Not everyone in Singapore chooses to seek or retain health insurance coverage. Some people have it simply as a company benefit and would not have tried to procure it otherwise.
Much of this comes from a lack of essential information, which is what everything here aims to clear up for you today. Not only will you understand why health insurance is necessary, but you will also gain insight into how the choice of a provider is to be made.
Why Get Health Insurance?
Unexpected expenses are something everyone has to budget for and prepare for. Motor vehicle owners, for example, understand that mechanical problems can occur at any time. Thus, they may have allocated some money for unexpected mechanic expenses when they visited the mechanic.
Likewise, it is important to remember that the human body is just as unpredictable as any other. It is possible to develop unexpected ailments or conditions out of nowhere, and in those cases, you need health care to either treat or manage your symptoms.
Medical attention can be incredibly costly. This is even more so if you don’t have an insurance provider to offset consultation and medicinal charges. Many people realise this when they’ve had a terrible accident and must pay for everything out of pocket.
Is There a Provider That’s Objectively the Best?
There is no objective way to determine the best health insurance in Singapore. This is because different people have varying requirements and considering that the available coverage options do different things well, levels of appeal can vary greatly from person to person.
For example, one provider may be optimal for covering outpatient treatment. While this may appeal to some people, others may want to maintain low premiums, and perhaps another provider can better meet that need.
Therefore, as you begin to contemplate where you want your coverage from, think about what may matter most to you. This may be based on how often you plan to capitalise on your insurance for checkups and your need to be covered in an emergency.
Health Insurance Provider Examples in Singapore
Singapore has a host of outstanding health insurance providers. Some of these are:
- AXA
- Great Eastern
- Prudential
- AIA
- Ruffles Health insurance
- NTUC income
Plan Types in Singapore
Singapore’s health insurance industry is characterised by different plans that may either be provided by an entity or purchased by an individual. Here is a brief look at the structure.
MediShield Life
Singaporeans and permanent residents receive this basic insurance health coverage offering from the Ministry of Health. With it, hospital treatments that correspond with class B2 and seawards are covered.
Having MediShield Life doesn’t limit you from higher classes, but if you wish to be warded by them or want treatment in a private facility, you will need to cover the excess amount independently.
Integrated Plan
An Integrated Shield Plan, also known as an IP, is a MediShield life add-on offered by private entities. It simply boosts your existing coverage limits, allowing you to claim greater amounts and access more diverse, premium health care offerings.
IP Riders
IP riders are further add-ons that bring even greater value to your existing Integrated Shield Plan. You want to make sure you review the potential benefits and how they are used here. For example, your IP rider can cover a portion of your deductible, meaning you pay less out of pocket for your existing IP coverage to take effect.
How MoneySmart Helps in Your Selection Process
MoneySmart helps by providing expertise in your selection process of health insurance plans. Apart from a slew of valuable insights to help you understand the different offerings, you get access to insurance specialists dedicated to assisting you in securing the best possible plan for your needs.
You only need to answer a few questions electronically before you are connected with a specialist who can better assess your needs.
This offering by MoneySmart allows you to get all the health insurance information you need in one place instead of searching through various insurance providers one by one. However, we still recommend doing your own research beforehand to find out what you’re looking for.
Aside from unbiased advice, we also assist with your application completion to complement our service. Therefore, you can rest assured that you’re getting the best health insurance for your specific situation.
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While underrated, health insurance is essential for several reasons. Come learn about these as well as what you can do to choose the best health insurance provider!
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