Health Insurance | All you need to know about Health Insurance
Health insurance is deterred as the most important aspect of protection planning amongst the various protection plans. Many people neglect the existence of health insurance while getting themselves insurance policies largely due to the lack of knowledge. It is crucial for Singaporeans to get themselves protected by a health insurance policy due to the innate rising cost of healthcare, hospitalization cost and the high cost of living in Singapore.Health Insurance | What is Health Insurance?
Health insurance provides coverage for those that may need healthcare attention in a hospital regardless of reasons. It covers for the medical expenses required for any treatments during the period of stay.
Singaporeans/Permanent residents are fortunate as we are covered under MediShield Life, a coverage to assure Singaporeans medical bills are covered to an extent. Click here to find out more information on “What is MediShield Life”.
Health Insurance | How many types are there?
Health Insurance is categorized into 4 main types in the market:
Medical Insurance
Mainly covered by Singapore MediShield with Integrated Shield Plans to cover the hospitalization cost.Cash Allowance Insurance
Enables you to receive some allowance during the days you are unable to work or perform daily activitiesCritical Illness Insurance
Ensures that you will be covered with a lump sum of money to support yourself during the course of recovery.Disability Income Insurance
Provides coverage in any event of Total Permanent Disability or any relevant disability damage causedHealth Insurance | Why should I buy them?
Health Insurance is partly covered by MediShield Life, which is a compulsory health insurance scheme that pays for the basic hospitalization costs for Singaporeans or Permanent residents.
If one prefers a private hospital or a higher-class ward option in any event of hospitalization, they can consider getting an Integrated Shield Plan to complement their Medishield life in order to ensure a greater coverage.
You can read up on our Integrated Shield Plan to understand more about our services.
Need help managing your finances? Insurance Choice’s goals are to educate our readers to be financially prudent by providing them the correct tools to achieve their financial goals and to ensure that they are insured at all the stages of their life.