Understanding Medical Insurance in Singapore

1. Understanding Medical Insurance in Singapore The health care system in Singapore is the envy of many advanced countries in the world. The best part is that all Singaporean citizens and PRs are already covered with a basic insurance system known as Medisheild which is compulsory and covers basic public hospital treatments. If you want to be treated in better wards in a public hospital or get treatment in an expensive private hospital then you should upgrade to an Integrated Shield Plan. There are some things you need to consider when buying Singapore medical insurance for yourself. If you are young and healthy In this situation you should check to see if the coverage is sufficient for you. It is advisable to upgrade before you develop health complications, because in this situation the cost of insurance will be lower, than if you buy insurance when you have already developed health complications. If you have family Considering the age and other aspects it is important to see that your family has adequate health insurance. Medical emergencies can happen anytime and they can be expensive. You need to ensure that the deductibles and co-payments for the insurance plan are affordable in the long run. If you are a senior citizen There is health insurance plan for elderly people which is known as Elder shield. The premiums and pay-outs for this type of health insurance is the same across different insurance providers. Here you need to bear in mind that your insurance can be rejected if you have a pre-existing ailment. Hence in such a scenario you will have to buy extra riders which will cover your existing ailment, but the premiums for these riders can be a bit expensive. Hence you can see that Singapore medical insurance has been designed by the government to ensure that all Singaporean citizens and PRs, get the right kind of medical treatment without digging a major hole in their pocket.