Updated May 18, 2023
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Health insurance is a way to mitigate the financial risk posed by rising healthcare expenses and the unknown and often unpredictable risks to health that come with day-to-day living. It is well known that inflation tends to drive up the cost of goods and services by about 3% a year, however healthcare inflation is far more severe. In Singapore, the medical costs and the associated expenses that arise from injury, illness or disability can be driven up 2X to 3X the national inflation rate each year (and is likely to get worse). While we do live in a developed society, advances in medicine, medical research and medical technology are expensive! Even if you pride yourself on good health, unfortunately all it takes is one bad accident or illness to completely wipe out your savings.
MediShield Life is a basic health insurance plan that is managed by the Central provident Fund (CPF) Board that aims to help Singaporean citizens and PRs offset certain healthcare costs.
Citizens and PRs are also able to take out additional coverage by getting an IP, which supplements the basic coverage provided in MediShield Life and allows for better class hospital wards and sometimes treatment in private hospitals.
In the past, the full rider meant the insurer covers 100% of the medical bill, however, past the 1st April 2019, all IPs sold will be co-paying. You should expect to pay at least 5% of the bill with the rest covered by the insurer.
| Insurance Plan | Best For | |
|---|---|---|
| AXA Shield | Cheapest Premium, Emergency Overseas Treatment | |
| AIA HealthShield Gold Max | Inpatient/Day Surgery, Outpatient Treatment | |
| Aviva MyShield | Family Protection | |
| Prudential PRUShield | Pre/Post Hospitalisation, Inpatient/Day Surgery | |
| NTUC IncomeShield | Outpatient Treatment, Organ Transplant |
There are a range of difference health insurance policies and benefits and so choosing can be quite tricky. A brief overview of most common health insurance policies is provided below:
There are 4 tiers of IPs:
The best health plans do not have a lifetime benefit maximum so it is important to check the amount each plan will pay towards your medical expenses.
The amount you are required to pay out-of-pocket before the insurance comes in is called your annual deductible. Some providers may require that the deductible is paid before you can make a claim for routine office visits.
To determine affordability of a policy it is good practice to calculate the total cost of the plan, including monthly premiums, coinsurance costs, and co-payments.
Those with ongoing health conditions may decide to opt for insurance with more coverage (but higher premiums), while those with a history of good health may be more comfortable with policies that provide more general coverage (but have average or lower premiums).
As soon as you’ve identified a potential plan, thoroughly check the benefits booklet to determine what rates are charged for different services. For example, x-rays may be covered in the case of an emergency but not if they are ordered by a physician as a part of a routine check-up. A recommendation is to limit emergency visits and to see your physician instead!
An important fact to bear in mind is that some insurance companies may not cover your doctor and instead specify certain physicians within their network. It’s a good idea to make sure that the policy will cover your doctor of choice, otherwise you may be surprised later when you go for a routine visit only to find out that you’re not covered and will have to switch providers.
The average cost of an Integrated Shield Plan (IP) for a 35-year-old non-smoking individual is about $83. This does not include premiums for MediShield Life (which covers up to B1 ward).
In Singapore, citizens and PRs are eligible for a basic health insurance called MediShield Life. If this is insufficient for your needs, you can also take additional coverage from a private health insurer to provide you with additional benefits. IPs are an example of this.
Expats do not qualify for MediShield Life, however they can take out private health insurance from other providers.
Based on MoneySense sample costings, staying in a Class A ward for 3 days would cost you about $900, plus additional hospital bills of $3,200.
Yes, it is compulsory – Singaporean citizens and PRs must purchase Medishield Life as a minimum. Additional coverage (e.g. in Integrated Shield Plans) may also be purchased if required.
Unlike the previous MediShield scheme, you cannot opt out of MediShield Life as it is compulsory. MediShield Life premiums can be paid for using either Medisave points or cash.
An IP is an additional and optional health insurance coverage that can be purchased from private providers (e.g. AIA and Aviva).
You will be able to see which insurer is covering your IP by logging in to your CPF account on www.cpf.gov.sg. Click ‘My Message’ and you’ll be able to find it under the Medishield-Approved Private Integrated Plan.
No, only the MediShield Life is compulsory. You can purchase an IP if, for example, you want additional benefits that won’t automatically be covered in the basic plan, e.g. you want access to Private hospitals or Class A or B1 ward in Public hospitals.
Yes, MediSave can be used to pay for MediShield Life as well as IP. However, any riders you purchase alongside your IP will have to be paid in cash.
Yes, this is due to rising healthcare costs. Premiums for the private insurance component of IP increase by 7% per year on average.
No. Only one IP can be in place for yourself at any point in time due to the IPs generally providing similar coverage. Hospital bills and/or medical treatment costs should only be reimbursed off one plan.
If you are found to be making claims that breach the Ministry of Manpower’s rules and conditions, the department will claim the fee from the insurer, who will then recover the cost from you.
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