Medishield - A basic plan that most Singaporeans would have when they start to work. It will help to meet the large Class B2/C hospitalisation bills.
There are also co-payment features which include co-insurance and deductible where the patients will have to share the cost of the medical expenses. Both co-insurance and deductible can be paid by cash or Medisave.
However, Medishield comes with specific sub-limits that will allow you to claim up to the limits for each item which may possibly be lower than what you incurred. For this reason, it is advisable to take an appropriate private integrated Shield plan to stretch your Medisave dollars to have more coverage and protection.
In addition, by upgrading the basic Medishield plan to Medisave Approved Integrated Shield plan you will realise that the plan are based on "as -charged". With an "as-charged" plan, you are like giving an empty cheque which you will not be restricted to sub limits except for the deductible and co-insurance portion.
How does Deductible and co-insurance work?
Deductible - Before there is MediShield payout, patient will have to fork out the initial amount in policy year. The applicable deductible amount varies depending on the ward that you stay in, ranging from $1600 in Class C to $3500 in Class A.
Co-insurance - The percentage of the bill that have to be paid on the portion of the bill above the deductible. Co-insurance for bills can range from 20% to 10% as the bill size increases.
* Medishield pay around 80% of the claim that exceeds the deductible if applicable.
Example:
Mr Lim bought a Private integrated Shield plan;Hospital: Mount Elizabeth Hospital
| Hospital Bill | Incurred | Amount Payable |
| Daily Room & Board (7 days) | $5,860 | $5,860 |
| Daily Intensive Care Unit (2 days) | $1,640 | $1,640 |
| Surgical Procedure | $9,000 | $9,000 |
| Surgical Implants/Approved Medical Consumables | $2,400 | $2,400 |
| Total | $18,900 | $18,900 |
| Less Deductible (Private Hospital) | $3,500 | |
| > Balance After Deductible | $15,400 | |
| Less Co-insurance (10% of $15,400) | $1,540 | |
| > Balance After Co-insurance | $13,860 | |
| Private integrated Shield plan Pays | $13,860 | |
| Customer Pays | $5,040 | |
Total out of pocket would be $5040 based on the example above while the rest can be claimed under the plan. As for the out of pocket (deductible and co-insurance) can be paid under Medisave subject to limit.
However, if you wish to have a bigger umbrella without worrying of the co-payment (deductible and co-insurance), there are cash riders available that you can paid by monthly/yearly which you will not need to pay any amount for the hospitalisation bills.
Bear in mind - Secure your personal medical insurance coverage when you are still healthy
Over at this career, I have realised that many of them (especially my age group) don't usually feel the need of having an insurance plan. However, this probably will be a wrong mindset as in the event of any health condition, you may not be able to cover the medical coverage by that time which you will probable be regretting.
Therefore, don't wait till you develop a bad condition. Do remember that having medical insurance plans based on your budget and needs can help to ensure proper coverage.
Coverage such as critical illness / early stage critical illness is also another important components to consider as it will provide a lump sum for the loss of income.
Review your policy today and see what policies you have , shortfall that have not been covered or even to clarify what are the plans that you are paying for.
Do email me at qns_reneegoh@yahoo.com.sg
Review your policy today and see what policies you have , shortfall that have not been covered or even to clarify what are the plans that you are paying for.
Do email me at qns_reneegoh@yahoo.com.sg
