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:
Let’s take a look at each of these health insurance policies in detail and understand how they can benefit you:
Critical Illness Insurance
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.
Medical Expense Insurance
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.
Long-Term Care Insurance
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:
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.
Disability Income Insurance
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:
Hospital Cash Insurance
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.