Hospitalisation Insurance Singapore

What Is A Hospitalisation Insurance?

As the name implies, the hospitalisation insurance is a policy that provides insurance coverage in the event that the insured is warded into a hospital (either government or private hospitals) for medical treatments in Singapore.

Singapore being a robust and effective country, has developed a comprehensive framework for all Singaporeans/Permanent Resident (PR) in Singapore to have a mandatory hospitalisation insurance called Medishield Life

What Is Central Provident Fund (CPF) Medishield Life? 

Since 2015, the Ministry of Health (MOH) has revised the national healthcare insurance scheme and introduced Medishield Life.

This scheme is  administered by Central Provident Fund (CPF) Board and therefore, premiums can be deducted via your CPF-Medisave account.

The aim of the Medishield Life is to cover for subsidized treatment in restructured/public hospitals in Singapore.

If patients would like to go for A/B1 wards (which are billed at private rates), Medishield Life is also able to cover them as well.

However, as the aim of the plan is to cover for subsidized treatment, the coverage is pegged to B2/C wards only.

The balance of the amount can be paid via their CPF-Medisave account or cash.

What Is Medisave-Approved Integrated Shield Plan In Singapore?

Integrated Shield Plan is an integration of Medishield Life together with private medical insurance provided by private insurers namely: AIA, Great Eastern, Prudential, AXA, NTUC Income and AVIVA.

It consists of two components:

The first component is Medishield Life which is ministered by CPF Board.

The second component is an additional private insurance coverage by the different insurers mentioned above to cover A/B1 wards in public hospitals and private hospitals in Singapore.

What Is Integrated Shield Plan Rider?

For integrated shield plans, they do not cover for deductible and co-insurance of the hospitalisation bills.

What is deductible?

Deductible is an amount of money an individual needs to pay before his/her hospitalisation insurance policy starts to kick in and pay for the medical expenses.

Hospital WardDeductible Amount
Private $3,500
A1 $3,500
B1$2,500
B2$2,000
C$1,500

What is co-insurance?

Co-insurance is a percentage (10%) of the cost of the medical expenses after paying the deductible.

You may look at the illustration below:

Total Bill$10,000
Less: Deductible (Private)- $3,500
Balance$6,500
Less: 10% Co-Insurance-$650
Integrated Shield Plan Pays$5,850
Integrated Shield Plan Rider Pays$4,150 ($3,500 + $650)

Buying an integrated shield plan rider will allow you to cover for either the deductible and co-insurance or both of them depending on what rider did you buy from your insurer.

However, these are offered by insurers and therefore, premiums are to be paid in cash and not allowed to be deducted via their CPF-Medisave account.

How Do I Know Whether Do I Have An Integrated Shield Plan In Place Already? 

You may follow these steps to check whether do you have an integrated shield plan:

Step 1: go to CPF Board Website

Step 2: Use your SingPass to log in into your CPF online service account.

CPF Check Integrated Shield Plan

Step 3: Go to “My Messages” tab

Hospitalisation Insurance Singapore CPF My Messages

Step 4: See “Healthcare” section

Hospitalisation Insurance Singapore Healthcare Section

If you have an integrated shield plan, as seen above that it will be reflected that you have an integrated shield plan with one of the following insurers:

InsurerPlan Name
AIAAIA HealthShield Gold Max
AVIVAMyShield
AXAAXA Shield
Great EasternGreat Eastern SupremeHealth
PrudentialPruShield A Premier
NTUC IncomeIncomeShield

Because Medishield Life is mandatory for all Singaporean/PR, if you do not have an integrated shield plan in place, it will be reflected as below:

Hospitalisation Insurance Singapore CPF MediShield Life Healthcare

 

What Is The Difference Between CPF Medishield Life Vs. Integrated Shield Plans?

Before we compare what is the difference between the benefits of Medishield Life and integrated shield plans with private insurers, you will need to understand and know the benefits of the Medishield Life.

Before 1st November 2015, the national healthcare scheme is called Medishield.

After 1st November 2015, they have renamed it, Medishield Life, and also enhanced the benefits of the plan.

See below for the enhanced benefits of the Medishield Life:

As we understand previously that in Singapore, our integrated shield plan is an enhancement from the Medishield Life.

The following are two insurers, AXA’s AXA Shield policy and Great Eastern’s Supreme Health policy.

You may do a comparison between the benefits of Medishield Life and the benefits provided by the individual insurers on each of the individual benefits.

Below is the comparison between AXA’s AXA Shield policy with MediShield Life.

Hospitalisation Insurance Singapore Medishield Life Vs. AXA Integrated Shield Plan 1

Hospitalization Insurance Singapore Medishield Life Vs. AXA Integrated Shield Plan 2

Hospitalisation Insurance Singapore Medishield Life Vs AXA Integrated Shield Plan 3

 

Below is the comparison between MediShield Life and Great Eastern’s SupremeHealth policy.

Hospitalisation Insurance Singapore Medishield Life Vs. Great Eastern Integrated Shield Plan Policy

Hospitalisation Insurance Singapore Medishield Life Vs. GE Integrated Shield Plan

Hospitalisation Insurance Singapore MediShield Life Vs SupremeHealth Integrated Shield Plan

Hospitalization Insurance Singapore MediShield Life Vs. GE SupremeHealth Integrated Shield Plan

DISCLAIMER: For full details and information of the integrated shield plan from the individual insurers, please refer to the original brochure. The above information is for illustration purpose only and may not be the full complete benefits provided by the different insurers.

As you can see, most insurers provide “as charged’ benefits of their integrated shield plan compare to a “limit” that the MediShield Life provides.

Therefore, it is encouraged to purchase your integrated shield plan with an insurer to provide a higher coverage.

Do take note that the premiums to pay for the integrated shield plans might be higher than MediShield Life premiums.

Does The Hospitalisation Insurance Plan Covers Outpatient Treatments?

Yes, the MediShield Life policy does cover certain outpatient treatment like chemotherapy, radiotherapy, kidney dialysis, immunosuppressants for organ transplant and erythropoietin for chronic kidney failure.

However, please look through the benefit illustration with your insurers to know the full details of the coverage.

Which Is The Best Hospitalisation Insurance Plans In Singapore? 

Different insurers have a set of beliefs and values that they believe in and there is no “best hospitalisation insurance plans” that is available.

The features and benefits from different insurers does differs a little in their coverage and premiums, but generally, they all provide comprehensive and competitive coverage to suit the needs and concerns of Singaporeans.

How Do I Purchase The Most Affordable Hospitalisation Insurance Plans In Singapore?

You may connect with us via the contact form below or call our hotline to enquire more about the hospitalisation insurance.

About Financialogy

We are a group of certified and licensed financial planner that specialises in financial planning in Singapore.

We believe that everyone should have adequate information about financial planning and its benefits. And with the information provided, they are able to make a more informed choice about their insurance protection needs.

As the hospitalisation insurance is the most basic and essential component in financial planning, we strongly encourage you to get connected with us to discuss more about how we can assist you in covering for medical expenses incurred in the hospitals in Singapore.

Want To Know More About Hospitalisation Insurance?

If you would like to know more about CPF-Medisave approved hospitalisation insurance plan, you may contact us at (+65) 9380 2839 or you can click on the button below to enquire about the different financial services that we provide.

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About Us

We are a licensed and certified financial planner in Singapore that provides a comprehensive financial planning solutions to meet all your financial and insurance protection needs.

Contact Information

Address: 47 Scotts Road, Goldbell Towers, Singapore 228233

Contact Number: +65 9380 2839 

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