July 27, 2019 thefinlens

Health Insurance Singapore

Health Insurance SingaporeSingapore can work one of the best places for any health related problems but you need to be aware that the cost of medical attention works out an extremely costly affair. Thus it is extremely important to opt for Health Insurance Singapore in accordance to your specific requirement. You need to be aware that the Ministry of Health of the government of Singapore supervises the healthcare here.  This consists of a healthcare sector run privately along with a universal system of healthcare which is run by the government. The financing of the costs of healthcare is done through a combination of compulsory savings, subsidies by the government, cost sharing and healthcare insurance.

Listed below are specific health insurance Singapore which can be considered among the best available.

  1. NTUC Enhanced Income Shield Assist Rider:

NTUC Assist Rider can help to waive the deductibles and also limit the payment of co-insurance to $2,500 annually. This health insurance works best with the Enhanced Income shield Advantage Plan by the NTUC . This works out beneficial as the hospital bill to be paid is a mere $2,500 with the rest of the charges being reimbursed when the surgical claim form and the hospital claim form is completed.

This rider works apt for satisfying key requirement of the medical coverage insurance.

* Highlights of NTUC Income Income Shield Plans:

This works out a public hospital plan which is affordable. You have a choice of 4 plans, Basic for the B1 wards, Income Standard, Preferred for Private Hospitals and Advantage for A wards. The premiums of these plans work out to 10% to 20% below average. The Standard Plan cost from 20% to 50% lower than the average. The Classic Rider of the NTUC Income works out most affordable in the market, and the NTUC’s Income Rider of Deluxe Care is uncompetitive.

Some of the benefits are listed below:

The treatments which are fully covered are Daily Board and Room, Daily ICU, Surgical Procedures, Confinement in the Community Hospital, Stem Cell Transplant, Miscellaneous Hospital Services along with benefit for artificial limbs (Prosthesis).

  1. Integrated Shield Standard Plan for those looking for extended pre or pos hospitalization benefit:

AXA Plans are apt for those looking for good deals for private hospitals. Besides providing apt pre and post hospitalization coverage, these plans are apt affordable plans for private hospitals. For public hospital coverage these AXA plans work out more than average and thus are not fit for those looking for plans on a budget. The post-hospitalization benefit offered by AXA is one of the best offered. You have a choice of 3 plans to opt for., the Standard Plan, the Plan A for Private Hospitals and the Plan B for A Wards. For Plan A the premium works out to 18% below average, and for the Plan B and the Standard Plan this works out 10% above the average.

The riders of AXA health insurance, Singapore work out affordable as this work out to 10 to 35% below the average.

The AXA Shield Coverage is considered as a mixed bag, as those looking for coverage of post-hospitalization in a comprehensive manner benefit from the coverage of 365 days offered. This is apt for those who are at a greater risk of ailments with long periods of recovery. The other benefits offered are considered as standard, like the overseas treatment for emergency offered as a part of the rider. Thus, AXA is not a preferred choice for those looking for plans for public hospitals.

Some of the treatments covered fully are

*Miscellaneous Hospital Services

*Daily Room and Board

*Daily ICU

*Surgical Procedures

*Confinement in the Community Hospitals

*Gamma Knife

*Stem Cell Treatment

*Complications in pregnancy and child birth

*Congenital Abnormalities

*Immunotherapy/Radiotherapy/Chemotherapy

  1. AXA Standard Shield Plan:

This AXA Standard Shield Plan does not work well for those looking for a B1 ward plan as this is not priced competitively. This is priced for almost 10% above for seniors and for an average for those who are 25-35 year old. The coverage of this plan for Health Insurance, Singapore is similar to the other Standard Plans with the annual limit of $150,000, $5,200 for chemotherapy coverage on a monthly basis and $2,900 on a daily basis for ICU coverage.

*For a 25 year old, the Shield Standard works out to $50 and the Standard Average is $49.

*For 45 years old the Shield Standard works out to $107 and the Standard Average is $104.

*For a 75 year old the Shield Standard works out to $795 and the Standard Average is $723

*The Annual limit of the Shield Standard works out to $150,000 and the Standard Average is $150,000

*The Value of the Shield Standard is $1,434 and the Standard Average is $1,494

*The Inpatient Psychiatric treatment with the Shield Standard works out to $17,500 and the Standard average is $17,500

*The Daily ward Shield Standard works out to $1,700 per day and the Standard Average is $1,700/day

*The Surgery Benefits for Shield Standard is $590 -$16,720 and the Standard average works out to $590 – $16,720

  1. Health Insurance Singapore with AXA Shield Plan B:

An A ward plan which varies in the pricing in accordance to age is the Health Insurance, Singapore, AXA Shield Plan B. This works out to nearly 19% below the average at its cheapest and a little above average at its most expensive with an increase of only $156 for those who are 35 years old. Most often the prices are at the median point of price of the A ward plans. The pre and post-hospitalization coverage is above the average with 180 and 365 days respectively. The annual limit is almost the average of the industry with $550,000. The psychiatric treatment coverage or inpatient works out below the average at $4000. The post hospitalization of the psychiatric benefit which is $2,500 tends to add to the value of the plan as this is not found in most IP’s.

As the premium for Plan B are considered as the most competitive, this does not work well for those looking for budget friendly health insurance, Singapore plans for the A ward. As mentioned, AXA Health Insurance, Singapore is apt for those looking for long benefits for pre-hospitalization and post-hospitalization.

*For the Plan B the premium and benefits is $90 and for the Ward A Median this is the same for a 25 year old.

*For a 45 year old Premiums work out to $229 for Plan B and $229 for the Ward A Median.

*For a 75 year old the Plan B works out to $1,560 and for the Ward A Median this is $1,924.

*The Value is $2,426 for Plan B and 2,421 for the Ward A Median

*The Annual Limit for Plan B works out to $550,000 and for the Ward A Median this is $575,000

*The Surgery Benefits of Plan B works out to ‘As charged’ and is similar to the Ward A Median.

*The Plan B, Inpatient Psychiatric works out to $4,000 and for the Ward A Median this is $5,500

*The Daily Ward (Not ICU) works out to ‘as charged’ for Plan B ad also for Ward A Median.

AXA Health Insurance, Singapore does not cover pre-existing conditions that have not been stated and also accepted. This does not also cover treatment for weight control, elective cosmetic, vision correction, pregnancy treatment considered as ‘non-complicated’, routine eye and ear treatment or probably vaccinations.

Besides the above, you are not covered for injuries which are self-inflicted, hazardous sport injuries or professional sport injuries.

  1. Health Insurance, Singapore for Families:

The MyShieldPlan 1 or 2 from Aviva works out as the best health insurance, Singapore for family members of any age. This needs to be accompanied with the MyHealthPlus Option A II and the cost of this rider along with the plan costs 50% lesser than average of most insurance plans.

Aviva is a company which tends to offer coverage considered to be family-oriented, including a benefit of $50,000 for newborns right up to 6 months along with a priority service for specialists and an emergency treatment service or a global planned treatment.

Besides the above, the plan offers coverage for surgery for the prevention of cancer and inpatient benefits of $150,000 extra for 5 types of critical illnesses which include stroke, major cancer, heart attack and the diseases of liver or lungs.

The A II rider of the MyHealthPlus option tends to cover the co-insurance as the maximum responsibility of the patient is $3,000 and is also free for those children under 20 who are dependent on their parents. The Rider of the C-II option covers the deductible of MyShield annual only after the payment of the deductible of the MyHealthPlus. This leads to a substantial decrease of the deductible of nearly $3,200 if the plan covers the Ward A.

Summarizing the Benefits:

  1. The benefits for surgery and hospitalization are offered as charged.
  2. The benefit for pre-hospitalization is for 90 days and 120 for the Ward A.
  3. The benefits for post-hospitalization offered are for 90 days and for 180 days for the Ward A.
  4. The outpatient cancer treatment and the childbirth complications and pregnancy benefits are as charged.
  5. For In-patient psychiatric treatment you are benefitted with $17,500 with the average for Ward A being $8,286.

Choosing Health Insurance, Singapore:

Before you opt for any specific health insurance, Singapore you need to take specific factors into consideration.

*You need to make a choice of a health insurance in accordance to your budget, keeping the future in mind. You need to be aware that the health insurance tends to get costlier with the passing of time. There is a possibility of the premiums increasing to nearly 15 times with the passing of time. Though Private hospital plans can offer ultimate comfort, not all can afford this.

*The next consideration is your current health. It is definitely not easy finding an ISP with a pre-existing condition. You need to consider the required benefits in the future with the present condition of your health. In short, you need to consider the present and the needs of the future keeping your health condition in mind before you opt for a specific health insurance, Singapore.

*Before deciding on a specific health insurance, it is advisable to go through the terms and conditions thoroughly. It is advisable to seek professional help so that you have no regrets in the future.

The different benefits of health insurance, Singapore are

  1. Online buying facility
  2. Different scenarios for payment of premiums
  3. Coverage in accordance to specific requirements
  4. Flexibility offered for the renewal of the health insurance, Singapore
  5. Outpatient expenses covered.
  6. Hospitalization services including cashless
  7. Policy holders can avail the different tax benefits with health insurance, Singapore.
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