Health Insurance 101: What Should You Be Considering Before Buying A Policy?
How do you choose the right insurance plan in Singapore? Our friends at BankBazaar.sg share some tips.
Which insurance provider provides the best health insurance in Singapore? It all depends on your needs.
Finding the best health insurance in Singapore for you
The right health insurance plan can help you save thousands in medical bills in case of an accident, illness or disability. Although MediShield Life, the national health insurance scheme for Singapore Citizens and Permanent Residents (PRs), provides cover for hospital bills and certain outpatient treatments, it is still important to consider whether all your needs, present and future, will be suitably met.
For expats, investing in a good insurance plan is essential, as there is no MediShield coverage.
So, how do you go about choosing the best health insurance in Singapore for you? Here are some questions you need to ask.
Does the plan provide enough coverage?
This is probably the most important aspect of finding the right health plan. While you definitely need to think about your current medical needs, you should also assess your family medical history, your lifestyle, age, past medical treatments, etc. to know if you are at risk for any illnesses and how likely you are to need medical assistance going ahead.
If you feel an insurance plan does not cover certain possibilities that you want to be protected against, consider purchasing additional riders to make your coverage stronger.
Do take note that purchasing a more expensive plan doesn’t mean you are fully covered against all situations – you still need to pay special attention to various sub-limits, the network of hospitals covered, coverage for pre-existing diseases, and so on.
Does it fit your budget?
Although you want to make sure you have sufficient coverage, don’t compromise your current financial situation to protect the future.
Before making a purchase, take stock of your existing financial obligations and ask yourself if you can afford to pay the premiums. Don’t forget to factor in additional expenses you may have to bear down the road.
How smooth is the claim process?
Struggling to make a claim is the last thing you want when you or a loved one has been through a medical emergency. Make sure you know everything about the claim process so that you’re not left in the lurch later on.
Reading reviews on policies or insurers can be particularly helpful in this regard.
Is it valid outside Singapore?
If you are a frequent traveller, you must consider a plan that covers your medical costs abroad. While travel insurance will provide for emergency medical cover, it may not be as comprehensive a cover as a health insurance policy.
What are your options?
- Critical illness insurance: It pays out the sum assured in the event you are diagnosed with any critical illness that is covered by the policy. It can come as a single policy or a rider along with a health insurance policy.
- Hospital cash insurance: This insurance provides you with a certain amount of cash for each day spent in the hospital. However, there may be limits on the number of days you can claim for in a year or in your lifetime.
- Long-term care insurance: It gives you a fixed amount every month in case of long-term treatments owing to which you are unable to perform certain activities of daily living (ADL), such as bathing or moving around, on your own.
- Disability income insurance: It helps make up for the loss of income in the event of disability after an accident or illness. However, if you do get employed again, you are no longer eligible to receive the benefits.
- Medical expense insurance: It’s the most fundamental plan that helps you pay for selected hospitalisation expenses when you meet with an accident or fall ill. Most medical expense policies only provide basic coverage and often may exclude pre-existing illnesses.
Getting a comprehensive insurance policy is one of the best things you can do to secure your future. The earlier you start the cheaper it is likely to be, so use the tips above and get on it sooner rather than later!
BankBazaar.sg is a leading online marketplace in Singapore that helps consumers compare and apply for a credit card, personal loan, home loan, car loan and insurance.
We hope this article on the best health insurance in Singapore was helpful!
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