Nobody looks forward to getting sick and needing medical care in a hospital. The only thing on your mind is getting better and back to full health when it takes a toll on your body. During this moment, though, another important issue arises: the bills.
Financial hardship comes at the worst possible time, compounding the emotional toll of an illness. A major expense can ruin your finances, your future, and your family’s hopes and goals. What steps can you take to prepare for such unforeseen costs?
Protect yourself from medical costs with MediShield Life
All citizens and permanent residents of Singapore are covered by a mandatory baseline universal insurance plan called MediShield Life. MediShield Life is meant for use in B2 and C wards of public hospitals, where patients get subsidized care.
Singaporeans will be able to use their Medisave accounts to cover the cost of their entire MediShield Life subscription.
MediShield Life will still cover you if you end up in an A/B1 ward or a private hospital, however they may only pay a percentage of your bill. You would then have to pay the difference using either cash or MediSave.
The benefits of private hospitals and specialized A/B1 wards
Do you feel covered by MediShield Life? How much medical care you want will tell you this. The A/B1 ward has several advantages over the B2/C ward in a government reorganized hospital or a private hospital.
Patients have more privacy in the A/B1/Private wards. B2/C wards typically contain 6-8 patients per ward, whilst B1 wards typically have 4 beds per room and A/Private Hospitals have single-bed rooms. As a result, the A/B1/private wards are less hectic and more conducive to relaxation and recuperation.
Choosing a Physician. One significant advantage of A/B1/private wards is the provision of a greater range of specialized services. As a result, patients in the public B2/C wards have easier access to famous physicians. This is helpful when looking for a doctor who comes highly recommended by friends and family, or when dealing with a medical condition that requires the attention of a specialist.
B1 and above wards will have an adjoining toilet and bathroom, a television, and a choice of meals as enhanced amenities. The addition of these amenities helps to improve the quality of a patient’s time spent in the hospital.
Some people might rather go to a private hospital than a public one because they know they will have a shorter wait time for a bed and easier access to specialized medical services.
Taking coverage to the next level with Integrated Shield Plans (IPs)
More than seventy percent of Singaporeans were reported to have IPs to supplement their healthcare coverage. These policies supplement the standard MediShield Life insurance. An IP lessens the financial burden placed on the patient when admitted to an A/B1 ward of a public or private medical facility.
Depending on the type of ward (such as a B1 ward, A-ward, or a single-bed ward in a Private Hospital), each of the 7 private insurers offers a unique IP. IPs often provide “as-charged” benefits for hospital stays and day surgeries, which means that they pay for the full cost of care in both regular and critical care units.
The IPs’ additional advantages:
- Extra limits for outpatient cancer treatment are provided by IPs, which can reach up to 5x the monthly MediShield Life limit for Cancer Drug Treatment and 5x the annual limit for Cancer Drug Services.
- Some IPs cover pre- and post-hospital care for as long as 365 days following discharge from the hospital if you see a doctor on their panel, and for as long as 180 days if you see a doctor before to hospitalization.
- Higher annual claim limits of up to $2 million
MediSave can cover the additional private insurance component for IPs, but only up to the following Additional Withdrawal Limits (AWLs):
- $300/year for individuals at the age of 40 or below on their next birthday
- $600/year for individuals who are at or turning 41-70 on their next birthday
- $900/year for those at age 71 years and above on their next birthday
Any excess would have to be paid in cash.
Riders: Obtaining full coverage
You can get the care you need without going into debt by adding a rider to your Integrated Shield Plan.
With an IP rider, you’ll only have to pay 5% of your policy’s benefits out of pocket if you see a doctor on the insurance company’s approved list of specialists, up to a $3,000 annual maximum. This means that you will pay no more than $3,000 annually to see a specialist who is on the insurer’s approved list of providers.
In addition, riders can provide coverage of up to $250,000 annually for selected outpatient cancer drug treatments not included on the Cancer Drug List (CDL), and up to 18 times the MediShield Life limit for outpatient cancer drug treatments included on the CDL.
IP riders can only be paid out in full, and cannot be reimbursed in part by MediSave.
Gain peace of mind by protecting your health and finances
In the face of escalating healthcare expenditures and unknowns, it is essential to have enough insurance coverage. Unexpected events might put a strain on your finances if you aren’t ready for them.
Protecting yourself and your loved ones is a top priority, and IPs and riders offer a comprehensive solution by providing a financial safety net that guarantees access to quality healthcare and frees you to concentrate on getting better.
Don’t put it off until it’s too late.