2022 Health Insurance Innovations

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The healthcare industry has made significant advancements in technology, medical research, and treatment solutions. Unfortunately, these developments come at a cost that is excruciating to the ordinary individuals who dig deeper into their pockets to cater to medical bills. Fortunately, through the ministry of health, the government of Singapore provides basic health insurance for its citizens and permanent residents. However, basic insurance has several limitations and exclusions that may prove expensive in unprecedented issues. Therefore, it is essential to familiarize yourself with MoneySmart best health insurance plans to determine one that will diminish your financial difficulties and provide comprehensive health insurance cover.

Health Insurance in Singapore

Singaporeans can choose from two general health insurance options, including the MediShield Life and the Integrated Shield Plan. MediShield Life is an initiative by the Ministry of Health to cater to the medical costs of permanent residents and citizens. However, it has limitations because it only caters to treatment in public hospitals in class B2 and C wards. If you obtain treatment in private institutions and class A or B1 wards, you will sort the excess charges from your pockets. On the other hand, Integrated Shield is purchased from private insurance service providers to boost your existing MediShield Life Coverage. The additional coverage provided by Integrated Shield plans allows you to enjoy a broader range of medical service options, treatment in private institutions, and coverage in pre-hospitalization and post-hospitalization bills. Therefore, it is advisable to secure an Integrated Shield Plan according to your preferences and health needs.

 What are the Benefits of Integrated Shield Plans?

Although MediShield Life and other health insurance options like employee benefits offer reliable medical cost coverage, they do not guarantee comprehensive coverage that will cater to 100% of your health needs. However, the Integrated Shield plan supports access and treatment in higher-tier wards associated with more complex and often costly medical procedures. Similarly, you will increase your health coverage by increasing your MediShield plan’s annual claim limit. To top it up, the Integrated Shield plan covers provide you with a personal agent who is a call away in case you experience any issues or would like to inquire about health insurance-related queries. On the other hand, organizations and government-backed health insurance have limitations like co-insurance and deductibles. Moreover, an employee insurance option does not apply when you part ways with the organization. Fortunately, MoneySmart best health insurance plans allow you to explore and select reliable Integrated Shield plans and tailor your package according to your long-term needs and health security.

What Types of Health Insurance Does Integrated Shield Plans Provide?

Unlike MediShield Life, Integrated Shield Plans Provide additional health insurance coverage options, including hospital income insurance, long-term care insurance, disability income insurance, hospitalization insurance, critical illness insurance, and terminal illness insurance. Moreover, these solutions offer several benefits, thus alleviating issues in medical emergencies. For example, disability insurance provides income replacement on a percentage of your gross income to assist you in staying afloat in case of accidents until you recover. On the other hand, critical illness insurance offers a lump sum payout to help alleviate the total costs of medical expenditure in the case of a critical illness diagnosis. Similarly, terminal illness insurance offers you a lump sum payout if you are diagnosed with a terminal condition, allowing you a limited period to live. Nonetheless, you can opt for several other alternatives to help secure your future and prevent financial liabilities.

Over the years, increased awareness of individuals’ right to health and the role of shareholders in upholding these rights have encouraged many people to seek high-quality healthcare services. Unfortunately, the increasing cost of medical bills limits many people from accessing reliable services according to their preferences. Moreover, individuals at risk of developing diseases or workplace accidents find it difficult to keep up with the expensive premiums in comprehensive health insurance coverage. However, Smart Money is dedicated to providing insurance consumers with reliable solutions to ensure their health and financial stability. Therefore, MoneySmart’s best health insurance plans can guide you towards making profitable decisions in the long run. Although several insurance service providers promise quality and affordable services, it is best to familiarize yourself with basic policy components and all the available solutions to help select a reliable preference.




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