Health insurance can assist you in covering the ever-increasing medical expenditures that arise as a result of a sickness, injury, or disability. Read about the best hospital plan in Singapore. If you are hospitalised or otherwise unable to work due to a medical issue, a decent health insurance plan can keep you from depleting your funds or taking out a loan to cover your medical expenditures. Similarly, if you are diagnosed with a long-term or terminal condition, your health insurance plan will give you a lump sum payout that will assist your family significantly if you die or are unable to work again. In this article, we’ll read about the best hospital plan in Singapore?

While the Singapore government’s Medishield Life covers the basic costs incurred from hospitalisation and surgery for all its citizens above the age of 30, there are several other policies in place that can be beneficial.

The Best hospital plan in Singapore

About MediSave Care

Personal and family savings are an essential source of long-term care funding. Singaporeans aged 30 and above who are severely incapacitated can utilise their own and/or their spouse’s MediSave to cover their long-term care requirements.

They can take out up to $2,400 per year (or $200 per month) in cash to help with their long-term care requirements. However, a minimum of $5,000 must be placed away in MediSave to guarantee that there is enough MediSave for additional medical expenditures such as MediShield Life premiums or hospitalizations, and MediSave cannot be withdrawn. Individuals with insufficient MediSave balances may opt to supplement their withdrawal with their spouse’s MediSave, up to a combined total of $200 per month per individual. The sums that are eligible for withdrawal are listed in the table below.

Great Eastern GREAT SupremeHealth Standard

Great Eastern’s Great SupremeHealth Standard is the most affordable comprehensive shield standard plan for class B1 wards. It costs around 20-30% less than comparable Standard hospital plans and 70% less than the Integrated Shield Plan industry average. It provides S$1,700 in daily normal ward coverage, S$590-S$16,720 in surgery coverage, S$9,800 in surgical implants coverage, and incidental dental, examination, and lab test coverage.

Standard plans are mostly suggested for healthy people with no pre-existing diseases who wish to supplement their MediShield coverage and remain in Class B1 wards. It’s also worth mentioning that you won’t be able to add a rider to this plan.

Prudential PruShield Plus

Prudential’s PruShield Plus is the finest hospitalisation insurance for the average value-seeking client. First, its premiums are around 23-47 per cent cheaper than the market average for all ages, while having a larger than average annual maximum of S$600,000 when compared to comparable Ward A policies in the market. Its 365-day post-hospitalization coverage is also among the most extensive on the market. You may also purchase Prudential’s PruExtra Plus CoPay Rider, which will cover 95% of your deductible, half of your co-insurance, and give miscellaneous coverage for items like parental ward accommodation, ambulance services, and emergency outpatient care. When combined with the Plus plan, the overall cost is around 27-39 per cent less than the average for the base plan and Rider packages.

In terms of particular coverage benefits, cancer treatment, dialysis, pregnancy difficulties, surgery, and room and board charges are reimbursed “as charged,” which means they will be paid in full (subject to limits, deductibles and co-insurance). In addition, you will get a S$3,000 final expenditure provision benefit and be covered for hyperbaric oxygen therapy (for treatment of carbon monoxide poisoning, severe anaemia and other blood-oxygen related maladies). However, Prudential’s PruShield Plus lacks full coverage for serious psychiatric problems and critical diseases, which Great Eastern and Aviva provide superior coverage for.

Income Enhanced IncomeShield Advantage

With Income’s Enhanced Incomeshield Advantage, new families seeking inexpensive Award plans will receive a lot for their money. In addition to rates that are 15-41 per cent lower than the national average, Income’s health insurance plan includes comprehensive hospitalisation, surgery, cancer, and post-mastectomy coverage, as well as a hard-to-find S$10,000 prosthetic benefit. Finally, a significant value-add that Income provides is reimbursement for emergency medical treatment when travelling, so families that will be travelling will have peace of mind with Income.

Best Hospital Plan in Singapore? When should you upgrade your health insurance?

While MediShield Life covers all Singaporeans, there are several situations in which you may choose to upgrade to a more comprehensive health insurance plan called an Integrated Shield Plan (IP). When you purchase an IP from a private insurer, your hospitalisation coverage includes private hospitals as well as class A and B1 wards at public hospitals. Similarly, an Integrated Shield Plan will provide you with additional health care alternatives and larger claim limits.

While Medishield Life covers the essential costs of hospitalisation and surgery, an IP can help with pre-hospitalisation and post-hospitalisation expenditures. IPs not only have greater advantages, but they also increase Medishield’s claim limit from S$100,000 to S$1,000,000 or higher. In addition, optional IP riders can be added to your health insurance plan to supplement your coverage.

If you think you have adequate coverage via MediShield, you do not need to update your health insurance plan. However, everyone’s budget, health state, and insurance needs are unique. After properly examining your existing plan and identifying any gaps in coverage, you might consider upgrading to an Integrated Shield Plan with optional riders.