Health or medical insurance is very important in any country, especially in Singapore, where medical expenses are high. MediShield is a Government subsidy scheme provided to the citizens of Singapore, which helps in financial support for many high medical expenses. But having supplementary insurance support is necessary. Moreover, MediShield is not extended to foreigners; if you are a foreigner, you would want the best medical insurance in Singapore for you and your family.
Many private companies offer integrated shield plants, which can work as a supplement to medicine. If you are a foreigner, the integrated shield plan can also work as a supplement to the insurance provided by your employer. These medical insurances are important if you want to get the full benefits of the healthcare system of Singapore.
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You must consider many things before opting for the best medical insurance. First and foremost, your budget must be considered. There are several medical insurances providing benefits and support for several health issues, including disability support, chemotherapy and post-hospitalization expenses, child and maternity healthcare support, etc.
How to choose the best medical insurance in Singapore?
Medical insurance should provide comprehensive coverage for at least 95% of your hospital bills. With the best medical insurance, you need to pay only perhaps 5% of the medical bills. Health insurance companies provide you with several schemes. For example, if you pay a 5% co-payment, your premium will be slightly higher. And, if you pay fewer premiums, your co-payment can be higher.
You are opting for medical insurance to cope with your expenses and budget. Therefore, you need to keep in mind that getting the best medical insurance company should provide you with a flexible scheme that suits your budget and income. Medical insurance covering Restructured hospitals is better because expenses in public hospitals are lower, and the Government of Singapore provides many subsidies. It is also better if medical insurance provides financial support for both restructured and private hospitals.
Medical insurance provides Cancer Support is very necessary. The best medical insurance in Singapore must provide at least S$10,000 annually for chemotherapy. Post hospitalization, cancer treatment also is considered by the medical insurance. Cancer treatment is very costly, so the insurance should cover a 100% payout. The premium should be affordable, and there must be many flexible plans for cancer medical insurance so that all income groups can choose from them.
Medical insurance for maternity care is very important. This insurance should cover financial support for a pregnant mother of 13 weeks and for infants and toddlers. Pregnancy and childbirth are very delicate, so insurance should cover these periods. Moreover, pregnancy bills and child needs are quite expensive in Singapore. So, the best medical insurance should offer you at least daily hospital cash payouts for at least $200. This insurance should also cover your child’s future and be safeguarded. Many children are born with disabilities or other conditions, and medical insurance should be able to cover them.
If you are suffering from disability issues, choosing the best medical insurance in Singapore for disability is very important. Disability treatment is costly, and disability due to accidents may cause problems in your social and working life. Many disabilities take a long time to recover, and therefore you would definitely want financial support for you and your family during that time. The insurance must be MediSave approved, and you can also provide premiums from your MediSave funds. Disability can cause and hindrance to your income, and therefore, the insurance must cover additional cash benefits for your family. This cash benefit should be able to support your recovery as well as other financial support required.
Medical insurance, which enables you to choose Doctors and wards according to your wish, is better. Also, the medical insurance must provide financial support for an over sea treatment.
These are many of the benefits that the best medical insurance in Singapore should be able to provide you. Remember that your ultimate goal for medical insurance is to get additional financial support. You must keep in mind your budget and income. It is better to go for insurance providing for restructured hospitals than to have no insurance at all.
The article starts with the medical insurance schemes provided by the Government of Singapore to its citizens. If you are a foreigner, you are usually provided with private insurance by your employer. But these aren’t enough, and if you want to enjoy all the benefits of the Singaporean healthcare system, then you must have an integrated shield plan. These medical insurances provide the best benefits for several health issues, including cancer and disability. You need to keep in mind a lot of points that should be considered before you opt for the best medical insurance in Singapore. The flexibility of schemes should be according to your budget. You should also consider the post-hospitalization fees, affordable premium for expensive treatment, oversee treatment expenses, and several other things before choosing private medical insurance.