All Singaporeans are coated by MediShield Life for probably the most primary of medical protection. However on high of MediShield Life, an estimated two-thirds of Singaporeans are additionally paying for an built-in defend plan (IP) from considered one of 7 non-public insurers:
- AIA Healthshield Gold Max
- Singlife with Aviva Singlife Protect
- AXA Protect
- Nice Jap GREAT Supreme Well being
- Revenue IncomeShield
- Prudential PruShield
- Raffles Protect
Every insurer presents just a few choices for his or her built-in defend plans, which implies Singaporeans searching for an IP can have over 25 choices to select from. That sounds daunting, however making your choice is definitely simpler than it appears.
You solely have to have a faint thought of what degree of protection you need, and the remainder of it’s primarily simply crunching numbers. Simpler than deciding which bubble tea you need at KOI.
Prepared to match the heck out of Built-in Protect plans? Let’s go.
Contents
- Step 1: Perceive the boundaries of MediShield Life
- Step 2: Select the protection degree you need
- Step 3: Know what to search for in an Built-in Protect plan
- Built-in Protect comparability for public hospital Class B1 IPs
- Built-in Protect comparability for public hospital Class A IPs
- Built-in Protect comparability for personal hospital IPs
- 3 ideas for retaining medical insurance inexpensive
Step 1: Know the boundaries of MediShield Life
We’ve established that each one Singaporeans are coated with medical insurance: MediShield Life. (For those who didn’t know this, you undoubtedly have to learn this complete information to medical insurance in Singapore!)
As a substitute of shopping for an Built-in Protect plan as a result of your insurance coverage agent good friend instructed you to, it’s price testing what MediShield Life covers so you understand WHY you wish to get an IP.
Being government-issued medical insurance, MediShield Life could be very inexpensive, but it surely’s as primary because it will get. Which implies it has some very critical limitations:
- Covers solely the decrease wards: MediShield Life covers solely as much as public hospital Class B2 or C ward. For those who keep in a extra snug ward, you’ll have to high up the distinction out of Medisave or your pocket.
- Surgical procedure protection capped at $2,600: In case your operation prices greater than $2,600, you’ll have to high up the remainder.
- No pre-/post-hospitalisation therapy protection: MediShield Life doesn’t embody analysis, early stage therapies, and restoration, which might add as much as greater than a hospital keep.
Right here’s a hyperlink to MOH’s web site displaying the declare limits of MediShield Life.
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Step 2: Select the protection (i.e. ward class) you need
For those who really feel underwhelmed by MediShield Life, take this chance to determine what commonplace of healthcare you wish to obtain (at minimal) must you fall ailing or get into an accident.
Are you okay with going to a public hospital, so long as you get right into a “higher” B1 ward? Otherwise you die-die should go to a non-public hospital for the most effective healthcare potential?
Every insurer presents 2 or 3 IPs akin to ward tiers: Class B1, Class A, or non-public hospital.
Built-in Protect insurer | Class B1 | Class A | Non-public hospital |
AIA Healthshield Gold Max | B Lite | B | A |
Singlife with Aviva Singlife Protect | Plan 3 | Plan 2 | Plan 1 |
AXA Protect | — | Plan B | Plan A |
Nice Jap GREAT Supreme Well being | B Plus | A Plus | P Plus |
Revenue Enhanced IncomeShield | Fundamental | Benefit | Most popular |
Prudential PRUShield | — | — | Premier |
Raffles Protect | B | A | Non-public |
When you’ve selected the healthcare tier you want, you’ll have narrowed it down from 19 plans to simply 5 or 7.
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Step 3: Know what to search for in an Built-in Protect plan
Don’t fear, you gained’t need to look by means of the ENTIRE coverage paperwork of each Built-in Protect plan except you’re a masochist.
There are literally simply 3 issues you could look out for when making your selection:
- Value of premiums: We’ll evaluating the price of each the IP premiums (that are Medisave-payable) and the price of the co-payment rider (payable in money).
- Pre- and post-hospitalisation protection: All IPs in contrast right here cowl these prices “as charged”, however they differ in size of protection. Clearly, the longer the interval, the higher.
- Annual protection restrict: This refers to how a lot you’ll be able to declare as much as annually earlier than the insurer stops footing your payments.
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Built-in Protect comparability 2022: Public hospital Class B1 IPs
Now let’s begin crunching some numbers. Right here’s a comparability of the Class B1 Built-in Protect plans:
Insurer | Annual premium* | Rider premium* | Annual declare restrict | Pre & Put up hospitalisation |
AIA HealthShield Gold Max B Lite | $492 | $180 | $300,000 | 100 days / 100 days |
Singlife with Aviva Singlife Protect Plan 3 | $490 | From $0.27/day | $500,000 | 180 days (panel) / twelve months (panel) |
Nice Jap GREAT SupremeHealth B Plus | $467-$489 | $102 | $500,000 | 120 days / twelve months (panel) |
Revenue Enhanced IncomeShield Fundamental | $453-$463 | $78 | $250,000 | 100 days / 100 days |
Raffles Protect B | $473 | $80 | $300,000 | 90 days / 90 days |
* For Singapore residents aged 35.
Class B1 IPs are extraordinarily inexpensive, however they’re not that a lot of an improve over MediShield Life (which covers B2). The principle profit can be pre- and post-hospitalisation prices.
Nice Jap Supreme Well being B Plus might be the most effective IP you should purchase for this degree of protection. Not solely does it have comparatively decrease premium for this age group, it additionally has the best annual protection restrict.
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Built-in Protect comparability 2022: Public hospital Class A IPs
Transferring on to the comparability of the Class A Built-in Protect plans, which all 7 insurers provide:
Insurer | Annual premium* | Rider premium* | Annual declare restrict | Pre & Put up hospitalisation |
AIA HealthShield Gold Max B | $558 | $234 | $1 million | 180 days / 180 days |
Singlife with Aviva Singlife Protect Plan 2 | $558 | From $0.46/day | $1 million | 180 days (panel) / twelve months (panel) |
AXA Protect Plan B | $546 | $200 | $550,000 | 180 days / twelve months |
Nice Jap GREAT SupremeHealth A Plus | $496-$525 | $81 | $1,000,000 | 120 days / twelve months (panel) |
Revenue Enhanced IncomeShield Benefit | $473-$496 | $94 | $500,000 | 100 days / 100 days |
Prudential PRUShield Plus | $476-$502 | $86 | $600,000 | 180 days (panel) / twelve months (panel) |
Raffles Protect A | $502-$518 | $254 (with Raffles hospital possibility)
$138 (others) |
$600,000 | 180 days (panel) / twelve months (panel) |
* For Singapore residents aged 35.
Prudential’s PruShield Plus is probably the most worth for cash of the lot, and it presents a entire yr’s protection after hospitalisation, which looks as if a wonderful deal to me.
Revenue Enhanced IncomeShield Benefit can also be fairly inexpensive. However word that the pre- and post-hospitalisation protection is shorter than Prudential.
It’s price mentioning that Raffles Protect A permits you to add on a Raffles Hospital choice to your Class A IP so you’ll be able to keep in some form of non-public hospital. This works out to be cheaper than going for one of many full non-public IPs under.
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Built-in Protect comparability 2022: Non-public hospital IPs
All 7 insurers additionally provide non-public hospital IPs for max monetary safety:
Insurer | Annual premium* | Rider premium* | Annual declare restrict | Pre & Put up hospitalisation |
AIA HealthShield Gold Max A | $750-$791 | $598 (with out emergency & outpatient care booster)
$660 (with emergency & outpatient care booster) |
$2 million (panel) | 13 months (panel) / 13 months (panel) |
Singlife with Aviva Singlife Protect Plan 1 | $799 | From $1.12/day | $2 million (panel) | 180 days (panel) / twelve months (panel) |
AXA Protect Plan A | $682-$690 | $374 | $2.5 million (panel) | 180 days / twelve months |
Nice Jap GREAT SupremeHealth P Plus | $712 | $335 | $1.5 million | 120 days / twelve months (panel) |
Revenue Enhanced IncomeShield Most popular | $615-$626 | $265 | $1.5 million | 180 days (panel) / twelve months (panel) |
Prudential PRUShield Premier | $727-$733 | $337 | $1.2 million (panel) | 180 days (panel) / twelve months (panel) |
Raffles Protect Non-public | $729-$732 | $297 | $1.5 million (Raffles Hospital or Authorities Restructured Hospital)
$600,000 (Different hospitals) |
180 days (panel) / twelve months (panel) |
* For Singapore residents aged 35.
Contemplating the insane price of personal healthcare in Singapore, the premiums for Revenue Enhanced IncomeShield Most popular and AXA Protect Plan A appear fairly inexpensive.
Nevertheless, when you’re keen to pay a bit extra for ultra-comprehensive protection, AIA Healthshield Gold Max A has the best ranges of protection in the marketplace.
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3 ideas for retaining medical insurance inexpensive
For those who’re searching for the costliest tier — non-public hospital IPs — I don’t blame you. We’ve all heard sufficient unhealthy tales about public healthcare to know why some individuals would quite pay extra to not be caught in there.
However non-public IPs can get costly. So listed below are 3 ideas to assist preserve your premiums inexpensive:
1. Take into account whether or not to purchase a rider
After you purchase an Built-in Protect plan, you continue to have to pay a few of your hospital payments both out of pocket or from Medisave.
A deductible (as much as $3,500) and co-payment (10% of your invoice) will kick in earlier than the insurer pays the remainder of the declare — considerably like automotive insurance coverage extra. So for a $20,000 non-public hospital invoice, that’s $3,500 + $2,000 = $5,500.
An IP “rider” covers a lot of the above so that you solely have to co-pay 5% as an alternative. So, for that $20,000 invoice, you fork out $1,000 as co-payment. Nevertheless, rider premiums can price nearly as a lot because the IP itself, and it’s a must to pay for it in money (no Medisave).
In our opinion, it does is smart to get a rider if it’s low-cost and you’ve got the finances for it. However you can too get away with no rider you probably have sufficient Medisave or money financial savings.
2. Go for an insurer with a panel
Insurers aren’t charities; they’ve to stay worthwhile. Subsequently, if prospects make too many claims, they might determine to sneakily revise their premiums upwards.
Nevertheless it’s not simply prospects at fault. Some medical practices additionally overcharge as soon as they know that an insurer is footing the invoice. Both method, this leads to excessive prices for the insurers, who would then move it on within the type of increased premiums.
The answer is to search for insurers that work with a panel, resembling AIA, who has an inventory of most well-liked healthcare Suppliers. Sure, it’s a trouble to need to undergo a panel… but it surely additionally implies that the insurer is making an attempt to manage their prices and hopefully preserve our premiums from inflating an excessive amount of.
3. Examine yearly earlier than renewing
As soon as your annual Built-in Protect plan expires, you aren’t obligated to resume it.
You may and may take the chance to buy round and evaluate the medical insurance plans in the marketplace. And sure, the IP premiums and protection ranges do change — take it from somebody who has to replace this text yearly.
However word that when you swap to a different insurer, you can be topic to medical underwriting. This implies any medical situations that arose since your earlier insurer might be thought-about “pre-existing” and subsequently not coated.
After a sure age, your premiums might be excessive irrespective of which insurer you go to. So you might then wish to take into account choosing a lower-tier plan — for instance, from non-public to Class A. (“Downgrading” is mostly an easy matter, whereas “upgrading” to a better tier might require medical underwriting.)
In the end, whereas the price of an annual premium is necessary, what’s extra essential is that it’s best to decide an built-in defend plan primarily based on the extent of protection you require.
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