Family Health Insurance

When it comes to your family’s health, it is vital that you provide a safety net for them early on in life. Since health issues could crop up any time, it is good to have a family health insurance plan in place that would cover the medical expenses of your family. The Singapore government has implemented the 4M framework of Medisave, Medishield, Medifund and Medication Assistance Fund. These could be used for medical care. But, as treatment costs are scaling upwards in Singapore, it is better to have an extensive coverage plan in case of a medical emergency. Worrying about payment of hospital bills should be the last thing on your mind while taking care of your loved ones. There are many family health insurance plans available in Singapore. Family health insurance can include protection or coverage to a child or children and wife during pregnancy, apart from the regular medical coverage of the family members.

Why you should buy a family health insurance:

A family health insurance plan will provide coverage for the following:

  • Medical emergency expenses
  • Medical check-ups
  • Cost of medicines

It also has an added advantage of tax exemption.

Companies offering health insurance plans in Singapore:

Some of the family health insurance plans in Singapore:

Aviva MyShield Integrated Shield Plan

Aviva offers a plan for coverage of the family through its MyShield Integrated Shield Plan. It complements MediShield Life for more protection.

Benefits and features:

  • It promises to pay the amount charged for complicated pregnancies, chemotherapy and kidney dialysis.
  • The premiums for children would be at a discounted rate if both the parents are part of the MyShield plan.
  • Babies up to 6 months are also covered up to S$50,000.
  • It also promises coverage of the bills incurred 90 days before and 180 days after hospitalisation.
  • In case you want to conduct a procedure abroad as an inpatient, it will cover it. Additionally, it will also pay for emergencies encountered overseas. However, do note that the amount that they offer is according to the cost of procedures in Mount Elizabeth Orchard Hospital.
  • It also allows for you to see your choice of doctor for treatment.
  • You can use Medisave funds to pay for your MediShield plan.

AXA Family Advantage

Winner of the best insurance coverage for Parents and Babies award in 2016, AXA Family Advantage promises the following benefits:

  • A choice of financial goals and savings for both the spouses.
  • It promises to cover complications during pregnancy.
  • Pregnant women can buy this plan from their 16th week of pregnancy up to their 36th week. To be eligible, your age should be between 18 years and 45 years.
  • There is also an option for coverage of your newborn baby. The options include INSPIRE Flexi protector, INSPIRE Flexi Saver and AXA Life MultiProtect.

Questions to ask before you buy a family health insurance:

  • How many members of the family does it cover?
  • Some health insurance policies may cover up to a certain number of children up to a certain age. Others may cover unborn babies till they are born. After they are born, you would need to add them to your cover or take a separate cover for them.

  • What is meant by a waiting period? Is it longer for pre-existing diseases cover?
  • The waiting period is the time after the commencement of the plan, where no reimbursements can be claimed or payments will be made. Though there are exceptions in cases of emergencies. The waiting period may be longer for pre-existing diseases, as determined by the insurer.

  • How strong is the network of hospitals under family health insurance plans?
  • Check the network of hospitals the health insurer covers. Of course, higher the number, better are your options for treatment. This becomes an important factor when certain tests or procedures are available only in certain hospitals.

  • Do family health insurance plans have a co-pay clause?
  • If your insurer is asking you to pay a part of the bill incurred at a hospital, you might want to reconsider it. For instance, if your company has a 10% co-pay clause, then if your hospital bill is S$200 you would be required to pay S$20. Choosing a health insurance plan with a no co-pay clause will help you be worriless.

  • Do family health insurance plans allow renewals throughout your lifetime?
  • Ideally look for a health insurance plan that allow you guaranteed renewal.

  • Are family health insurance plans cashless/direct or reimbursement based?
  • Family health insurance plans can be cashless or reimbursement based. This will vary depending on the insurer and the plan you have chosen. If you cannot afford to pay the entire cost of treatments to get reimbursed, it is better to choose a cashless insurance plan.

Riders on a health insurance plan:

Health insurance plans may offer some add-ons called riders along with the primary coverage plan. You could choose the riders according to your medical needs. An example of riders available with NTUC Income are:

Plus Rider ensures you exemption from coinsurance and deductible.

Child Illness Rider is useful for all the sudden sickness that your child might encounter till the age of 25 years. Several illnesses covered under the rider are insured up to S$20,000.

Assist Rider includes 10% co-payment of the bill, conditional on a maximum amount decided by NTUC Income.

Daily Cash Rider promises a cash benefit in case you are hospitalisation and discharge.

According to the needs of the family, you could choose appropriate riders with your plan.

Premium:

The premium for a health insurance plan depends on the number of people in your family. The addition of riders will take the premium higher.

How to apply?

You could log on to the website of the health insurance company, read the eligibility and click on the APPLY NOW button. You could fill out an enquiry form or call on the numbers provided. They will reach out to help you with your needs.

As you have read, there are many private health insurance plans that allow you to create a financial safety net if sickness strikes. It is wise to read the plans thoroughly before making a right decision.

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