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MediShield Life will change your "life planning"

MediShield Life will change your - life planning

Universal coverage for everyone

With the implementation of MediShield Life – every Singaporean and permanent resident (PR) will be covered by medical insurance, unlike in the past, when some residents had no medical insurance at all.

Cover will never lapse

You also do not have to worry about your MediShield coverage lapsing because you did not have enough money in your Medisave account to pay for the premiums, like in the past. Instead, you will continue to have coverage for your lifetime, with premiums being owed on accrued interest.

However, you must not take topping up your Medisave account to pay for the premiums of yourself and your dependent immediate family members too lightly, as the premiums owed can be taken from your bank account, or you can be jailed or prevented from leaving Singapore, according to the “Answers to 101 FAQs” published on MediShield Life.

If you are unable to pay due to your financial situation, you can apply for assistance and have the premiums waived.

There will also be automatic premium subsidies for lower and middle-income families.

Coverage in Singapore only

Although you have to pay for the premiums even if you are not living in Singapore – you can always return to Singapore for medical treatment as MediShield Life cover is in Singapore only. You should thus also ensure that you have medical insurance to cover you in the country that you are residing.

Private shield plans

If you are now already on a CPF approved private shield plan, you are also already covered under MediShield Life as part of the premiums that you pay to the private insurance plan goes to pay for your MediShield Life premiums.

Cover for Class B2 and C

Since MediShield Life is designed to cover public hospital class B2 and C ward and treatment – you should ensure that you do not select the higher B1 or A ward or treatment. Otherwise, the gap between your MediShield Life cover and the actual medical costs can be very large.

Deductible and co-insurance

The deductible ranging from $1,500 to $3,000, depending on your age and class of hospital ward you choose, and the co-insurance rate between 3 and 10 per cent, depending on the size of your bill, under MediShield Life can be paid from your Medisave account or cash.

You cannot buy a rider to cover the deductible and co-insurance, but if you have a private integrated shield policy, most private insurers offer various kinds of riders.

Your Medisave account can generally be used to pay for your spouse, children and parents too.

Leong Sze Hian
Leong Sze Hian

Leong Sze Hian is the Past President of the Society of Financial Service Professionals, an alumnus of Harvard University, has authored 4 books, quoted over 1500 times in the media , has been host of a money radio show, a daily newspaper column, Wharton Fellow, SEACeM Fellow, acting managing editor and columnist for theonlinecitizen, columnist for Malaysiakini, a Member on the CIFA International Advisory Board, executive producer of the movie Ilo Ilo (40 international awards), treasurer of Maruah, and invited to speak more than 100 times in more than 25 countries on 5 continents. He has served as Honorary Consul of Jamaica and founding advisor to the Financial Planning Associations of Brunei and Indonesia. He has 3 Masters, 2 Bachelor's degrees and 13 professional qualifications.