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What is Health Insurance?
Health Insurance is a form of insurance plan that covers medical expenses incurred during hospitalisation and surgery when you face an illness, injury, or disability. There are multiple forms of health insurance, each providing different benefits.
Many organisations and companies offer group insurance that is mainly covering health-related issues. Still, it is more important to get your own just in case you are no longer associated with the organisation.
The most basic form of insurance provided to all Singaporeans is MediShield Life. MediShield Life is a hospitalisation plan to offer basic coverages for all Singaporean citizens and Permanent Residents, including those with pre-existing conditions.
The most common form of health insurance in Singapore is an Integrated Shield Plan (IP). An IP is an additional hospitalisation plan administered by private insurers, providing enhanced coverage beyond MediShield Life. IPs can be paid off using MediSave (Up to a certain point) and cash if you want to top up benefits with private insurance companies. Click on this article to read more about IPs.
There are also other forms of health insurance, such as hospital cash insurance, which provides you with daily cash payouts if you are hospitalised due to an injury or illness.
There is also disability income insurance that provides a percentage replacement (usually up to 70%) of your income to cover daily expenses if you are unable to work due to a disability, making it suitable for the sole breadwinners of the household.
To know more about which health insurance/IP suits you, please fill in your information in the quotation above, or see a comparison article here.