What Is Health Insurance and Why Do You Need It?

Health insurance is a coverage provided to an individual or a family by the insurance company to take care of medical expenditures in case of illness or hospitalisation.

Health Insurance for You and Your Family

Individual health insurance: If you opt for individual health insurance, you will solely be covered by the insurance plan. You’ll get plenty of health insurance plans from different insurance companies that will provide individual health insurance policies in Singapore.

Comprehensive health insurance: If you are searching for a health insurance plan that takes care of all the medical needs of your family, you can opt for the comprehensive health insurance plan.

Is Health Insurance Necessary?

While you always cherish the good times, you also need to gear up for any untowardly incident in your life. Medical uncertainties are mainly dependent on your current lifestyle, environment, stress, and health condition. By opting for health insurance, you and your loved ones can always ensure complete peace of mind.

Healthcare and medical expenditures are not always cheap. Therefore, having medical insurance is a prerequisite as it takes care of all your medical bills in case of any unprecedented illnesses.

Health insurance is either provided to you by your employer or it can be taken separately to meet your coverage needs. You can choose from a variety of insurance plans that are tailored according to your specific requirements:

  • Hospitalisation coverage
  • Inpatient and outpatient coverage
  • Doctor’s visits
  • Dental treatments
  • Emergency treatment
  • Surgical expenses and more

You can refer to the list below for information on the various health insurance companies in Singapore:

  • Pacific Prime Singapore
  • Axa Insurance
  • AIA Insurance
  • Aetna insurance
  • Citi Health Insurance
  • Manulife
  • Great Eastern Life
  • April International
  • Now Health International
  • Global Health Asia
  • Allianz Australia Insurance Ltd
  • Pacific Insurance Brokers Pte. Ltd
  • International Medical Insurers Pte. Ltd
  • Just Call Inc. (Bupa Medical International)
  • Aviva Health Insurance
  • Bricon Associates Pte. Ltd
  • Chubb Group of Insurance Companies
  • Life Insurance Association Singapore
  • QBE Insurance (Singapore) Pte Ltd
  • Cigna Europe Insurance Company
  • CXA Group Pte. Ltd
  • NTUC Health Insurance
  • Maybank Health Insurance
  • Standard Chartered Health Insurance
  • Prudential Health Insurance
  • DBS Health Insurance
  • UOB Health Insurance
  • AIG Single & Special Risk Insurance

Choose a Convenient Time to Pay for your Insurance Policy Premiums

When you choose a health insurance policy, you are required to renew your policy by paying a premium. You can always choose to pay your premiums monthly, quarterly, bi-annually or annually depending on your convenience.

Your Health Insurance can give you the Right Coverage you need

In the event of an unfortunate illness, in the absence of health insurance, you may end up paying huge medical bills. By having health insurance, you can always get the coverage you need and also protect yourself from unwanted loans or debts. You may get the following benefits from the insurance plan based on the health insurance policy you choose:

  • Cashless aid in case of hospitalisation
  • Reimbursement of medical expenses
  • Financial protection for pre and post hospitalisation expenditure
  • Medical check-ups
  • Medication cost coverage
  • Tax benefit
  • Disability income
  • Long-term care
  • Financial support in case of critical illness

Types of Health Insurance Policies

Health insurance policies are available for individual, family, and groups. Insurance companies offer two types of settlements.

Direct/Cashless Insurance: If you are admitted to the hospital for treatment, the hospital requires you to either submit your credit card or remit the cash amount in order to start the treatment. With certain insurance plans, the insurance company stands as a guarantor for you. This means that you are only required to carry and present your insurance ID card at the time of hospital admission.

The hospital bills will be directly paid by the insurance company. This is called cashless hospitalisation. However, cashless hospitalisation will not cover non-medical items such as surgical gloves, bed pads, etc. These charges are to be borne by you separately.

Reimbursement insurance: In this case, you are required to pay the hospital bills at your own expense. Once the hospital bills are settled, you are required to submit all the bills to the insurance company. Upon receiving the details, the insurance company will review the bills and process your claim amount.

Types of Health Insurance Plans:

Hospitalisation and surgical coverage: This is a basic insurance plan that will take care of your hospitalisation and surgery costs.

Catastrophic medical insurance: The insurance company pays for your long-term medical treatments that include chemotherapy, dialysis, etc.

Critical illness insurance: Some diseases and health conditions require prolonged treatments and medical care. The insurance company pays a lump sum if you are ailing from any critical illness.

Long-term care insurance: Age-related problems or disability may inhibit you from performing your daily activities. In such a scenario, the insurance company will disburse a monthly income to aid your treatment and nursing.

Hospital cash insurance: An untoward accident or illness may incapacitate you in the hospital. In such cases, the insurance company pays a daily income directly to you until the time you stabilise and start earning again. The amount is usually fixed by the insurance company for a limited number of days you are in the hospital.

Disability insurance: If you (insured person) were to injure yourself in an accident, (leaving you partially or fully disabled) you are eligible for a disability income.

Expenses Covered During Hospitalisation:

  • Partial or full room charges
  • Nursing expenses
  • Surgeon charges
  • Operation theatre charges
  • Physician charges
  • Medicines
  • Blood
  • X-ray

Expenses that are not covered during Hospitalisation:

The expenses that are not covered during hospitalisation depends on the insurance plan and also the insurance company. At the time of hospitalisation, you will be required to pay for non-medical items that usually include absorbent bed pads, surgical gloves, toiletries, utility charges, and administrative charges.

Pre-Existing Diseases and Health Condition:

A pre-existing disease is when you are suffering from any health problem or condition even before opting for a health insurance plan. While some insurance companies provide coverage, other companies only provide coverage to pre-existing conditions when you have comprehensive insurance plans. Therefore, it is crucial that you check with your insurance company about the conditions involved in your insurance policy.

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