4 important things every health insurance buyer should look out for
Are you a first-timer in the mysterious and complicated world of health insurance? Struggling to figure out what you need and want from your health insurance plan? Or maybe you want to switch plans after a long time and have no idea where to start. Here are some tips on things to look out for when choosing your health insurance plan.
1. Are you looking for comfort?
Being comfortable especially during hospitalisation can be subjective, some people do not mind resting in wards where there are other patients and visitors chatting and eating fruit. Some people prefer to rest in single bed wards where they have their own privacy. If one has such preferences, look into buying a health insurance policy with a hospital plan that covers the wards accordingly.
‘B’ plans typically cover wards with 2 beds or more in public hospitals. ‘A’ plans typically cater for wards with only 1 bed in. A private plan usually covers 1 bed in a private hospital.
The less people you share a room with will affect the price of your plan. Furthermore, having a private plan which covers private hospitals will also cost more.
2. How much of the premiums can be paid through Medisave?
Singaporeans and Singaporean PRs can use Medisave for their main plans. However, while Medisave can be used, it is important to know that the additional amount exceeding the withdrawal limits have to be paid in cash by you, that is cash outlay. Therefore, it is important that you are comfortable forking out that additional amount yearly. Furthermore, as you grow older, the total amount of cash outlay will increase.
Additional withdrawal limit
For ages up to 40: $300
For ages above 40 to 70: $600
For ages above 70 : $900
3. How long is your pre and post hospitalisation coverage?
Some surgeries and hospitalisation require a fair bit of treatment before the surgery, and after surgery, you will encounter treatments like physiotherapy and rehabilitation which can add up in medical expenses. Choosing plans with longer pre and post hospitalisation treatment can help to minimize such costs.
4. There are a lot of things I may need in the event of hospitalisation, can they be covered?
If you need your partner to accompany you should hospitalisation occur, an additional bed can be costly! Do you need traditional Chinese medicine after hospitalisation because you are a huge fan of TCM? Are TCM services therefore covered? Do you need outpatient coverage due to accidents?
If you believe all these are likely to provide the comfort and give you the coverage you might need, you can add it to your main plan!
Head on over here to take a look at all our available plans. We are sure you will find a suitable combination.