Health Insurance in Singapore
Health Insurance, or medical insurance, is a hospitalization and surgical plan that covers a person against medical expenses, which normally include in-patient and out-patient.
A good health insurance is critically important to your overall protection plan, especially in Singapore. As all Singaporean and people live in Singapore should know, the medical cost here is one of the highest in Asia. A major and unexpected medical bill can be a catastrophic as it could potentially wipe out your entire saving, if you are not properly covered.
Therefore, when it comes to planning a solid financial portfolio, a good place to start is health insurance/medical insurance.
Generally speaking, a good health insurance should provide good coverage for surgical fees, room, board, and other medical-related expenses, consultation and diagnostic, as well as follow up treatment and others outpatient coverage like cancer treatment and kidney dialysis.
For Singaporean and PR, we all have at least a medishield to cover us. However, medishield is a basic illness insurance scheme, which provides a very basic coverage. As the medical cost inflated over the last couple of years, the coverage provided by medishield might not be enough.
In order to counter the high medical cost, Ministry of Health of Singapore has appointed 5 insurance companies (Aviva, NTUC Income, Great Eastern, AIA, and Prudential) to offer Singaporean and PR a much better medical insurance, generally known as Shield Plan.
Singaporean and PR can use their medisave account to pay for the premium of these Shield Plans, so that they can enjoy a much better and comprehensive coverage for hospitalization and surgical needs. As a result, they would have a good and comprehensive health insurance, which doesn't even use their cash, as they can pay through medisave account.
For foreigner and expatriate, there is also a wide range of health insurances available to suit their needs and budget. Companies like Aviva, MSIG, AXA, and AIA all have their unique medical and health insurance policy, each with their strength and benefits.
Here comes the important question, since there are so many health/medical insurance in the market, how do you know which health/medical insurance is the most suitable for you?
First of all, do your homework. Educate yourself on this area so that you know what are the features and benefits that you and your family members require.
Apart from the features and benefits, you must also do a comparison to see what are the differences between all those health insurance that available in the market.
Lastly, you can speak to a competent financial planner about your needs and seek advise from them.
In short, health insurance is the most immediate requirement for a good financial planning, and make sure you have a good one in place so that you and your family are properly covered.
A good health insurance is critically important to your overall protection plan, especially in Singapore. As all Singaporean and people live in Singapore should know, the medical cost here is one of the highest in Asia. A major and unexpected medical bill can be a catastrophic as it could potentially wipe out your entire saving, if you are not properly covered.
Therefore, when it comes to planning a solid financial portfolio, a good place to start is health insurance/medical insurance.
Generally speaking, a good health insurance should provide good coverage for surgical fees, room, board, and other medical-related expenses, consultation and diagnostic, as well as follow up treatment and others outpatient coverage like cancer treatment and kidney dialysis.
For Singaporean and PR, we all have at least a medishield to cover us. However, medishield is a basic illness insurance scheme, which provides a very basic coverage. As the medical cost inflated over the last couple of years, the coverage provided by medishield might not be enough.
In order to counter the high medical cost, Ministry of Health of Singapore has appointed 5 insurance companies (Aviva, NTUC Income, Great Eastern, AIA, and Prudential) to offer Singaporean and PR a much better medical insurance, generally known as Shield Plan.
Singaporean and PR can use their medisave account to pay for the premium of these Shield Plans, so that they can enjoy a much better and comprehensive coverage for hospitalization and surgical needs. As a result, they would have a good and comprehensive health insurance, which doesn't even use their cash, as they can pay through medisave account.
For foreigner and expatriate, there is also a wide range of health insurances available to suit their needs and budget. Companies like Aviva, MSIG, AXA, and AIA all have their unique medical and health insurance policy, each with their strength and benefits.
Here comes the important question, since there are so many health/medical insurance in the market, how do you know which health/medical insurance is the most suitable for you?
First of all, do your homework. Educate yourself on this area so that you know what are the features and benefits that you and your family members require.
Apart from the features and benefits, you must also do a comparison to see what are the differences between all those health insurance that available in the market.
Lastly, you can speak to a competent financial planner about your needs and seek advise from them.
In short, health insurance is the most immediate requirement for a good financial planning, and make sure you have a good one in place so that you and your family are properly covered.
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