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Health Insurance vs. Critical Illness Cover: Why need them both!

If you are looking forcoverage against medical expenses, you will come across two types of plans u2013 health insurance (aka hospitalization insurance) and critical illness cover. This article will quickly go over the difference between these plans and explain why it is important to be covered by both of them at all times.

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Health Insurance vs. Critical Illness Cover: Why need them both!

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  1. Health Insurance vs. Critical Illness Cover: Why need them both! If you are looking forcoverage against medical expenses, you will come across two types of plans – health insurance (aka hospitalization insurance) and critical illness cover. This article will quickly go over the difference between these plans and explain why it is important to be covered by both of them at all times.

  2. Health insurance With medical costs in Singapore on the rise, it is essential that you have adequate health insurance. Health insurance covers you for hospitalization costs as well as any subsequent outpatient treatments that are deemed essential for recovery. Every Singaporean Citizen and Permanent Resident enjoys a certain amount of cover under MediShield Life. Provided by the Singaporean Central Provident Fund (CPF) Board, MediShield Life is a basic health insurance plan that covers medical costs in Class B2/C wards in government hospitals.

  3. If you wish to receive treatment in a Class A/B1 ward or a private hospital, it is advisable to top up your MediShield Life with an Integrated Shield Plan through a private insurance provider. Integrated shield plans in Singapore offer many benefits to the policyholder. You can choose from a wide array of private hospitals to enjoy the best in healthcare that Singapore has to offer. A hassle-free claims process means you can focus on what maters the most – getting better. Certain private health insurance plans even cover emergency medical treatment abroad. Health insurance plans can also be supplemented by many beneficial riders offered by the insurance provider. For example, some riders will help cover up to 95% of all your medical expenses, leaving you with minimal out of pocket expenses.

  4. Critical illness cover Critical illness insurance usually provides a large payout if you are diagnosed with a major illness. Critical illnesses can crop up unexpectedly. Statistics show that 1 out of every 4 Singaporeans may develop cancer in their lifetime. Another study has shown that 17 people die from cardiovascular diseases every day in the country. The list can go on. The bottom-line is – we don’t know if and when life-threatening illnesses can strike, so it is always better to have adequate medical cover.

  5. The Life Insurance Association has drawn up a list of 37 illnesses that all critical illness plans in Singapore must cover. Private insurance providers often go beyond this list to offer additional coverage that even protects patients in the early stages of critical illnesses. Private critical illness insurance plans offer comprehensive coverage for illness, death, partial or total disability rising out of critical illness. This critical illness payout can go towards helping you maintain your financial responsibilities in the event that you need to take a few months off work while you get better. In simpler terms, you can use the critical illness cover to pay for anything including your child’s school fees, your house repair costs, domestic help at home, and so on.

  6. Leading critical illness plans in Singapore even allow you to start coverage later in life around the age of 75 years. You can get reimbursed anywhere between 100% to 300% of the sum assured depending on the terms of the policy. Some insurance companies offer pure cancer insurance plans that offer coverage specifically for cancer and its different stages.

  7. Choosing appropriate medical cover An integrated shield plan gives you peace of mind from medical expenses in case of a critical illness. It can help cover hospital bills, outpatient treatment and most other medical expenses before and after hospitalization. This will significantly reduce the financial impact of a critical illness. On the other hand, a critical illness plan helps you cover other financial gaps that may present themselves while you fight the illness. For instance, the payout can be used to cover outstanding EMI  payments and to sustain your family standard of living despite the loss of your income.  

  8. Therefore, if it is within your financial reach, it makes sense to have both health insurance and critical illness cover. These plans complement each other to provide you with complete financial protection from a critical illness. We hope that the information in this article has been helpful. We wish you good luck and good health!

  9. Thank You Instagram- Youtube - Linkedin - Facebook- https://www.instagram.com/prudentialsingapore/?hl=en https://www.youtube.com/channel/UCWs_Qg2Rahok4kORir5w4eQ https://www.linkedin.com/company/prudential-assurance-company-singapore/ https://www.facebook.com/PrudentialSingapore/

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