Health Insurance is the most important insurance you will ever purchase. There is nothing more important than one’s health. Hospital and medical expenses are proving to be an expensive affair. And you never what kind of health problems may come knocking on your door. So, it is always advisable to prepare for the unexpected. In this blog, we discuss health insurance in Singapore. Read on to know more.
Important Factors for Health Insurance in Singapore?
- Singaporeans and Permanent residents are providing basic health insurance known as MediShield Life. This covers basic treatments in a public hospital.
- On top of MediShield Life, you can take up the Integrated Shield Plan (IP), which will give you coverage for better class wards and private hospitals. This will also cover your pre and post-hospitalization medical expenses.
- You can buy an add on “rider” on top of your Integrated Shield plan which will help to lower the upfront costs of your hospital bill to 5%.
What is Medisave?
Medisave is basically a cumulative fund that every Singaporean has accumulated over the years from CPF savings. This is mostly to meet healthcare expenses. Also, if you are a Singaporean you would know that all Singaporeans have a Medisave account.
If you are wondering that can you use your Medisave to pay for medical treatments, the answer is yes, you can! However, you can only use Medisave up to a specific amount and there are limits on withdrawals. You can manage some of the medical expenses with your Medisave account in the case of a medical emergency.
The average cost of surgery would range from $300 to $7000. And the average cost of a ward in a hospital would be somewhere around $450 per day. These are approximate costs we are talking about here. Again, the actual cost estimate of medical surgery or treatment would depend upon the medical issue, how complex, and what kind of treatment it needs.
Also, keep in mind that not all categories of treatment fall under the Medisave claim. For instance, lab tests and many other miscellaneous expenses have to be paid out of your own pocket.
Why Should You Buy Health Insurance in Singapore?
We recommend you should buy health insurance for yourself and your dear ones in Singapore. Health insurance would be of great benefit and help you cover a lot of your medical expenses. After all, Medisave comes with specific limits. All Singaporeans and permanent residents here are covered with MediShield Life. This is the healthcare policy in the country and you can’t choose to opt-out of it. But the good thing is that the premiums for MediSheild Life are affordable. Your medical expenses are covered for public hospitals and some components of private hospitals are also covered. MediShield Life will give your cover for selected treatments or illnesses. So, if you think Medishield is not enough for you then you can upgrade your MediShield Life insurance with another private health insurance. To know more about health insurance, you can read our blogs on health insurance in Singapore.