Ask yourself which class of ward you will use, if you can afford future premium payments
MediShield Life began in November last year, bringing compulsory health insurance to Singapore and marking the coming of age for health insurance in the country.
Just 25 years ago, hardly anyone here had personal health insurance. They either depended on their employers for healthcare support, or paid the whole sum out of their own savings.
And hospital bills can be very big, even with Government subsidy, sometimes posing a severe financial strain on the patient's family.
With the launch of MediShield Life, no Singaporean or permanent resident will ever have to face big hospital bills on their own again.
The creation of MediShield Life, a concept that had been raised many times over the years, is finally reaching fruition, and everyone, regardless of age, infirmity or ability to pay, will enjoy coverage.
But the difficulty in choosing the best insurance plan remains for the two in three people who are on the private plans integrated with MediShield. Here are some tips on picking the health insurance that suits you best.
DECIDE ON THE CLASS OF WARD YOU ARE LIKELY TO USE, NOT THE ONE YOU WOULD MOST LIKE TO USE
Given a choice, most people would pick what they consider the best, and usually the most expensive.
Your insurance might cover you for that, but do not forget that it does not pay the full bill. You need to pay an initial amount called a "deductible" as well as co-pay the rest of the bill.
The deductible is $1,500 if you choose a subsidised C class ward, and $3,500 for A class or private hospital.
Aside from that, you will have to pay 10 per cent of the rest of the bill for integrated plans.
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