Financing your healthcare

Critical Illness Insurance
Disability Income Insurance
Hospital Cash Insurance
Long-Term Care Insurance
Medical Expense Insurance
  • Pays a lump sum either when you are first diagnosed with a critical illness covered by the policy, or after first having a type of surgery covered by the policy.
  • Some major illnesses and types of surgery - major cancers, heart attack, coronary artery bypass surgery, stroke and kidney failure -  are covered by almost all policies.
  • Pays a fixed amount each month to replace the income you would lose if you were unable to work as a result of an accident or illness usually of up to 80 per cent of your average monthly salary.
  • Pays a fixed amount of cash for each day you are in hospital.
  • May have a waiting period, which means benefits are paid only after you have been in hospital for more than a set number of days. Benefits may also be paid for only a set number of days each year, or for the life of the policy.
  • Pays a fixed amount each month for long-term nursing care.
  • Benefits are paid when you cannot perform ‘activities of daily living’ such as bathing, dressing, feeding, going to the toilet and moving around.
  • Definitions of ‘activities of daily living’ and the minimum number of activities you must not be able to perform to qualify for the payment of benefits may vary from one policy to another.
  • Reimburses medical costs incurred as a result of an accident or illness as in hospital inpatient medical treatment or surgery, some outpatient charges for day surgery, consultations with specialists, X-rays and laboratory tests.
  • May have limits to the amount you can claim.

Health insurance safeguards you and your loved ones against the financial loss you could suffer in the event of an accident, illness or disability.

It makes up for your income loss, or covers the cost of your medical treatment.

Medisave and MediShield may not be enough

Regular contributions to Medisave are deducted from one's salary. Portions of the hospital expenses not covered by MediShield can be paid by MediSave up to a certain limit.

Medisave is used to purchase MediShield.
MediShield is for Singaporeans opting for Class B2 or C wards when they are hospitalised or require surgical treatment. Those who prefer higher wards, more coverage like pre- and post-hospitalisation, higher claim limits as well as the availability of riders can opt for Integrated Shield Plans.

MediShield and Integrated Shield Plans have co-insurance and deductible features to keep premiums affordable.
With the implementation of ‘means testing’ where a patient selects the ward class to stay in at a restructured hospital and the level of hospital subsidy is determined using factors such as income, people with higher income will not be granted the same level of subsidy as those of lower income and should expect to pay more for their medical expenses.

What products are for you?

The type of health insurance you need depends on what you want protection against.

If you wish to…

You should consider …

  • have your medical expenses paid

Medical expense

  • receive a fixed amount of cash  when you are in hospital

Hospital cash

  • reduce your financial burden when you are diagnosed with a major illness (e.g. cancer)

Critical illness

  • replace your income when you are unable to work

Disability income

  • pay the cost of care you need when you are too weak to look after yourself

Long-term care

A financial adviser can take you through a fact-find process to identify where the gaps are in your health insurance coverage and recommend appropriate health insurance solutions.

Contact any one of our member companies to put you in touch with a financial adviser.

For information on what health insurance can do for you, refer to ‘The Library’ section.