There are two types of health insurance policies available in Singapore: MediShield Life and Integrated Shield Plans. Understanding the key differences between medishield life insurance and integrated life insurance is essential for making an informed decision about which policy is best for you.
In this blog post, we’ll compare MediShield Life and Integrated Shield Plans so you can make an informed decision about which policy is best for you. Keep an eye out!
What is MediShield Life in Singapore?
MediShield Life is a Singaporean insurance scheme that provides lifetime coverage to all residents, regardless of age or health condition. It protects against large hospital bills and helps families cope financially in the event of serious illness or death.
During the 2013 general elections, the ruling People’s Action Party (PAP) proposed MediShield Life. The plan was to replace MediShield, which only covered people up to the age of 85. Given Singapore’s rapidly ageing population, the government felt it was time to provide lifelong coverage to all residents.
MediShield Life works like this: if you become seriously ill or are injured, MediShield Life will pay your medical bills. Hospitalization, day surgery, and certain outpatient treatments such as chemotherapy, radiotherapy, dialysis, and renal transplants are included. Furthermore, people with chronic conditions such as diabetes and heart disease can receive treatment through MediShield Life.
What exactly is an Integrated Shield Plan?
In Singapore, Integrated Shield Plans (IPs) are a type of insurance that covers both hospitalisation and outpatient treatment and allows you to customise your coverage.
There are various riders that you can add to your plan to cover things like general practitioner visits, surgeries, and even optical and dental treatments. Most plans also permit you to select your own Medisave-approved Integrated Shield Plan-recognized hospitals.
Do you need to upgrade to an IP?
It is determined by your requirements and budget. Integrated Shield Plans (IPs) are intended to supplement the mandatory MediShield Life scheme by providing additional protection for those who require it.
IPs typically have higher premiums, but they also provide more comprehensive coverage. An IP, for example, typically covers a broader range of outpatient treatments and procedures than MediShield Life. It will also typically provide a higher claim limit, which means you will be able to receive a larger payout for treatment costs incurred.
Finally, whether or not you should upgrade to an IP address is a matter of personal preference. If you believe you require more comprehensive coverage than MediShield Life provides, an IP may be the best option for you.
Additional Benefits of An Integrated Shield Plan
An integrated shield plan in Singapore includes, in addition to basic health insurance coverage, the following:
Hospitalization and surgery: This covers the cost of your hospitalisation and treatment, including surgeons’ fees, consultation fees, anaesthesiologist fees, and so on. Outpatient treatment is also covered by some plans.
Pre-existing medical conditions: Many plans will cover pre-existing medical conditions that your basic health insurance plan does not cover.
Dental and optical coverage: Most plans will cover some dental and optical treatments. Check with your insurer to see what is covered under your policy.
Additional benefits: Some plans include extras such as personal accident coverage, home nursing services, and so on.
Recent changes to Medishield life and Integrated shield plans
MediShield Life has been an excellent protector of Singaporeans’ healthcare needs, but the limits need to be updated. With medical inflation on the rise and new treatments being developed on a daily basis. They will require more coverage than ever before!
They recommend raising claim limits for daily ward charges, along with other changes, to keep up with rising treatment costs while also keeping premiums affordable for all members who need protection against high-cost hospital stays or major surgeries without fear of financial ruin due only to uncovered expenses beyond what their policies cover.
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It should be noted that MediShield Life does not only cover hospitalisation expenses in subsidised wards. You can still make a claim through MediShield Life if you are admitted to a higher class ward or a private hospital. So, if you end up in an expensive ward, don’t worry; your MediShield Life policy will still come to your aid.
In Singapore, the MediShield Life and Integrated Shield Plans are two distinct insurance products with distinct benefits. If you want comprehensive coverage, the Integrated Shield Plan is a better choice. The MediShield Life policy, on the other hand, is better suited for basic medical protection. Finally, it is critical to understand the distinctions between these two policies and select the one that best meets your needs.