Types of Health Insurance Plans in Singapore

A number of companies in Singapore offer a wide range of health insurance plans. These health insurance policies are broadly classified depending on different kinds of medical conditions you might need financial assistance for. It is better to learn about the various kinds of health insurance plans that are available so that you are in a position to decide which policy suits your needs the best.

There are 5 main types of health insurance plans in Singapore. The options include:

  • Critical illness insurance
  • Medical expense insurance
  • Long-term care insurance
  • Disability income insurance
  • Hospital cash insurance

Let’s take a look at each of these health insurance policies in detail and understand how they can benefit you:

  1. Critical Illness Insurance

  2. You will be eligible to receive a lump sum amount from the insurer depending on what kind of critical illness you are diagnosed with. The insurance amount will be given to you when you are diagnosed with a life threatening ailment or in case you need to undergo an emergency operation. The kind of critical illnesses and types of surgeries included in your insurance policy will depend on the insurance provider you choose.

    You can buy a critical illness insurance plan as an independent policy or as an optional rider that comes along with your health insurance policy or life insurance policy. It is always better to confirm with the insurer if the critical illness you are diagnosed with is covered under the health insurance plan you are considering to buy. Mostly, the following critical illnesses are covered in a critical illness insurance plan.

    • Coma
    • Cancer
    • Kidney failure
    • Heart attack
    • Stroke
    • Bypass surgery
    • Paralysis
  3. Medical Expense Insurance

  4. You will be able to pay for your selected medical expenses when you fall ill or suffer from an injury. Medical expense insurance is the most fundamental type of a health insurance plan that is available in Singapore. Since a medical expense insurance policy might not cover all your medical bills, it is always better to consider a few points listed below before finalising on a medical expense insurance plan.

    • An insurance provider can impose limitations on the amount you can claim depending on the kind of illness or injury you are suffering from.
    • Some of the insurance providers tend to restrict your pre-existing illnesses from the insurance plan. It is recommended to check if any pre-existing ailments get covered in the policy.
    • Consider checking if there is any waiting period that is applicable for receiving your claim amount. Also in case you want to make two claims at a time, check if there is any waiting period between the two claims you want to make.
    • Check if there is any limitation on the number of times you can make claims in your lifetime.
    • Check on the different kinds of medical tests that will get covered in the insurance policy.
  5. Long-Term Care Insurance

  6. When you are facing difficulties in performing your day-to-day activities due to a disease, disability or syndrome, having a long-term care insurance helps. This type of a health insurance policy provides you with a fixed amount on a monthly basis. The important Activities Of Daily Life (ADL) covered include:

    • Bathing
    • Dressing
    • Restroom usage
    • Everyday mobility
    • Eating
    • Transferring

    As an applicant you need to meet the age requirements (minimum & maximum) to qualify for this policy. Depending on the long-term care insurance plan you choose, you will receive a fixed amount either for a specific span of time or for a lifetime.

  7. Disability Income Insurance

  8. Suppose you become disabled due to an unfortunate accident, injury or illness, the financial security of your family is at stake. Having a disability income insurance is a saviour when you are the sole bread earner of your family. This kind of a health insurance policy will provide you with a fixed monthly pay during your unemployment period. A disability income insurance policy can pay you up to 80% of your gross monthly pay.

    Take a look at a few important factors you need to consider before you choose a disability income insurance policy for yourself. The factors are as follows:

    • Get clarity on how your insurer defines the word "disability"
      • A few insurance providers might consider your inability to work on any kind of a job as your disability while others might consider you disabled when you are unable to perform specific activities your job demands. Hence it is important to know how your disability is defined by your insurer.
    • Get to know about how your payments will be once you resume work
      • Once you resume your job, your income replacement amount might drop depending on how well you have recovered. Your recovery from a disability will be assessed through a medical examination.
  9. Hospital Cash Insurance

  10. Hospital cash insurance is a type of health insurance policy that provides you with a fixed amount of money on a daily basis till the time you are hospitalised. However, the amount payable, waiting span and number of claims you can make depends on the insurer you choose.

    When there is a waiting period that is applicable, you will receive your fixed daily amount only if you are hospitalised for a specific number of days.

    Before finalizing on a health insurance policy, always ensure to check the terms and conditions of the policy carefully. Compare benefits and features of different health insurance policies to check which policy is apt for you.

    Once you have decided on the kind of health insurance plan you want to opt for, do consider checking on the sub-plans available, if any. Your premium will be based on the kind of policy you choose. When you are looking for comprehensive coverage, you will end up paying a larger premium amount.

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