- Deductible and Co-insurance: Some out-of-pocket costs are still required even with hospitalisation insurance, but you can eliminate the deductible or reduce co-insurance with riders.
- Premium: Will premiums increase after claims? Most companies do not raise premiums after claims, but some may increase them.
- Claim Services & Speed: Hospitalisation insurance typically has a higher frequency of claims, so it is important to choose a company with good claim services and speed.
5. What is Not Covered?
Most hospitalisation insurance policies do not cover:
- Pre-existing conditions (health issues that existed before purchasing the insurance)
- Cosmetic surgery/procedures
- Outpatient treatment (unless specifically stated, such as chemotherapy or kidney dialysis)
6. Which Insurance Companies Offer Integrated Shield Plans in Singapore?
Several insurance companies in Singapore offer personal hospitalisation insurance, including but not limited to:
- NTUC IncomeShield
- AIA Healthshield Gold Max
- Great Eastern Supreme Health
- Prudential Prushield
- Singlife Shield
- Raffles Shield
- HSBC Life Shield
With so many options, it’s important to compare and find the plan that best fits your needs and budget. I can help you compare them.
Quick Tips for New Insurance Buyers:
- Check Employer Benefits: Employers typically provide basic medical insurance. If it’s not enough, consider purchasing additional private insurance for enhanced coverage.
- Plan Ahead: A good medical insurance plan should not only meet current needs but also accommodate future health changes or lifestyle adjustments.
- Consult a Professional Advisor: If you’re unsure which policy to choose, seek help from a professional insurance advisor who can tailor a solution for you.
What’s Next?
Hospitalisation insurance is not just a tool for paying medical bills; it provides peace of mind during unexpected health issues. Take 5 minutes to understand your options and make sure you and your family are well-protected!
For more details and quotes on hospitalisation insurance, feel free to contact me anytime!
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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:
Lidwina Teo 维娜
I help individuals and families make confident financial decisions through personalised financial planning across the whole world.
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