June 28, 2019 thefinlens

Which hospital insurance is the best in Singapore?

Hospitalization Insurance Singapore

Uncovered Myths About Hospitalization Insurance Singapore

As compared to other countries, healthcare in Singapore comes at a premium price. For Permanent residents (PR) and citizens a hospitalization insurance plan can help in subsidizing medical fees for hospital accommodation and even medical treatment. Though foreigners do not qualify for this, they can plan on opting for a basic coverage for health insurance. Some organizations allow employees to be partially covered by a health insurance policy in a group.

Types of Healthcare offered in Singapore:

You find public and private healthcare in Singapore. Opting for the best hospitalization insurance plan Singapore can help in tiding over any health problems faced. Government- run hospitals and polyclinics is one option which can work out affordable as the cost is much lower as compared to private run hospitals. The hassles are the long waiting time when a government-run clinic is opted for.

Private health insurance companies offer a co-payment scheme along with a deductible, where you need to make a payment of a minimum specified amount before starting any treatment or you can also pay off a part of the medical fees while the insurance company pays off the rest.

Some private insurance policies limit the coverage for healthcare to a specific list of clinics.

Information on Best hospitalization Insurance Singapore:

Hospitalization Insurance Singapore is classified into several categories.

*Hospital Cash Insurance

*Medical expense insurance

*Disability income insurance

*Critical illness insurance

*Long term care insurance.

It is essential for the residents of Singapore to plan for a specific best hospitalization insurance plan Singapore as the hospital fees can mount up to thousands of dollars each time. A specific policy should be able to cover hospital stay in a ward which is shared including the consultation, surgery and medicines.

The loss of income while recuperating can be recovered from the hospital cash policy. For the long term, the critical illness insurance, or the disability insurance or the long term illness insurance can help you.

Uncovered Myths about Hospitalization Insurance Singapore:

Myth 1:

C1 is difficult to claim:

Fact 1: Similar to any insurance policy the pay outs by C1 are subject to the conditions being fulfilled.

Opting for the best hospitalization insurance plan Singapore is definitely a wise decision and can help you save on major finances. There are many Singaporeans harboring misconceptions about CI insurance that it is tough to make a claim which is successful. There are times when you hear that the CI claims have been rejected and this definitely leads to disappointment and anger.

You need to be aware that CI, like other insurance policies, is bound by specific conditions and it is important to ensure that these conditions are totally fulfilled. It is only then that the claim will be accepted and paid for.

Some reasons for the rejection of claims are

*Not submitting the medical documents which are required

*Not meeting the definitions of the policy

*Not declaring the conditions which are already existing or not mentioning the lifestyle activities that can invalidate the claim.

Myth 2:

C1 takes long to pay:

Fact: The C1 claim is paid on the very next day with Singapore Life:

Most of those not opting for the C1 do so as they feel that C1 takes forever to make the payments. Understanding the anxiety of the patient and the family of having to wait for the claim to be passed, you have Singapore Life a best hospitalization insurance plan Singapore claim termed as ‘Next Day Critical Illness claim’ which tends to process the claim on the very next working day. This is a sure way for getting the support you require for the needs.

Myth 3:

Do not require C1 as you already have Medishield:

Fact: Medishield can cover the bills of the hospital while C1 helps with the living expenses while recuperating.

Most Singaporeans are not too sure how to differentiate between the hospital insurance and the C1 plans. Listed below is detailed information on both these plans.

Medishield Plan:

The above mentioned best hospitalization insurance Singapore tends to cover hospitalization fees and medical fees partially. This is provided to the Singaporeans by default.

Integrated Shield Plan:

This plan extends the cover of a specific Medishield plan so that a major part of the hospital fees and medical bills are covered. This can also be able to offer additional benefits like private hospitals, cash reimbursement and more. This also provides a lump-sum for living expenses while you are recuperating. The integrated shield plan can be purchased from a life insurer who is licensed.

Critical Illness Plan:

It is essential to opt for this plan as it is definitely impossible to resume work if you are recovering from a major surgery or a critical illness. This can also be purchased from a life insurer who is licensed.

Opting for the best hospitalization insurance plan Singapore works well not only with the Medishield cover but also with the C1. The funds from the C1 can help you pay off the medical bills if you do not have enough coming from the Medishield.

Myth 4:

C1 is only for the Elderly:

 

Fact:  C1 claims that the segment 31-40 seems to be growing

This myth is most common among the young Singaporeans as it is believed that only the elderly go through critical illnesses. It is true statistically that there are few chances of the young getting critical illnesses but definitely the risk tends to rise with the passing of time, which is, the premiums of any insurance tends to get higher as you get older.

This does not mean that a youngster will not get affected by any critical illness, as illnesses are unpredictable. It is wiser to opt for the best hospitalization insurance plan Singapore as soon as possible.

Myth 5:

C1 is bought only as a rider on any expensive insurance plan:

Fact:  There are C1 plans which are stand-alone

As many licensed financial planners who are inclined in selling C1 plans as add-on plans and thus you have many people believing that these plans can be bought only as riders. As you have stand-alone C1plans as the best hospitalization insurance plan Singapore you can build the portfolio for the required protection using the only plan you need.

Myth 6:

C1 claim is accepted only once and does not help if the illness reoccurs

Fact: You have the choice of opting for the C1 multi-pay which tends to amplify the coverage

You have a demand for multiple layered best hospitalization insurance plan Singapore and thus, you find insurers providing plans which are open to multiple claims. This expands the coverage effectively with guaranteed reliable flow of the required funds for fighting the specific disease.

These policies are termed as ‘multi-pay or multi-claim’ C1 plans and can offer much more than the sum assured. Obviously, these policies attract higher premiums but are totally worth the money spent especially in times of critical illness.

Myth 7:

Buying Insurance years before:

Fact: In case you have failed to renew the insurance policy bought some time back there are chances you might lose out on the money.

Out of date insurance can affect the holder of the policy, more so if the insurance was bought 10-20 years back. The best insurance plans Singapore that long ago were not that comprehensive and also difficult to claim. With the passing of time insurance policies or plans are more transparent and customizable. These changes are not always communicated to the policy holders.

Another factor which can affect the policy is the change in family. A new family member, children or even a divorce can lead to benefits with an enhanced policy.

Occupation can also affect the future and current needs. Those who have opted for free-lancing need to consider the financial responsibilities on long term basis. A review of the existing insurance policy can ensure that you are able to sustain the business and also maintain your current life-style.

Choosing between Private and Public Insurance:

It is important to have a thorough understanding and the required knowledge of the best insurance plan Singapore before you opt for a specific one.

Private Insurance:

Private insurance plans usually offer a more of a comprehensive coverage for geographical locations and medical conditions but the premiums are definitely higher. You have options of add-ons with riders with some of the best insurance plan Singapore. These extend the specific protection with critical illness or coverage of hospital cash.

Public Insurance:

Medishield is mandatory for all Singaporeans and PR’s with foreigners being excluded. You have the choice of enhancing this Medishield coverage by opting for an Integrated Shield Plan which is offered by private insurers. You can either pay the additional premium from the Medisave account or pay in cash. This offers coverage for more medical procedures and conditions with a better hospital accommodation and a higher limit.

Group Insurance:

There are chances that you are covered by your employer for a group health insurance. This covers most major treatments and accommodation of shared ward in public hospitals. This suffices if you intend moving out of Singapore after you finish your tenure at the specific job.

Coverage of Pre-existing Conditions:

Even the best insurance plan Singapore rarely covers the pre-existing condition with exceptions made by the insurer on rare occasions. Most of the time, insurers consider the offering of coverage to those with pre-existing conditions on the basis of the case. This might work out possible with the listed below factors

*The Insurer is willing to take the risk and sell the policy with the total coverage including the pre-existing condition.

* Impose a period of moratorium of 1 to 2 years. You are not allowed to make a claim during this period on any treatment of the condition which is pre-existing.

*You need to pay an additional premium for the coverage of the pre-existing condition.

*Impose a period of moratorium and can cover the pre-existing period but at the low limit of the claim.

*Exclude from the coverage the pre-existing condition.

*Decline the request for the policy.

Submitting a Claim to the Insurance Company:

All insurance companies follow a specific procedure for the request of a claim; this also includes the best insurance plan Singapore. Most of the insurance companies require the medical bill to be paid before you make the claim. Many companies dealing in insurance have online forms which need to be filled or have PDF which need to be downloaded. For submissions online you need to upload the medical documents which are relevant ad specified by the insurance company.

For submissions of the hardcopy, you need to make copies of the required documents and submit the same at the address specified. Under normal circumstances the insurance companies reply within a fortnight. You can also take the help of your agent for the submission of the claim

, , ,

Get in touch with us!

Big or small, we’ve got a solution when you need it.