Best Health Insurance Plans in Singapore
With health care costs offering no respite to Singaporean citizens, Health Insurance has become one of the most sought after insurance products in Singapore. Health care has always known to be expensive and treatment costs have seen a dramatic increase over the last decade. This has prompted several Singaporeans to purchase health insurance plans in order to ward-off super-expensive hospital bills, diagnostic costs and other treatment and remedy-related costs. Note that Singaporean citizens already have an established health insurance plan - the MediShield Life. Other plans offered by insurers are mostly designed to complement the main National Health Insurance Policy.
Over time, purchasing a health insurance product has become more of a necessity, with new diseases always ready to strike unannounced.
There are several companies in Singapore that offer health insurance plans. Each of these plans is built to meet different types of medical conditions. For instance, there are specific insurance plans for the more mainstream conditions while there are plans for terminal and critical illnesses as well.
As a Singaporean citizen, it is extremely important to purchase a comprehensive health insurance policy that covers various aspects of diagnosis, treatment and post-treatment care. Also, it is important to do extensive research on the type of plan you wish to purchase before actually purchasing the plan.
Let us take a look at the best health insurance plans in Singapore. We look at products from five different insurance providers and evaluate the various pros and cons for these products.
5 Top Health Insurance Plans in Singapore
Let’s take a look at some of the best health insurance plans in Singapore. We look at the benefits and features of each of these plans and evaluate the pros and cons of each of these plans.
- AIG Health Insurance
- NTUC Health Insurance
- AXA Health Insurance
- AVIVA Health Insurance
- Liberty Health Insurance
AIG Health Insurance Singapore
AIG is one of Singapore’s top health insurance providers. The insurer offers different types of insurance policies that cover the entire health spectrum. If you are looking for a comprehensive health insurance policy, AIG Health Insurance might well be your most ideal choice. Let’s briefly look at the features of AIG Health Insurance in Singapore.
- The AIG Health Insurance Product is popularly known as the AIG PROHealth. AIG offers 5 PROHealth Plans for you to choose from. Each of these plans are built differently, offering different types of benefits.
- Each of these plans is mostly different with respect to the extent of coverage. While one of the options has a maximum coverage of S$300,000, other options can have coverages of up to S$3.8 million.
- The five different PROHealth plan options that are available include Prestige A, Prestige B, Prestige Plus A, Prestige Plus B and Prestige Plus C.
- Deductibles under the plan can be from 0 to about S$6,000 per year. This is solely dependent on what the customer chooses.
- Depending on whether you want your plan to provide you with worldwide coverage or just coverage in select countries, you can choose accordingly.
NTUC Health Insurance
Another popular health insurance provider in Singapore is NTUC. NTUC’s health insurance policies are particularly worth mentioning as they offer comprehensive coverage and have multiple plan options to choose from - six plan options, each designed to offer specific benefits. Here are the plans:
The NTUC Enhanced Incomeshield
- The plan covers all your hospitalization expenses as well as expenses relating to surgery.
- You can pay for the plan using your Medisave account.
- The plan covers pre-hospitalization (90 days prior to treatment), post-hospitalization (90 days post treatment), and emergency charges.
- You can also add riders to the plan if you wish. You can choose your riders depending on your requirement.
- IncomeShield Standard Plan
- The plan covers inpatient as well as outpatient treatments.
- The plan can be the ideal complement to your already existing MediShield Life insurance subscription.
- Inpatient procedures usually relate to surgical procedures while outpatient procedures include chemotherapy, radiotherapy, renal dialysis, etc.
- The IncomeShield Plan can also be combined with your already existing MediShield Life policy.
- The plan covers inpatient and outpatient procedures, pre-hospitalization and post-hospitalization charges, and emergency treatment, both in Singapore and overseas.
- Managed Healthcare System
- The Managed Healthcare System is a comprehensive healthcare plan offered by NTUC Income Insurance.
- It covers primary care, specialist care, emergency expenses both in Singapore and overseas, and hospitalization expenses.
- You can add riders to the plan on the basis of your requirements.
- Co-Pay Assist
- The Co-Pay Assist plan is basically a group plan that covers public officers under CCS.
- The plan is, again, a comprehensive healthcare plan that covers specialist care, emergency expenses, primary care, hospitalization expenses and more.
- Managed Healthcare System - Outpatient Plan
- This is specifically built for individuals who wish to be covered for outpatient procedures.
- The plan also covers emergency expenses and doctor fees during outpatient consultations.
AXA Health Insurance
AXA is another top insurance provider and offers comprehensive health insurance coverage to Singaporean citizens and permanent residents. Let’s take a look at the salient features of the AXA Health Insurance.
AXA offers 8 health insurance plans in total. Each of these plans is designed to meet specific areas of health care and treatment costs. Here is the list of health insurance plans offered by AXA:
- AXA Shield
- Health insurance coverage post hospitalization for a period of 365 days.
- The plan contains benefits pertaining to home care as well.
- The plan is associated with a high insurance coverage.
- AXA Family Advantage
- Family coverage covers both you and your spouse.
- This coverage is applicable during pregnancy as well.
- The plan gives you the option to cover your newborn child too.
- GlobalCare Health Plan
- This plan covers pre-existing conditions besides the regular plan coverage that covers diagnosis and hospitalization.
- The plan also has a wellness and preventative component.
- Maternity coverage and coverage for the new born child are also applicable under the plan.
- The plan covers congenital and pre-existing medical conditions.
- The plan also covers chronic and critical illnesses.
- The annual limit is high in comparison to other plans.
- International emergency medical assistance is also covered as part of the plan.
- Mum’s Advantage
- The plan is specifically structured to address challenges faced by women during pregnancy.
- Under the plan, the mother can cover more than one baby.
- SmartCare Executive
- The plan covers surgical procedures besides the conventional health insurance coverage.
- Under the plan, hospital bills are settled directly with the hospital, without needing your intervention.
- The plan has several other unique benefits as well.
- SmartCare Optimum Enhanced
- The plan covers medical conditions arising from travel inconvenience.
- There is a separate dental rider that covers dental problems and conditions.
- Health Cash Plan
- The plan provides coverage for cancer treatments, broken bones and other critical illnesses.
- The plan has provision for out-patient coverage as well.
AVIVA Health Insurance
Another popular health insurance provider is AVIVA. Let us take a look at the most prominent features and benefits offered under health plans offered by AVIVA.
AVIVA has two health insurance plans.. Each of these come with their own set of features and benefits. Let’s take a look:
The AVIVA MyShield Plan
The AVIVA MyShield Plan is amongst the most popular health insurance plans in Singapore as it has several unique benefits. Let’s check them out:
- The MyShield plan is more effective if it is complemented with MediShield Life. MediShield Life is the popular National Health Insurance Scheme offered to Singaporeans of all ages.
- The plan covers both private as well as public hospitals.
- Health insurance coverage under the plan is up to S$1 million.
- MySHield also provides newborns with a free life insurance cover of up to S$50,000.
- Preventative surgery and treatment for critical illnesses are also covered under the plan.
- Pre-hospitalization treatment up to 9 days before being admitted and post-hospitalization care of up to 180 days after being discharged are also part of the MyShield Plan.
- Complications arising during pregnancy and international medical emergency conditions are also covered.
The MyHealth Plus is basically an add-on that complements the MyShield Plan. By purchasing the MyHealth Plus, you can accrue additional benefits besides the already existing benefits covered under the MyShield Plan. Let’s take a look at the most prominent benefits offered under the MyHealth Plus Plan:
- The plan offers an additional critical illness benefit of up to S$10,000.
- Ambulance charges and other pre-hospitalisation charges are also covered under the plan.
- The policyholder will receive a hospitalization cash benefit of up to S$300 per day under the plan.
- Your children are covered under the plan for free.
Liberty Health Insurance
Liberty offers four types of health insurance plans. Each of these below-mentioned plans come in four different variants – Economy Plus, Executive Plus, Essential Plus and International Plus. Let’s take a look at some notable features of each of Medical insurance plans by Liberty:
- Liberty ProMedico
- The plan offers you 24-hour insurance coverage worldwide.
- No surgical limits are applicable under the plan – the coverage is comprehensive.
- Pre-existing medical conditions are not covered under the plan.
- You can attach relevant riders to enhance the scope of your coverage.
- The plan does not cover hereditary conditions as well.
- Liberty ProMedicare
- The plan covers hospital services, diagnostic procedures and treatment costs.
- Post-hospitalization care up to a period of 180 days is also covered under the plan.
- The plan does not cover hereditary medical conditions and pre-existing medical conditions.
- Liberty ProMedico Plus
- A big highlight of the plan is that it covers prosthetic treatment.
- A sum assured will be given to the individual’s (the policyholder) nominee in the unfortunate event of the death of the individual either during hospitalization or immediately post hospitalization.
- The plan covers organ transplants and complicated medical procedures.
- Diagnostic and hospitalization costs are also covered under the plan.
- Any pre-existing medical conditions and hereditary conditions do not form part of the plan.
- The plan covers outpatient related treatments as well – dialysis and emergency treatments.
- Liberty ProMedicash
- The plan provides you with cash benefits during hospitalization (to you and your companion).
- Infectious diseases and diagnostic and hospitalization charges are also covered.
- The plan does not cover congenital conditions, cosmetic surgeries or existing medical conditions.
How to choose the best Health Insurance Plan in Singapore?
If you wish to purchase a comprehensive health insurance policy, here are some tips that can help:
- Each insurer has multiple health plans. Each of these plans are structured differently to offer varied benefits.
- If you are looking for a specific plan, say for instance a critical illness plan, you might want to do extensive research on the various sub-plans available with a particular insurer.
- The amount you pay as premium is dependent on the type of plan you choose. Plans that offer a more comprehensive coverage will attract larger premiums.
- Some plans are built specifically to complement the National Health Insurance Policy, MediShield Life. If you are a MediShield subscriber, you can look for specific plans that serve as the ideal add-on to your already existing policy.
- If you travel often and seek treatment overseas, there are specific plans that offer you that sort of coverage.