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With Medishield Life, do I still need an Integrated Shield Plan?

By Fundsupermart

With Medishield Life, do I still need an Integrated Shield Plan?

With Medishield Life, do I still need an Integrated Shield Plan?

Since November 2015, Singapore Citizens and Singapore Permanent Residents (PRs) will be covered by Medishield Life. Now the question would be, does it still make sense to have an Integrated Shield Plan (IP) with one of the private insurers?

All Singapore Citizens and Singapore Permanent Residents (PRs) will be covered by Medishield Life. Pre-existing conditions will also be included and the coverage for hospitalisation stay goes up to B2 class wards and below for government hospitals. More importantly, this is a lifetime coverage with no application at all. As such, at Insurance@FSM, we would like to list down some key questions to consider if you will need an Integrated Shield Plan (IP).

How do I know if I have an Integrated Shield Plan

Before we list down the points for considerations on IPs, you may want to find out if you are already covered by an IP plan. In order to do that, you may login into CPF’s website with your Singpass, go to “My Message” and look under the “Insurance section”. Once you are at the page, you will be able to know which plan you are currently under. Alternatively, you may also visit MediShield Life website and click on “Premium Check” on the main navigation bar by using your Singpass.

Accordingly to the Ministry of Health (MOH), 60 percent of Singaporeans (including Singapore PRs) are already covered by an IP. Given the statistics and you can only claim from one plan, you do not need to buy a second IP if you already have one.

What is an Integrated Shield Plan (IP)?

Integrated Shield Plans (IP) are provided by private insurers which include NTUC Income, Prudential, Aviva, AIA and Great Eastern. It consists of two parts, namely the Medishield Life portion and the additional private insurance coverage. The latter covers your hospitalisation stay up to A class wards in both public and private hospitals whereas Medishield Life covers up to B2 class wards in public hospitals only.

Point 1 – Private or Public hospitals? Class A ward or B2 ward?

The key consideration for choosing an IP will depend on the class ward that one would like to stay in. The class ward system is such that A class ward is a single room, B1 class ward is 4 bedded room, B2 class ward is a 5 or 6 bedded room and C class ward is a 9 bedded room.

If you are likely to stay in B2 class ward and below, you do not need to buy an IP because Medishield Life will take care of your hospitalisation bills. However, if you wish to stay in B1 class ward and above in either public or private hospital then the estimated costs will be a lot higher as government subsidies are pegged to B2 and below class ward in public hospitals only.

Thus, the choice of ward stay in either public or private hospital is an important consideration.

Point 2 – Affordability?

All health related insurance policies are priced according to age and prevalent health conditions. This means that the older you are the higher your premiums will be due to a higher probability that health problems could persist as age goes up. With that in mind, affordability is an important consideration.

Point 3 – Final decision?

Medishield Life covers up to $700 per day for all room, board and medical related services. An IP will cover up to “As Charged” for the same services in either private or public hospital. The definition of “As Charged” means that all inpatient hospital treatment related bills will be covered from the first dollar up.

The evaluation on whether you should go for an IP or continue to remain covered under Medishield Life could depend on these few questions.

  • Do you want to stay in a single room to recuperate or share the room with other patients?
  • Can you afford higher premiums as you grow older?
  • Are you prepared to pay out of your pocket for hospitalisation related expenses which are likely to be higher than what Medishield Life covers?

If you can answer the above questions, then you may have an answer on whether an IP is suitable for you. If not, take your time to review your existing health and financial conditions before deciding on what is the best course of action.

For any further enquiries, drop us an email at our dedicated team of advisers will be happy to assist you.

Protect yourself and your loved ones now and enjoy savings at Insurance@FSM!

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