Hospital Plan - What is about
- Samat Oshai
- Jun 15, 2022
- 2 min read
Health insurance is a form of protection from the financial risks involved in healthcare. Simply put, health insurance means protection from hospitalisation and medical costs, as well as medical bills arising from injuries, illnesses, or disabilities. All it takes is one expensive accident or illness that can wipe out your savings and retirement funds. Hence, you will need health insurance to deal with the ever-increasing healthcare costs. Health insurance serves to protect you from one of the biggest financial risks you might ever face – healthcare expenses.
How does Health Insurance works in Singapore?
Singapore's Ministry of Health (MOH) provides the basic health insurance, MediShield Life for all Singaporeans and Permanent Residents (PRs). Including the senior citizens and those who have pre existing medical conditions.
MediShield Life covers basic public hospital treatments in public hospitals and pegged at B2/C typed wards. If you, however decides to stay in A/B1 type ward or in private hospital, you are still covered by MediShield Life but the payout will cover only small proportion of the medical bill hence, you'll need to tap from Medisave and/or cash to pay for the balance.
Integrated Shield Plans (IPs) is an upgrade that can boost your existing coverage by purchasing from Private Insurers. By having this additional coverage, you will have a wider options of healthcare and with higher claim limits. IPs also covers for the pre and post hospitalisation expenses.
IP riders is an additional plan on top on the integrated shield plan (IPs). IP riders have to paid in cash while Medishield Life and IPs are payable via Medisave. Riders will be able to mitigate the amount of money you need to fork out for medical bills.
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