Singapore is known for its world-class healthcare system. In fact, according to the World Health Report 2000 that was published by the World Health Organization (WHO), Singapore’s healthcare system was recognized as the best in Asia, ahead of Hong Kong and Japan in term of the overall system performance.
With this fact in mind, as residents in Singapore, we are fortunate to have a good and reliable healthcare system that is also regarded as one of the best in the world.
Nonetheless, great quality requires a huge capital to maintain and the burden can, at most times, be imposed on the patients and their families. Hence, it makes perfect sense if we should anticipate the cost that can be associated with our future medical bills. Do not wait until it is too late when the skyrocketed bill arrives. Shockingly, for many people, hospital bill can exceed a level equivalent to their one-year income.
For Singaporeans & Permanent Residents
Fortunately for Singapore Citizens and Permanent Residents (PRs), the government has some ways to help cover part the huge amount associated with medical bills. This includes the schemes provided by the Central Provident Fund (CPF) under its Medisave and Medishield packages.
CPF Medisave
For every working adult who is a Singapore Citizen or a PR, it is compulsory to contribute a portion of their income into the CPF Medisave account. This account can be used for your healthcare needs, in addition to that of your spouse’s or parents’.
For more details on Medisave withdrawal limits and coverage, please refer to MOH website.
Medishield Life
Medishield is a basic medical insurance scheme that is designed to help pay a portion of the expense associated with hospitalization. In addition, it also covers certain outpatient treatments for serious illnesses at approved medical institutions. The scheme works most effectively for hospitalization cases in Class B2 and C wards at restructured hospitals.
If you are a CPF member, MediShield is meant to complement your Medisave savings, which may otherwise be depleted in the unfortunate event of a prolonged illness that require a longer-term medical treatment. We must cleverly note that the MediShield has both deductible and co-insurance features, which are not covered by the government’s program.
With this fact in mind, as residents in Singapore, we are fortunate to have a good and reliable healthcare system that is also regarded as one of the best in the world.
Nonetheless, great quality requires a huge capital to maintain and the burden can, at most times, be imposed on the patients and their families. Hence, it makes perfect sense if we should anticipate the cost that can be associated with our future medical bills. Do not wait until it is too late when the skyrocketed bill arrives. Shockingly, for many people, hospital bill can exceed a level equivalent to their one-year income.
For Singaporeans & Permanent Residents
Fortunately for Singapore Citizens and Permanent Residents (PRs), the government has some ways to help cover part the huge amount associated with medical bills. This includes the schemes provided by the Central Provident Fund (CPF) under its Medisave and Medishield packages.
CPF Medisave
For every working adult who is a Singapore Citizen or a PR, it is compulsory to contribute a portion of their income into the CPF Medisave account. This account can be used for your healthcare needs, in addition to that of your spouse’s or parents’.
For more details on Medisave withdrawal limits and coverage, please refer to MOH website.
Medishield Life
Medishield is a basic medical insurance scheme that is designed to help pay a portion of the expense associated with hospitalization. In addition, it also covers certain outpatient treatments for serious illnesses at approved medical institutions. The scheme works most effectively for hospitalization cases in Class B2 and C wards at restructured hospitals.
If you are a CPF member, MediShield is meant to complement your Medisave savings, which may otherwise be depleted in the unfortunate event of a prolonged illness that require a longer-term medical treatment. We must cleverly note that the MediShield has both deductible and co-insurance features, which are not covered by the government’s program.
Source:
[1] http://www.who.int/whr/2000/en/whr00_en.pdf
[1] http://www.who.int/whr/2000/en/whr00_en.pdf
Therefore, with this system being implemented in Singapore, one would still be required to pay the remaining portion (the deductible and co-insurance parts) of the medical bill. These portions, which are not covered by government packages, can also potentially be burdensome.
Hence, on top of the conventional coverage provided by the government, Singaporean citizens and PRs may consider upgrading their plan to a Private Integrated Shield Plan, which is provided by private insurance providers. With this upgrade, you will be more protected from the potentially burdensome medical bill. Here is some more explanation.
More Protection with Integrated Shield Plan
Apart from the MediShield scheme operated by the CPF Board, you can also choose to upgrade your healthcare coverage from amongst the Medisave-approved Integrated Shield Plans offered by the private insurers. These Integrated Shield Plans provide additional benefits and coverages when you are hospitalized in Class A and B1 wards at both public and private hospitals in Singapore.
Medisave account can be used to pay for the premiums of these Medisave-approved Integrated Shield plans provided by the private insurers. If you upgrade to an Integrated Shield Plan, there will therefore the option to cover your hospital bill in an A ward at government or private hospitals. To find out more, contact us for a meeting that comes with no obligation.
For Foreigners staying in Singapore
If you are not a Singapore citizens or PR, you may also get to cover most of your medical expenses by paying the premium in cash, because foreigners are not required to contribute their salary to CPF.
For Foreigners who are not staying in Singapore
Singapore is a well-known medical hub in the South East Asia region. Furthermore, the world-class healthcare quality had also attracted people from neighboring countries to come to Singapore for medical treatments.
For foreigners who are staying overseas, but would like to have hospitalisation coverage in Singapore, you may also apply for a Singapore-based insurance. Note that all insurance applications are subject to the insurer’s underwriting and acceptance.
For more details, please do not hesitate to call us NOW for consultation and discussion, which come with no obligation.
Hence, on top of the conventional coverage provided by the government, Singaporean citizens and PRs may consider upgrading their plan to a Private Integrated Shield Plan, which is provided by private insurance providers. With this upgrade, you will be more protected from the potentially burdensome medical bill. Here is some more explanation.
More Protection with Integrated Shield Plan
Apart from the MediShield scheme operated by the CPF Board, you can also choose to upgrade your healthcare coverage from amongst the Medisave-approved Integrated Shield Plans offered by the private insurers. These Integrated Shield Plans provide additional benefits and coverages when you are hospitalized in Class A and B1 wards at both public and private hospitals in Singapore.
Medisave account can be used to pay for the premiums of these Medisave-approved Integrated Shield plans provided by the private insurers. If you upgrade to an Integrated Shield Plan, there will therefore the option to cover your hospital bill in an A ward at government or private hospitals. To find out more, contact us for a meeting that comes with no obligation.
For Foreigners staying in Singapore
If you are not a Singapore citizens or PR, you may also get to cover most of your medical expenses by paying the premium in cash, because foreigners are not required to contribute their salary to CPF.
For Foreigners who are not staying in Singapore
Singapore is a well-known medical hub in the South East Asia region. Furthermore, the world-class healthcare quality had also attracted people from neighboring countries to come to Singapore for medical treatments.
For foreigners who are staying overseas, but would like to have hospitalisation coverage in Singapore, you may also apply for a Singapore-based insurance. Note that all insurance applications are subject to the insurer’s underwriting and acceptance.
For more details, please do not hesitate to call us NOW for consultation and discussion, which come with no obligation.
+6594380070