From hospital stay to surgery costs: How to help the family focus on healing, not finances

Cost, coverage and class – these are common factors to consider when choosing health insurance plans. When it comes to Integrated Shield Plans (IPs) offered by private insurers, you may wonder how much more they cover compared with MediShield Life, a basic healthcare insurance that covers all Singaporeans and permanent residents, and if IPs are even necessary. 

Here, let’s debunk some common misconceptions about healthcare insurance. 

 

Fact: Having your own IP gives you the flexibility of choosing your preferred ward class, regardless of the hospitalisation coverage your employer provides. It also ensures you are covered, even if you are in between jobs or taking a career break.

HSBC Life Shield, with three tiers of protection, offers a wide range of benefits, including preferred rates at panel clinics as well as pre- and post-hospitalisation coverage.

Its highest tier, HSBC Life Shield Plan A, offers an annual coverage of up to $2.5 million and private hospital coverage for treatment with panel specialists. All HSBC Life Shield plans also offer a guaranteed and lifetime renewability. 

 

Fact: If you opt for Class B1/A and private hospital wards, expect to incur larger out-of-pocket expenses as MediShield Life payouts are pegged to Class B2/C wards of public hospitals. 

IPs such as the HSBC Life Shield can complement MediShield Life to offer enhanced benefits for your healthcare needs. The entry-level Standard plan covers ward classes up to B1, while the top-tier Plan A covers a standard room at a private hospital.

Should you need to be warded, HSBC Life will issue a Letter of Guarantee to the hospital, for up to your annual claim limit, so you can focus on your recovery without worrying about bills.

 

Fact: HSBC Life Shield offers different tiers that suit various budgets. All HSBC Life Shield plans come with value-added services like preferred consultation fees for a wide network of panel healthcare service providers and a 24-hour hotline for appointments with a panel specialist. If you decide on the HSBC Life Enhanced Care rider, you will also enjoy extensive coverage for outpatient cancer drug treatments and services.

 

Fact: It is helpful to get an IP early for your child before any medical conditions develop. This will help protect against any expensive hospital bills later in life. HSBC Life Shield is available even for babies aged 15 days and above. 

HSBC Life has you covered every step of the way. Speak to an HSBC Life Financial Planner to learn more about HSBC Life Shield today.