How To Pick The Perfect Medical Insurance

Cover Get the low-down on how to choose the right medical insurance plan for your needs.

- Low Jat Leng

WHAT’S ESSENTIAL

A medical expense plan and a critical illness plan are both essential, says Sherene Lua, financial services supervisor at Unicorn Financial Solutions.

She says that there are three key aspects to look into: hospital expenses, which can be covered by a good medical expense plan, and living expenses and medical contingency costs, which can both be defrayed by a critical illness plan.

You may need nursing care and medical equipment, or need to renovate your home for greater mobility, so the sum assured in your critical illness plan should cover your living and medical contingency expenses as well, Sherene adds.

To Make A Claim

Inform the hospital staff handling your admission or outpatient treatment that you wish to make a claim against Medishield Life or your Integrated Shield Plan. The hospital will submit the claim for you.

Medical Expense Plan

WHAT DOES MEDISHIELD LIFE COVER?

All Singaporeans and permanent residents are covered by Medishield Life, a compulsory medical expense plan administered by the Central Provident Fund (CPF) Board. It covers you for life and is inclusive of preexisting conditions.

Premiums are deducted from your Medisave account and range from $130 for a 20-year-old to $975 for a 75-year-old before subsidies. You can log on to www.medishieldlife.sg to check your premium.

Medishield Life pays a portion of your bill at public hospitals when you are admitted into class B2 or C wards, need day surgery, or require costly outpatient treatments such as kidney dialysis or radiotherapy. For example, if you are warded for a mastectomy or a biopsy, you can file a claim. But the plan does not cover the bill for procedures and treatment before admission and after discharge.