Let’s take a look at the integrated health insurance scheme, the three important things that we have to consider prior to buying it and the circumstances that are covered by the health insurance plan.
About the Integrated Health Insurance
The Integrated Health Insurance, also known as Integrated Shield (IP) plan enhances the basic coverage that is provided by MediShield Life by adding an additional layer of protection. When you buy an IP on top of the MediShield Life, you could enjoy additional benefits, such as by having a coverage that include higher class wards in both private and public hospitals. This is sometime referred as a ‘rider’.
Three important points to consider before buying an Integrated Health Insurance
Since different insurance providers offer different options and different premiums, it is best to always consider these three important points before you make a decision to buy an IP.
When you receive medical treatments and need to be admitted to a hospital, you may have preferences for the hospital, ward type and doctor. Some example questions to consider include: do you wish to be treated in a private or public hospital? Would you prefer to be admitted to a type A or a lower type ward?
When staying in a higher-grade ward, you will share a space with fewer patients, and the wards are air-conditioned as well. Moreover, you could be receiving more personalized and the attentive care by the hospital staffs.
2. Your budget
A health insurance may be partly paid by Medisave, while the rest is paid in cash by the policy holder. Moreover, it is important to know that as you get older, your premiums will also increase. These two reasons are highly related to your budget. Will you have enough budget to sustain the insurance premium for both the short and the long term?
3. Coverage length and limit
Another reason that makes an IP sound appealing is because it could cover expenses beyond the time you are admitted in the hospital. An IP may cover you financially before and after a hospitalization period. Thus, it is crucial to learn about the coverage length and coverage limit offered by an IP. How many days does your IP cover pre- and post-hospitalization? How much can you claim annually and if there is any cash benefit that you will receive during each day you are hospitalized?
If you are unsure about which IP is best for you, you are advised to consult with a trusted financial adviser.
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